Philippine E-Journals

Reform and Recovery from the East Asian Crisis

Peter Drysdale

Discipline: Social Science

 

Abstract:

When the financial and economic crisis hit East Asian economies in 1997 many commentators forecast that recovery would be slow and weak. This view was grounded in an understanding of the origins of the crisis in problems associated with ineffective governance, weak regulatory systems, and the nature of relations between government, business and the financial sector. Deep structural reform was the key to recovery and the resumption of strong growth.