Economic Dynamism of Asia in the New Millenium: From the by Yoshinori Shimizu

By Yoshinori Shimizu

Starting with the research of the Asian difficulty and the next capital flight, the publication is going directly to learn the impression of those occasions at the Hong Kong financial system, the function of the govt. in Indonesia and fiscal restructuring in Thailand. The e-book then explores the recent stream of neighborhood cooperation, equivalent to loose exchange contract, and monetary cooperation and integration. at the genuine facet of the economic system, the e-book delves into matters comparable to cooperation among Japan and China, improvement of the larger Mekong sub-region, progress of China, economic coordination in Korea, technological community in East Asia, and development and inequality in Vietnam.

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Extra resources for Economic Dynamism of Asia in the New Millenium: From the Asian Crisis to a New Stage of Growth (Advanced Research in Asian Economic Studies) (Advanced Research in Asian Economic Studies)

Sample text

It has 5 and 15 percent of statistical significance. It has negative relation which is contradict to the assumption but is in line with the result of the direct measure of Cuddington (1986). The second variable, which is the overvaluation of currency (OVAL), can describe the capital flight. It has 5 and 10 percent of statistical significance and has positive relation in line with the assumption. This means that the overvaluated Rupiah leads to the capital flight. The third variable, Government Budget Deficits (GBUD), can describe the capital flight only with measures of the World Bank (1985) and Morgan Guaranty Trust (1986).

The second area of criticism focuses on the appropriateness of the program in terms Indonesian Economic Recovery Process and the Role of Government 55 of compatibility with the policy process, the timing and sequencing of program requirements, and the capacity of government to implement them. 1. Technical Content of the Program Facing a potential economic downturn that threatened to deteriorate fiscal conditions, the IMF’s response was to insist that the government immediately cut expenditures and increase revenues.

The Asian region was hit by two successive negative macroeconomic demand shocks: the Asian Financial Crisis in 1997 and the global economic slowdown in 2001. The regional and global economic environment led to a general macroeconomic downturn in Hong Kong. Given the linked exchange rate system in Hong Kong, where the local currency is unified with the US Dollar through a currency board arrangement, cyclical deflationary pressure appeared. For this reason, the economic downturn in Hong Kong in the 5 years following the onset of the Asian Financial Crisis was particularly severe.

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