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Miracle to Meltdown in AsiaBusiness, Government and Society$
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Norman Flynn

Print publication date: 1999

Print ISBN-13: 9780198295525

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198295525.001.0001

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Lessons from the Asian Crisis

Lessons from the Asian Crisis

(p.6) Chapter 1 Lessons from the Asian Crisis
Miracle to Meltdown in Asia

Norman Flynn

Oxford University Press

The 1997/8 Asian crisis was severe for most of the region and the financial crisis had a deep impact on many real economies. This chapter shows that explanations for the crisis are many and varied, as are explanations for the ‘miracle years’; but there are some conclusions that can be safely made. First, the volume of funds involved in the currency and stock market crashes was large with respect to the size of the economies the funds were invested in. There were also large differences in economic performance in the region and while this did not affect the degree to which currency and stock speculation occurred, it did have an effect on the depth of the crisis and the speed of recovery. Thailand, Indonesia, and Korea were worst affected while the People's Republic of China and Taiwan were least badly hit. Finally, the international response to currency crises needs to be more sensitive to the nature and causes of economic problems and their social consequences. The measures described in the ‘letters of intent’ were not the best policies for the affected countries. In particular, they failed to deal with the question of inadequate domestic demand and included policies that made matters worse.

Keywords:   1997/8 Asian crisis, financial crisis, miracle years, currency, stock market crashes, Thailand, Indonesia, People's Republic of China, Taiwan, currency crises

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