Financial Liberalization and the Asian Crisis

HA-JOON CHANG is Assistant Director of Development Studies, Faculty of Economics and Politics at the University of Cambridge. He has published widely on issues relating to industrial policy, state intervention, and East Asian development experience and is author of The Political Economy of Industrial Policy. - GABRIEL PALMA is Lecturer in the Faculty of Economics and Politics at the University of Cambridge. His recent publications include analyses of the financial crises in Chile (1982), Mexico (1994), Brazil (1998-9) and East Asia (1997), as well as a study of nineteenth-century Chilean economic history. - D.HUGH WHITTAKER is Reader in Japanese and Comparative Economic Sociology and Assistant Director of ESRC Centre for Business Research, University of Cambridge. His books include Managing Innovation: A Study of British and Japanese Factories and Small Firms in the Japanese Economy.

• List of Tables List of Figures Notes on the Contributors Introduction; H.Chang, G.Palma & D.H.Whittaker Economic Crisis in East Asia: The Clash of Capitalisms; C.Johnson Capital Market Crises: Liberalization, Fixed Exchange Rates and Market-driven Destabilization; L.Taylor Derivatives and Global Capital Flows: Applications to Asia; J.A. Kregel From 'Miracle' to 'Cronyism': Explaining the Great Asian Slump; R.Wade Thailand's Crisis: Neo-Liberal Agenda and Local Reaction; P.Phongpaichit & C.Baker Malaysian Débâcle: Whose Fault?; K.S.Jomo Indonesia: From Showcase to Basket Case; J.Pincus & R.Ramli Interpreting the Korean Crisis: Financial Liberalization, Industrial Policy and Corporate Governance; H.Chang, H.Park & C.G.Yoo Fashioning a New Korean Model out of the Crisis: The Rebuilding of Institutional Capabilities; J.A.Mathews Japan's Crisis: Evolution and Implications; D.H.Whittaker & Y.Kurosawa Responses to the Crisis: Constraints to a Rapid Trade Adjustment in East Asia's Electronics Industry; D.Ernst Asian Crisis and the Future of the Japanese Model; R.Dore The Economic Impact of the Asian Crisis on India and China; A.S.Bhalla & D.M.Nachane Three and a Half Cycles of 'Mania, Panic and [Asymmetric] Crash': East Asia and Latin America Compared; G.Palma Index