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The Asian miracle and crisis

Rival theories, the IMF bailout and policy lessons

  • Asian Crisis
  • Published:
Intereconomics

Abstract

The high growth performance of a number of South-East Asian countries led to their being baptized ‘miracle growth economies’ by the World Bank. The following paper reviews the theories and stylised facts relating to the sudden reversal in this miraculous growth saga. The reasons for the failure of the first phase of the IMF rescue package are examined and the need for the establishment of a new global financing architecture outlined.

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References

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Authors and Affiliations

  1. University of Queensland, Brisbane, Australia

    Neil Dias Karunaratne

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  1. Neil Dias Karunaratne
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Comments on the paper by Dr. Tony Makin and Kyle Bruce of the Dept. of Economics. University of Queensland, are gratefully acknowledge.

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Karunaratne, N.D. The Asian miracle and crisis. Intereconomics 34, 19–26 (1999). https://doi.org/10.1007/BF02928968

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  • DOI: https://doi.org/10.1007/BF02928968

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