If You Want to Get Somewhere Else, You Must Run at Least Twice as Fast as That!”

The Roots of the East Asian Crisis

Bibliographic Data

ID11471730
AuthorsRaphael Kaplinsky (0000-0002-4190-970X, corresponding author)
Year1999
Volume30
Issue1
Pages74-85
Publication date1999-01-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueIDS Bulletin (JOURNAL)
Journal identifiersISSN: 0265-5012 • E-ISSN: 1759-5436
PublisherInstitute of Development Studies (PUBLISHER • GB)
DOI10.1111/j.1759-5436.1999.mp30001007.x
OpenAlexW2119624362
LanguageEN
References cited11

Most East Asian economies have been following growth trajectories which involve ever?intensifying competition in external product markets. The financial crisis of 1997–98, whilst clearly having roots in the operations of both global and national financial systems, is in large part a reflection of these long?run growth trajectories. This is because the concentration by these economies in commodity sectors with low barriers to entry has resulted in macroeconomic policies that depend for their success on depreciations in real exchange rates. The crisis in 1997–98 reflects a return to these growth paths after the divergent appreciation of real exchange rates in the early 1990s. Not all Asian economies have followed this path, with Japan, Singapore, Taiwan and perhaps Korea being the exceptions

Commodity · East Asia · Economics · Exchange rate · Financial crisis · Financial system · Geography · International economics · Macroeconomics · Market economy · Monetary economics · Economic Zones and Regional Development · Global Financial Crisis and Policies · Global trade and economics

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