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Rethinking the East Asian miracle (English)

Initially, the intention of this book's work was to take a fresh look at East Asia's regional experience during the 1990s and to expand and revise the findings of the World Bank's "East Asian Miracle", published in 1993. However, while work began in 1997, when the East Asian crisis was only a small, localized cloud over Thailand, the seriousness of the crisis demonstrated the need to bring together a number of different perspectives on key aspects of the East Asian model, and its several country variants. The book assesses the evolving experience with industrial policies, in the forms implemented by individual countries in the region, examines in depth how the Chinese experience meshes with those of other economies in the region (a dimension absent in the "East Asian Miracle") and the rich evidence from the 1990s casts new light on the relative contribution of export-led policies, and of import liberalization to growth, while helping to clarify key issues that influence the choices of exchange rate policies. Taking into account the realization that understanding the East Asian development requires admittance of the political economy of change, of governance, and of the roles of key institutions, the contributors to this book, considered each of these carefully, and offer an economic kaleidoscope on East Asia that is deep, and analytically rigorous.


  • Author

    Jomo, K. S., Lawrence,Robert Z., MCKINNON, RONALD I., Pack,Howard, Perkins, Dwight H., Urata,Shujiro, Stiglitz, Joseph E. [editor], Ito,Takatoshi, Okazaki, Tetsuji, Weinstein, David E., Woo-Cummings, Meredith, Yao,Yang, Yifu, Justin, Qian,Yingyi, Yusuf, Shahid [editor]

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  • Country

    East Asia and Pacific,

  • Region

    East Asia and Pacific,

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  • Doc Name

    Rethinking the East Asian miracle

  • Keywords

    Policy and human Resource Development;Trade and Foreign Direct Investment;exchange rate policy;Exchange rate policies;Industrial Policies;Industrial Policy;freely floating exchange rate;access to venture capital;financial support for research;Primary and Secondary Education;International Trade and Investment;large amount of capital;increasing labor force participation;gross domestic product;current account deficit;total factor productivity;banking system;interest rate decline;flow of resource;newly industrializing economy;high oil price;Center Research;barriers to trade;economies of scale;point of departure;role of technology;tight monetary policy;rate of inflation;global financial system;risk management system;trade and growth;rate of growth;sustainable fiscal policy;large budget deficit;tax on capital;elasticity of substitution;regulation of bank;rate of investment;national innovation system;nonbank financial institution;intellectual property rights;management of capital;real exchange rate;success and failure;exchange rate peg;department of defense;current account surplus;determinants of growth;department of economics;Real estate;Exchange Rates;human capital;corporate governance;industrial country;direct credit;world economy;financial market;real appreciation;export competitiveness;financial crisis;fiscal spending;Macroeconomic Policy;stock market;technological frontier;capital control;currency crisis;floating rate;political pressure;research institute;Political Economy;Fiscal policies;capital account;corporate sector;Financial Sector;global economy;research activities;gearing ratio;bank lending;competition policy;research activity;market pressure;competitive market;corporate control;nonperforming asset;Performance Standards;factor share;business perspective;labor productivity;factor accumulation;constant return;relative price;sectoral reallocation;transition economy;capital flight;speculative attack;export demand;university system;industrial innovation;future research;allocation process;institutional infrastructure;technological advancement;advanced country;monitoring device;scale economy;research fund;biotech industry;business sector;industrial economy;industrial value;industrial structure;productivity gap;wasteful investment;market incentive;factor inputs;public bureaucracy;tax privileges;rote learning;tax treatment;market size;small country;automobile industry;basic schooling;global market;high-technology product;competitive sector;aggregate analysis;apparent success;industrial corporation;Transition economies;perfect competition;primary source;capital accumulation;successful innovation;sustainable deficits;building research;industrial technology;production function;audio equipment;consumer electronics;government support;future prospect;mature industry;declining industry;subsidized credit;sewing machine;productive efficiency;capital flow;registered trademark;large business;administrative measure;public debt;aggregate demand;government control;financial policies;dollar standard;rural industrialization;capital movement;private spending;monetary shock;empirical work;interior design;budgetary management;export performance;budgetary outlay;orthodox policy;business condition;comparative advantage;foreign investor;Trade Policy;Trade Policies;regional experience;stable growth;import liberalization;intellectual discourse;affected country;book design;monetary aggregate;market failure;international economics;regulatory institution;public policy;administrative rulings;holding company;moral suasion;research result;prudential regulation;corporate profitability;Banking Supervision;economic slowdown;financial fragility;regulatory capability;business practice;allocative efficiency;price distortion;export incentive;advanced economy;tariff protection;external balance;intraregional trade;regulatory oversight;activist policy;domestic competition;government administrator;small economy;sustainable level;Basic Education



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Jomo, K. S. Lawrence,Robert Z. MCKINNON, RONALD I. Pack,Howard Perkins, Dwight H. Urata,Shujiro Stiglitz, Joseph E. [editor] Ito,Takatoshi Okazaki, Tetsuji Weinstein, David E. Woo-Cummings, Meredith Yao,Yang Yifu, Justin Qian,Yingyi Yusuf, Shahid [editor]

Rethinking the East Asian miracle (English). Washington, D.C. : World Bank Group.