Abstract
The financial crisis that broke out in Thailand in July 1997 and then spread to other parts of East Asia brought about a deep recession, causing a sharp decline in living standards, rising unemployment, industrial breakdown, and social dislocation in the region (Park and Wang, 2002). In 1997–98, five East Asian countries — Indonesia, Korea, Malaysia, the Philippines, and Thailand — experienced deep currency and banking crises. Although a few other East Asian countries were affected to a limited extent, the Asian financial crisis was region-wide.1
The authors gratefully acknowledge Ricardo Ffrench-Davis for detailed comments on the earlier and revised draft. We would also like to thank Ariel Buira, Roy Culpeper, José de Gregorio, Barry Herman, Manuel Montes, José Antonio Ocampo, Arturo O’Connell, John Williamson, Heriberto Tapia, and other participants of two seminars organized by ECLAC, for their useful suggestions and comments on the revised version.
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© 2006 Economic Commission for Latin America and the Caribbean
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Mahani, ZA., Shin, K., Wang, Y. (2006). Macroeconomic Adjustments and the Real Economy in Korea and Malaysia Since 1997. In: Ffrench-Davis, R. (eds) Seeking Growth Under Financial Volatility. Palgrave Macmillan, London. https://doi.org/10.1057/9780230523036_5
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DOI: https://doi.org/10.1057/9780230523036_5
Publisher Name: Palgrave Macmillan, London
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