Economic developement of East Asia : Financial crises in East Asia
Financial crises in East Asia
For many, the series of financial crises to hit East Asia in the 1990s confirmed the triumph of the Anglo-American free-market model. For these critics, East Asia’s finance- sector problems were the cause in no small part of the state’s adherence to a developmental state model of governance. This week we focus on debates over the causes of financial crises in East Asia, which is important to the extent that the answers might shed light on revisions to understanding the causes of the East Asian miracle itself and the viability of the developmental state in an age of economic globalization.
Answer all the questions listed below in details using the two given readings. apprx 200-300 words each.
They are two readings that will be uploaded. The answers must be base on given readings only.
1. Were all countries in Asia affected equally by the AFC of 1997; what are the key differences in the nature of governance between Southeast Asian states such as the Philippines and Northeast Asian states such as Korea?
2. What role, if any, did international factors play in the Asian Financial Crisis?
3. What domestic factors contributed to the involvement of the crisis-effected countries
in the AFC of 1997?
4. Do the crisis-hit countries demonstrate the weakness of the developmental state or
demonstrate the need for a more proactive state in regulating the financial sector?