ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Growth Miracle and Its Unravelling in East and South-East Asia-Unregulated Competitiveness and Denouement of Manipulation by International Financial Community

and South-East Asia Unregulated Competitiveness and Denouement of Manipulation by International Financial Community Amiya Kumar Bagchi A basic change in the international political climate as welt as in the degree of integration of international financial markets must be adduced to explain the timing of the economic crisis affecting several countries of east and south-east Asia and the contagion that was allowed to affect this region as a whole. After examining the nature of the integration process, the author discusses some of the domestic factors and their interface with the external factors. The final section of the paper is concerned with whether the currency crises and the associated economic crises affecting this group of countries can be regarded as self-fulfilling prophecies on the part of the international community or whether they were entirely predictable results of unsound macro-economic fundamentals, with the focus of the discussion being on whether all the fundamentals' are equally important in this regard and what part financial liberalisation and capital account mobility have played in bringing about the present situation.

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