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Asian Crisis, Financial Systems and Urban Development

Author

Listed:
  • Kuniko Fujita

    (Department of Sociology, Michigan State University, Berkey Hall, East Lansing, Michigan 48824, USA, fujitak@pilot.msu.edu)

Abstract

The Asian financial crisis, which violently thwarted the east Asian miracle in the summer of 1997, has subsequently led east Asia to the building of a new financial architecture. This paper argues that the new financial architecture, modelled after the globally influential, market-centred US system, clashes with Japan's regionally active, state-centred financial system. And it explores the implications of these two financial systems for urban development in Asian capital cities. The paper concludes that Asian capital cities will do better with the state-centred financial system than with the market-centred financial system.

Suggested Citation

  • Kuniko Fujita, 2000. "Asian Crisis, Financial Systems and Urban Development," Urban Studies, Urban Studies Journal Limited, vol. 37(12), pages 2197-2216, November.
    • Handle: RePEc:sae:urbstu:v:37:y:2000:i:12:p:2197-2216
    DOI: 10.1080/00420980020002779
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    References listed on IDEAS

    as
    1. John Friedmann, 1986. "The World City Hypothesis," Development and Change, International Institute of Social Studies, vol. 17(1), pages 69-83, January.
    2. Kuniko Fujita & Richard Child Hill, 1998. "Industrial Districts and Economic Development in Japan: The Case of Tokyo and Osaka," Economic Development Quarterly, , vol. 12(2), pages 181-198, May.
    3. Mr. Mark R. Stone, 1998. "Corporate Debt Restructuring in East Asia: Some Lessons from International Experience," IMF Policy Discussion Papers 1998/013, International Monetary Fund.
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