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Implications of Financial Crisis for East Asian Trend Growth

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  • Crafts, Nicholas

Abstract

The article sets the Asian financial crisis in the context of the developmental state model of Asian development and sees it as, in part, the downside risk of a financial liberalization that was badly handled but nevertheless appropriate as a stimulus to better productivity performance. The East Asian economies are shown still to have a large labour productivity gap with the leading OECD countries and substantial scope for further rapid catch-up growth. Historical experience suggests that the policy response to the crisis is fundamental not only to immediate recovery prospects but also to realizing this remaining fast growth potential. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Crafts, Nicholas, 1999. "Implications of Financial Crisis for East Asian Trend Growth," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(3), pages 110-131, Autumn.
    • Handle: RePEc:oup:oxford:v:15:y:1999:i:3:p:110-31
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    Cited by:

    1. Rosés, Joan R., 2008. "Proximate causes of economic growth in Spain, 1850-2000," IFCS - Working Papers in Economic History.WH wp08-12, Universidad Carlos III de Madrid. Instituto Figuerola.
    2. Crafts, Nicholas, 2010. "The contribution of new technology to economic growth: lessons from economic history," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 28(3), pages 409-440, December.
    3. John Calverley & Sarah Hewin & Kevin Grice, 2000. "Emerging Stock Markets after the Crises," SUERF Studies, SUERF - The European Money and Finance Forum, number 6 edited by Morten Balling, May.
    4. Aloi, Marta & Lasselle, Laurence, 2007. "Growth and welfare effects of stabilizing innovation cycles," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 806-823, December.
    5. Crafts, Nicholas, 2004. "The world economy in the 1990s: a long run perspective," Economic History Working Papers 22334, London School of Economics and Political Science, Department of Economic History.
    6. Nicholas Crafts, 2004. "Globalisation and Economic Growth: A Historical Perspective," The World Economy, Wiley Blackwell, vol. 27(1), pages 45-58, January.
    7. Aloi, Marta & Lasselle, Laurence, 2007. "Growth and welfare effects of stabilizing innovation cycles," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 806-823, December.
    8. Marta Aloi & Laurence Lasselle, 2001. "Growing through Subsidies," Discussion Paper Series, School of Economics and Finance 200109, School of Economics and Finance, University of St Andrews.
    9. W. R. Garside, 2012. "Japan’s Great Stagnation," Books, Edward Elgar Publishing, number 14624.

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