This paper reviews the adjustment processes of the 5 East Asian countries since the currency crisis erupted in Thailand in 1997. The cross-country differences and similarities in macroeconomic policies were compared. After the initial free-fall, signs of recovery became visible only from the end...

This paper documents the social impacts of the financial crisis in Asia. We provide a general overview of the cause and the evolution of the crisis and highlight the differences as well as the similarities among the Asian countries. In particular, the impacts of the crisis on unemployment, real...