East Asia : Recovery and Beyond

The response to the economic crisis in East Asia was more than a macroeconomic adjustment; it caused a radical change in the way the region is integrated into the world economy, and the way it does business. This publication analyses the dynamics of the recovery and asks questions about the future.

Foreword

v

Acknowledgments

vii

Executive Summary

1

(2)

Recovery Gathers Momentum

3

(16)

Dynamics of the recovery

5

(6)

Legacies of crisis--and the new vulnerability

11

(3)

From recovery to a new era of high growth?

14

(2)

Note

16

(1)

References

16

(3)

Managing Financial Integration

19

(26)

The first phase: emerging vulnerabilities

20

(6)

The second phase: responding to the crisis

26

(9)

The third phase: the road to recovery

35

(1)

The situation in China

36

(1)

Future challenges for financial integration

37

(3)

Notes

40

(1)

References

41

(4)

Maintaining Trade and Investment Competitiveness

45

(22)

Cyclical changes in trade

47

(3)

Structural and policy factors affecting trade performance

50

(6)

Trends in and issues for foreign direct investment

56

(5)

Making the most of the knowledge economy

61

(3)

Conclusion

64

(1)

Notes

65

(1)

References

65

(2)

Transforming Banks and Corporations

67

(28)

What compounded the crisis?

68

(2)

Financial restructuring since the crisis

70

(3)

How have firms fared?

73

(4)

Issues and policy options

77

(4)

Corporate governance and ownership

81

(7)

The crisis and China

88

(4)

Notes

92

(1)

References

93

(2)

Responding to the Governance Challenge

95

(18)

Crisis-driven pressures in public finance

96

(2)

Global and domestic pressures for change in government

98

(5)

What can be done to improve public institutions?

103

(7)

Future directions for governance

110

(1)

Notes

111

(1)

Table note

111

(1)

References

111

(2)

Adjusting Social Policy and Protecting the Poor

113

(28)

The effect of the crisis on poverty, inequality, and households

114

(7)

Household responses to the crisis

121

(2)

Government responses to the crisis

123

(6)

Lessons for social policies

129

(1)

Social policies to protect the vulnerable

130

(7)

Notes

137

(1)

References

138

(3)

Developing Strategies for a New Miracle

141

(16)

A new era of high growth?

142

(4)

A strategy for institutions and growth

146

(6)

Regional and multilateral initiatives for a new era of growth

152

(3)

Toward a new development strategy

155

(1)

Notes

156

(1)

Table note

156

(1)

References

157

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East Asia : Recovery and Beyond

Summary

Table of Contents

Supplemental Materials