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Infrastructure and Productivity in Asia

In: Infrastructure and Productivity in Asia

Author

Listed:
  • Ranjit Ajit Singh
  • Eng Chye Phuah
  • Harveen Kaur

Abstract

The Asian financial crisis in the late 1990s was triggered by a sudden sharp reversal in the direction of global portfolio flows. The massive outflows within a short period of time led to a severe liquidity squeeze, which resulted in severe balance sheet stress. The combination of this with a steep correction in Asian exchange rates saw aggregate demand fall and operating costs rise overnight, undermining the viability of many Asian corporations. Productivity suffered as a result of the implicit sharp jump in the cost of capital, adversely affecting investment and consequentially confidence in these economies. Asia met the challenge head-on by directly rectifying weaknesses through macroeconomic policy and undertaking broad-based reform of the financial sector and quickly engineering a restoration of financial stability and a recovery of its economic growth rates.

Suggested Citation

  • Ranjit Ajit Singh & Eng Chye Phuah & Harveen Kaur, 2005. "Infrastructure and Productivity in Asia," Palgrave Macmillan Books, in: Infrastructure and Productivity in Asia, chapter 4, pages 71-82, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52356-2_4
    DOI: 10.1057/9780230523562_4
    as

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