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World Bank - East Asia: recovery and beyond

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    East Asia: recovery and beyond
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Recovery has at last begun in East Asia. However, it is now evident that recovery involves much more than a macroeconomic adjustment. This study asks three important questions: Is the recovery built on a solid foundation, or will it soon crumble under the weight of new competition in the global marketplace? Has the crisis changed East Asias development strategy and its institutional underpinnings? Even if the recovery lasts into 2000, will its foundation be sufficient to launch the resumption of a new era of high growth? East Asia: Recovery and Beyond provides a synthesis of recent work, incorporating selected pieces of analytical work and a progress report on the key elements of concern to the Bank. The report concludes that East Asias long-term prospects hinge on unleashing new productivity growth. Raising productivity depends on policies and institutions, including regulatory policies, business institutions, government institutions, and broader social institutions. An excellent reference for policymakers in the region, the business community, academics, and the international development community.

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title East Asia Recovery and Beyond author publisher - photo 1

title:East Asia : Recovery and Beyond
author:
publisher:World Bank
isbn10 | asin:0821345656
print isbn13:9780821345658
ebook isbn13:9780585323923
language:English
subjectEast Asia--Economic integration, East Asia--Economic policy, Finance--East Asia, East Asia--Politics and government.
publication date:2000
lcc:HC460.5.E2727 2000eb
ddc:338.95
subject:East Asia--Economic integration, East Asia--Economic policy, Finance--East Asia, East Asia--Politics and government.
Page i
East Asia
Recovery and Beyond
Page ii Copyright 2000 The International Bank for Reconstruction and - photo 2
Page ii
Copyright 2000
The International Bank for Reconstruction
and Development/THE WORLD BANK
1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
All rights reserved
Manufactured in the United States of America
First printing May 2000
The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries.
The material in this publication is copyrighted. The World Bank encourages dissemination of its work and will normally grant permission promptly.
Permission to photocopy items for internal or personal use, for the internal or personal use of specific clients, or for educational classroom use, is granted by the World Bank, provided that the appropriate fee is paid directly to Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, U.S.A., telephone 978-750-8400, fax 978-750-4470. Please contact the Copyright Clearance Center before photocopying items.
For permission to reprint individual articles or chapters, please fax your request with complete information to the Republication Department, Copyright Clearance Center, fax 978-750-4470.
All other queries on rights and licenses should be addressed to the World Bank at the address above or faxed to 202-522-2422.
Cover photo: A young beneficiary of a World Bank-supported project in Jakarta in the early 1990s (Curt Carnemark).
ISBN 0-8213-4565-6
Library of Congress Cataloging-in-Publication Data
East Asia: recovery and beyond.
p. cm.
Includes bibliographical references.
ISBN 0-8213-4565-6
1. East AsiaEconomic integration. 2. East AsiaEconomic policy. 3. FinanceEast
Asia. 4. East AsiaPolitics and government. I. World Bank.
HC460.5 E2727 2000
388.95dc21 00-039906
Page iii
Contents
Foreword
v
Acknowledgments
vii
Executive Summary
1
1
Recovery Gathers Momentum
3
Picture 3
Dynamics of the Recovery
5
Picture 4
Legacies of Crisisand the New Vulnerability
11
Picture 5
From Recovery to a New Era of High Growth?
14
Picture 6
Note
16
Picture 7
References
16
2
Managing Financial Integration
19
Picture 8
The First Phase: Emerging Vulnerabilities
20
Picture 9
The Second Phase: Responding to the Crisis
26
Picture 10
The Third Phase: The Road to Recovery
35
Picture 11
The Situation in China
36
Picture 12
Future Challenges for Financial Integration
37
Picture 13
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