The paper argues that the macro focus of the literature on the Asian crises is not helpful in understanding the causes of the crises. The actual causes lie deeper in the operation of the real, that is, the corporate sector. In this context, the paper analyzes the micro behavior of individual firms.

This paper assesses the social impact of the Asian Financial crisis, drawing on the results of studies in six countries, namely, Indonesia, Republic of Korea, Lao People's Democratic Republic, Malaysia, Philippines, and Thailand. The impacts appear to be less than were anticipated early in the...