© 2001

Financial Liberalization and the Asian Crisis

  • Ha-Joon Chang
  • Gabriel Palma
  • D. Hugh Whittaker

Table of contents

  1. Front Matter
    Pages i-xi
  2. Ha-Joon Chang, Gabriel Palma, D. Hugh Whittaker
    Pages 1-7
  3. Pasuk Phongpaichit, Chris Baker
    Pages 82-101
  4. K. S. Jomo
    Pages 102-123
  5. Jonathan Pincus, Rizal Ramli
    Pages 124-139
  6. D. Hugh Whittaker, Yoshitaka Kurosawa
    Pages 175-189
  7. A. S. Bhalla, D. M. Nachane
    Pages 237-253
  8. Back Matter
    Pages 287-294

About this book


The financial crisis that hit a number of 'miracle' economies of Asia in 1997 shocked the world. Financial Liberalization and the Asian Crisis rejects conventional explanations of the crisis as the outcome primarily of inefficient and corrupt economics systems in the countries concerned. It argues that the crisis was the result of premature and overly rapid financial liberalization in a world of increasing financial liquidity and volatility, and calls for a more cautious approach to financial liberalization, and a reform of the international financial architecture.


Asia capital capital market capitalism China East Asia economics electronics exchange rates financial architecture financial crisis liberalization liquidity trade volatility

Editors and affiliations

  • Ha-Joon Chang
    • 1
  • Gabriel Palma
    • 2
  • D. Hugh Whittaker
    • 3
  1. 1.Faculty of Economics and PoliticsUniversity of CambridgeUK
  2. 2.Faculty of Economics and PoliticsUniversity of CambridgeUK
  3. 3.University of CambridgeUK

About the editors

CHRIS BAKER Freelance Researcher and Writer, Bangkok A. S. BHALLA David Thompson Senior Research Fellow, Sidney Sussex College, Cambridge RONALD DORE Centre for Economic Performance, London School of Economics DIETER ERNST East-West Center, University of Hawaii CHALMERS JOHNSON Japan Policy Research Institute, Cardiff CA K.S. JOMO Department of Economics, University of Malaya LANCE TAYLOR New School for Social Research, New York J.A. KREGEL University of Bologna JOHN A. MATHERS Macquarie Graduate School of Management, Sydney D. M. NACHANE University of Mumbai, India HONG-JAE PARK School of Oriental and African Studies, University of London PASUK PHONGPAICHIT Faculty of Economics, Chulalongkorn University, Bangkok JONATHAN PINCUS School of Oriental and African Studies, University of London RIZAL RAMLI Economic Advisory Group, Jakarta ROBERT WADE Brown University, USA CHUL GYUE YOO Korea Long-term Credit Bank Economic Research Institute, Korea YOSHITAKA KUROSAWA Nihon University, Japan

Bibliographic information

Industry Sectors
Finance, Business & Banking