This paper begins with a short review and discussion of the literature on policy complementarities and their implications in terms of (sustainable) growth strategies and the possible emergence of a new policy making paradigm. Then, it provides a descriptive analysis of the effect on economic...

The strong recovery of the five crisis-affected countries of East Asia between 1999 and 2000 has revived the debate on the causes of the 1997 financial crisis. Initially there had been an emerging consensus that the crisis had originated from the capital account. However, some analysts see the...