Summary

Research Report: Examines available literature to assess the causes and impacts of the Asian Financial Crisis focusing on ASEAN economies.

Description

Author: Economic Analytical Unit, Department of Foreign Affairs and Trade

This economic report examines available literature to assess the causes and impacts of the Asian Financial Crisis focusing on ASEAN economies. In summary, serious institutional weaknesses and errors in macroeconomic policy resulted in the Asian financial crisis which impacted heavily on Asian economies' growth and poverty rates. Although donors have invested heavily in identifying and addressing the crisis' causes, the failure of most South East Asian economies to return to pre-crisis growth rates suggests this is far from complete. The report includes annex's of informative graphs and tables. Annexes also offer supporting analysis on lending quality, market liberalization, exchange rates and the post crisis reforms to Asia's financial architecture, as well as non ASEAN economies and the behavior of bilateral aid donors.

Survey of the Asian Crisis and Its Implications [PDF 259KB]

Available: Electronic version only

This report was commissioned by AusAID. The findings, interpretations and conclusions expressed in the report are those of the authors and do not necessarily reflect the views of AusAID or the Australian Government.

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