Is the Asian Economic Miracle Over?

Tatsuya Ishikawa

Introduction

The currency and financial crises in Asia are entering a new phase. While Thailand， Korea， and Indonesia have temporarily averted a liquidity crisis due to IMF-led international bailouts， they must now make concrete progress in economic and financial reconstruction. The recent currency crisis has brought about a thorough overhaul of what were in effect dollar-peg exchange rate policies. At the same time， it has led to a fundamental reevaluation of Asia's growth potentialover the longer term. This paper discusses these issues and assesses Asia's future prospects.