Discusses restructuring and growth strategies adopted in Indonesia, Malaysia, Thailand, and South Korea after the currency and financial crises of 1997-1998. These four Asian economies were most adversely affected despite achieving rapid growth in the 1970s and 1980s, low inflation and current account surpluses. While the macroeconomic fundamentals of these countries were relatively sound prior to the crises, early analyses of the crises dwelled on the failure of corporate governanc, currency controls and immature financial institutions in some countries.
The book offers fresh insights into the causes of the crisis, post-crisis restructuring, the growth strategies adopted and some domestic initiatives taken by these economies in response to the crises. It also reveals why reforms recommended by the IMF, World Bank and others were met with resistance, thereby contributing to the ongoing discourse on the effects of globalisation on the local.