Although growth deceleration in the People’s Republic of China (PRC) is inevitable, if the country’s new direction of financial policy (on exchange rate, capital flows, banking, capital market) can be achieved, it will be good not only for the country but also for the rest of Asia. This is...

In contrast to the situation that preceded the 1997–1998 Asian financial crisis, Asia today is a region with excess savings where corporate savings dominate. In the mid-2000s, the extent of liquidity was further amplified by massive capital flows, particularly bank-led flows. The flows were...

This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other...

Although signs have emerged that some of the forces that caused the 1997-98 Asian financial crisis have begun to diminish and progress has been made in macroeconomic affairs, 10 years after the meltdown Indonesia's recovery is still among the slowest in Asian crisis countries. During the last...

Many models of the Indonesian economy cannot generate the large collapses in output and exchange rate experienced in 1997-98. The model in this paper was able to replicate the actual events by adding several new links. One new link is between the depreciation of the exchange rate and the...

Introduction / Iwan J. Azis -- Mitigating climate change / Iwan J. Azis -- Lessons and conclusions / Iwan J. Azis -- Financial crisis / Iwan J. Azis -- global imbalances / Iwan J. Azis -- Regional financial arrangement / Iwan J. Azis -- Oil price increase / Iwan J. Azis

We study how endogeneity between welfare and institutions might make institutional reform more subtle. We use evidence from an in-depth field study conducted in five districts in Indonesia and build a model that illustrates how initial socioeconomic condition as well as past institutions...