TRAUMA TO TRIUMPH

This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.

Contents:

• Introduction and Overview:
  • Introduction and Overview (Hoe Ee Khor, Diwa C Guinigundo, Masahiro Kawai, and Kimi Xu Jiang)
• What Happened During the Asian Financial Crisis and the Global Financial Crisis (Freddy Orchard and Guanie Lim):
  • Introduction
  • Thailand
  • Indonesia
  • Korea
  • Malaysia
  • Philippines
  • Hong Kong
  • Singapore
  • Japan
  • China
  • International Monetary Fund
  • Policy Insights from the Asian Financial Crisis
• The Asian Financial Crisis and the Global Financial Crisis: Experiences from the ASEAN+3 Economies:
  • Thailand: Crisis, Recovery, and Reforms (Chalongphob Sussangkarn)
  • Indonesia: A Tale of Three Crises (Iwan J Azis)
  • Malaysia: Managing Global Financial Vulnerabilities and Regional Financial Cooperation (Sukudhew Singh)
  • Korea: Tiding Over the Asian and Global Financial Crises (Joon-Ho Hahm and Hyeon-Wook Kim)
  • Philippines: Rising Above the Challenges During the Asian and Global Financial Crises (Wilhelmina C Mañalac)
  • Hong Kong: Weathering the AFC and the GFC: Facing a Storm, Building Credibility, and Staying Resilient (Hans Genberg)
  • Singapore: Braving the Asian Financial Crisis, Emerging Stronger (Lam San Ling)
  • ASEAN's Newer Members in Two Crises: Impact, Response, and Lessons (Jayant Menon)
  • China: Weathering the Financial Crisis — Policy Response and Role in Regional Financial Cooperation (Haihong Gao)
  • Japan: Managing Crises, Reforming Financial Markets, and Promoting Regional Cooperation (Masahiro Kawai and Shinji Takagi)
• Assessments of the Crises, and the Development of Regional Financial Cooperation in Asia:
  • International Capital Flows in ASEAN+3 (Soyoung Kim and Hyungji Kim)
  • IMF Surveillance and Crisis Lending in Emerging Asia: A Crucible that Inspired an Intellectual Revolution, 1995–2010 (Shinji Takagi)
  • The CMI and CMIM (Beomhee Han)
  • Institutionalizing ASEAN+3 Regional Financial Cooperation and the Birth of AMRO (Yoichi Nemoto and Faith Pang Qiying)
  • EMEAP and the Financial Crises (Diwa C Guinigundo)
  • Asian Bond Markets Initiative (Satoru Yamadera)
• Conclusion and Challenges Ahead:
  • ASEAN+3 Regional Financial Cooperation in Retrospect (Hoe Ee Khor, Diwa C. Guinigundo, Masahiro Kawai, and Jinho Choi)

Readership: Those interested in reading about the impact of the financial crises on the ASEAN+3 economies.