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Liberalization, growth and the Asian financial crisis :
lessons for developing and transitional economies in Asia
By Mohamed Ariff and Ahmed M. Khalid
Published by Edward Elgar Publishing (2000) |
Book description
This book examines the effects of financial liberalization of the more advanced economies in
Southeast Asia and analyses the degree to which emerging and transitional economies in East
and South Asia can benefit from this example. The weakness of the banking sector is examined
in order to explain the reasons behind the currency crisis and to prescribe policies to avoid a
similar episode in the future.
Further, the book documents the individual steps taken to liberalize the economies over a period of about 20-30 years in each country. The analyses reveal that
liberalization led to high growth in economies undertaking such reforms while unwillingness to
take such reforms appear to have led to poor growth and hence low social development. This
finding contradicts the common belief that liberalization led to the financial crisis and then to
growth collapse. An efficient and liberalized financial sector is an essential precondition for
promoting and accelerating economic growth and welfare. Arguments supporting this policy are
based on the experience of Southeast Asia economies, particularly the pioneers such as
Malaysia, Singapore, Indonesia and Thailand. This has led some less developed countries in East
and South Asia to initiate the process of financial sector reforms and to realize the potential
benefits of such reforms. The authors analyse the reform process and the lessons to be drawn
from the experiences of these economies in their quest for sustained development in East and
South Asia.
About the Author
Professor Mohamed Ariff holds a Chair in Finance in the Department of
Accounting and Finance at Monash University. Professor Ariff won the Komai
Fellow Award in 1991 at the Tokyo University and held the 1996 Ford Asia
Fellowship.
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