The financial crisis that began in Thailand in July 1997 continues to reverberate throughout the global economy. And though it is conventional to begin analyzing the crisis with Thailand, in all likelihood future outcomes will hinge far more critically on developments in Japan and China than in...

In this paper we use a multi-region computable general equilibrium model to analyze the impact of the Asian crisis thus far, highlighting the implications of possible future developments in Japan and China. The main conclusion is that depreciation of the yen would tend to have an adverse impact...

Economic performance in Japan--the world's second largest economy, the largest in Asia, and the world's largest creditor country--is going from bad to worse. Growth has essentially been flat since 1992, and the economy is now shrinking at an annualized rate of more than 3 percent. The OECD...

In this paper we examine three issues. The first is the path of China's nominal and real exchange rates since 1990. As it turns out, this is more complicated than is commonly assumed, with basic results exhibiting sensitivity to the exchange rate measure used. We conclude that while China did...

The World Bank began this decade talking of Asian miracles. It may enter the next one speaking of Asian depressions. After World Bank Vice President for Asia Jean-Michel Severino used the "d" word in May to describe the course of events in developing Asia, the organization was forced to come up...

This paper evaluates the impact of service sector trade liberalization on the world economy by a ten-region, eleven-sector CGE model with import embodied technology transfer from developed countries to developing countries. Simulation results show that service sector trade liberalization not...

The Pacific Rim members of the Asia Pacific Economic Cooperation (APEC) group have different views about the role each should play in fostering further trade liberalization. But at the November 1994 APEC meetings in Bogor they committed themselves to forming an APEC free trade area. The authors...