The economic characteristics of the Asian crisis and the IMF economic stimulus recovery program

Gan, C; Li, GW

Publication

The economic characteristics of the Asian crisis and the IMF economic stimulus recovery program

Authors

Gan, C, Li, GW

Date

1999-05

Type

Discussion Paper

Collections

Commerce Division Discussion Paper series

Keywords

International Monetary Fund (IMF), economic conditions, exchange rates, Asian financial crisis, Asia, government-business relationship

Abstract

Two years ago Asia’s tiger economies were celebrating the Asian miracle, operating in an environment of relatively low inflation with a stable but cautious monetary policy. However, the rising wave of growth has suddenly turned into an Asian Tsunami. Rapid growth and prudent macroeconomic policies, therefore, do not guarantee a sustainable economic environment. This paper examines the characteristics of the current economic storm in Asia and the International Monetary Fund relief effort, which has been labeled as antagonistic and ineffective in the salvaging of stricken Asian economies.