JICA Research Institute

Research

The Second East Asian Miracle? Political Economy of Asian Responses to the 1997/98 and 2008/09 Crises

Past Research Projects

East Asian countries recovered from the currency and financial crisis of 1997-98 more quickly than had been expected. However, since the end of the crisis these countries have been the subject of only a limited number of political-economic studies despite more such studies before the crisis. One reason for this is that the crisis prompted many observers to argue for the superiority of market mechanisms. This study explores how the crisis changed institutions complementary to the market-institutions which are thought to have helped the countries in the region achieve rapid economic growth before the crisis. It also looks at the extent to which these changes explain the rapid post-crisis economic recovery. In addition, it examines the impact on patterns of economic development in East Asia of progress toward democratization and regional integration that gained momentum after the crisis. This study is being conducted in close cooperation with economists and political scientists.

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