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

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Asian Crisis Revisited

The East Asian Currency Crisis
by Mihir Rakshit; Oxford University Press,
Delhi, 2002; pp xii+288, Rs 545

The benefit of hindsight allows analysts to reconsider conventional wisdom and place events in their proper perspective. This is true of the east Asian currency crisis. Apart from offering a commentary on the unfolding of events in the upheaval, Mihir Rakshit in this book brings together the major theoretical and policy implications of the currency crisis.

The currency crisis in east Asia caught even the keenest watchers of these economies unawares. High GDP and export growth for nearly two decades and fiscal prudence had convinced most economists that there was no impending crisis. The Asian Development Bank, for instance, wrote in the first half of 1997, “most south-east Asian economies are expected to strengthen their performance in 1997 and 1998”.

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