The effects of inequality in the 1997–98 Asian crisis and the 2008–09 global tsunami: The case of five Asian economies

2021 ◽  
Vol 110 ◽  
pp. 102306
Author(s):  
Xinhua Gu ◽  
Pui Sun Tam ◽  
Chun Kwok Lei
Keyword(s):  
Asian Crisis ◽  
Asian Economies

IMPACTS OF EXTERNAL SHOCKS ON ASIAN ECONOMIES: PANEL VECTOR AUTOREGRESSIVE REGRESSION WITH LATENT DYNAMIC COMPONENTS APPROACH

2013 ◽  
Vol 58 (04) ◽  
pp. 1350026
Author(s):  
DOO YONG YANG
Keyword(s):  
Business Cycles ◽  
Asian Crisis ◽  
Space Representation ◽  
External Shocks ◽  
Long Term Effects ◽  
Vector Autoregressive ◽  
Asian Economies ◽  
Dynamic Components ◽  
The Impact

This paper analyzes the effects of external shocks on emerging Asian economies. Since the Asian crisis of 1997–1998, the impact of external shocks on regional economies has grown important in the Asian business cycles as well as in the decision-making process of macroeconomic policies, as emerging Asian economies have become more integrated with the global economy. This paper designs a state-space representation of the panel vector autoregressive model with latent dynamic components in order to show the impulse response function of three external shocks including real income shock, financial shock, and long-term real interest rate shock. This paper finds the external real gross domestic product shock as a dominant one in emerging Asia. The shock has been persistent and has carried long-term effects on emerging Asia before and after the Asian crisis. Second, the external equity shock has also been an important factor influencing the business cycles in the region after the Asian crisis, while the effect has been insignificant before the Asian crisis. Last, the external monetary shock has presumably mitigated effectively by Asia's macroeconomic policy, but it has forced to give up monetary independency in the region.

scholarly journals Globalisation, Technology, and Asian Economic Growth

1998 ◽  
Vol 37 (4II) ◽  
pp. 635-659
Author(s):  
S. M. Naseem
Keyword(s):  
Technology Development ◽  
Technological Development ◽  
East Asian ◽  
Asian Crisis ◽  
Real Economy ◽  
R And D ◽  
Asian Economies ◽  
Crony Capitalism ◽  
East Asian Economies ◽  
The Impact

Although globalisation is by no means a recent phenomenon,1 its new wave has raised a number of questions-both about its supposed benefits and its alleged adverse consequences. Rather than exploring the wider ramifications of globalisation, this paper will confine its purview to the question of technology development and dissemination in the context of globalisation as it has affected the development of Asian economies in the last few decades. In particular, the paper will focus on the somewhat dazzling performance of the East Asian economies in the last three decades and their equally sharp and unforeseen downturn in the past two years, which has raised serious doubts first• about the replicability and later about the robustness of the East Asian development experience. Although the palpable cause of the current East Asian crisis has generally been situated in the increasing complexity and fragility of the global financial system, many prescient international economists had attributed it to the weakness of the technological underpinnings of East Asian growth [Krugman (1994)]. The East Asian crisis has also raised a lively controversy concerning the impact and desirability of selective micro-economic interventions by national governments, which have often been oversimplified under the rubric of 'crony capitalism'. While the debate on which causes contributed most to the sudden down-turn in the growth of the East Asian economies remains inconclusive, there seems considerable validity in the conjecture that their future growth prospects will depend on their ability not only to master current technologies, but also to significantly further their technological prowess through R and D and scientific achievement. Although the infmediate trigger of the present crisis in East Asia may have been the turmoil in their financial markets, the underlying problems in the real economy, which have so far received insufficient attention, stem largely from their incommensurate technological development.

scholarly journals Globalisation, Technology, and Asian Economic Growth

1998 ◽  
Vol 37 (4II) ◽  
pp. 401-429 ◽  
Author(s):  
S.M. Naseem
Keyword(s):  
Technology Development ◽  
Technological Development ◽  
East Asian ◽  
Asian Crisis ◽  
Real Economy ◽  
R And D ◽  
Asian Economies ◽  
Crony Capitalism ◽  
East Asian Economies ◽  
The Impact

Although globalisation is by no means a recent phenomenon,1 its new wave has raised a number of questions—both about its supposed benefits and its alleged adverse consequences. Rather than exploring the wider ramifications of globalisation, this paper will confine its purview to the question of technology development and dissemination in the context of globalisation as it has affected the development of Asian economies in the last few decades. In particular, the paper will focus on the somewhat dazzling performance of the East Asian economies in the last three decades and their equally sharp and unforeseen downturn in the past two years, which has raised serious doubts first about the replicability and later about the robustness of the East Asian development experience. Although the palpable cause of the current East Asian crisis has generally been situated in the increasing complexity and fragility of the global financial system, many prescient international economists had attributed it to the weakness of the technological underpinnings of East Asian growth [Krugman (1994)]. The East Asian crisis has also raised a lively controversy concerning the impact and desirability of selective micro-economic interventions by national governments, which have often been oversimplified under the rubric of ‘crony capitalism’. While the debate on which causes contributed most to the sudden down-turn in the growth of the East Asian economies remains inconclusive, there seems considerable validity in the conjecture that their future growth prospects will depend on their ability not only to master current technologies, but also to significantly further their technological prowess through R and D and scientific achievement. Although the immediate trigger of the present crisis in East Asia may have been the turmoil in their financial markets, the underlying problems in the real economy, which have so far received insufficient attention, stem largely from their incommensurate technological development.

The Central Asian Economies in the Twenty-First Century

2019 ◽  
Author(s):  
Richard Pomfret
Keyword(s):  
Migrant Workers ◽  
Global Economy ◽  
Oil And Gas ◽  
The United States ◽  
Kyrgyz Republic ◽  
The European Union ◽  
Central Asian ◽  
Asian Economies ◽  
Belt And Road ◽  
External Powers

This book analyzes the Central Asian economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, from their buffeting by the commodity boom of the early 2000s to its collapse in 2014. The book examines the countries' relations with external powers and the possibilities for development offered by infrastructure projects as well as rail links between China and Europe. The transition of these nations from centrally planned to market-based economic systems was essentially complete by the early 2000s, when the region experienced a massive increase in world prices for energy and mineral exports. This raised incomes in the main oil and gas exporters, Kazakhstan and Turkmenistan; brought more benefits to the most populous country, Uzbekistan; and left the poorest countries, the Kyrgyz Republic and Tajikistan, dependent on remittances from migrant workers in oil-rich Russia and Kazakhstan. The book considers the enhanced role of the Central Asian nations in the global economy and their varied ties to China, the European Union, Russia, and the United States. With improved infrastructure and connectivity between China and Europe (reflected in regular rail freight services since 2011 and China's announcement of its Belt and Road Initiative in 2013), relaxation of UN sanctions against Iran in 2016, and the change in Uzbekistan's presidency in late 2016, a window of opportunity appears to have opened for Central Asian countries to achieve more sustainable economic futures.

Behavioural Heterogeneity and Shift-Contagion: Evidence from the Asian Crisis

2008 ◽  
Author(s):  
Eelke de Jong ◽  
Willem F. C. Verschoor ◽  
Remco C. J. Zwinkels
Keyword(s):  
Asian Crisis
Sign in / Sign up

Export Citation Format

Share Document