Introduction: The State of the Debate

Abstract

For several years, East Asia was in the limelight because of the remarkable growth performance of several countries in the region. Since late 1997, it has continued to be in the limelight, but for exactly the opposite reasons. The very countries that were being held up as miracles – role models for the rest of the developing world to follow – are now being viewed by many observers as paper tigers. There is a perception that their economic success might have been built on flimsy foundations, vulnerable to tremors in the global capital markets.