アジア経済再生への模索 : IMF・世界銀行支援による経済改革の功罪

概要

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This paper examines the economic stabilization policies and structural adjustment policies supported by the IMF (International Monetary Fund) and the World Bank, especially the latter, in East Asian crisis economies, such as Thailand, Indonesia and Korea. And Malaysia unique with its challenging policies is also studied for the comparative purpose. This paper reviews the Letters of Intent issued by Asian governments to IMF to test why it gave them the inadequate prescriptions causing the currency crisis to deeper economic crisis. This paper focuses on merits and demerits of the structural reforms policies imposed and implemented with strong initiatives of the World Bank in the banking sector, corporate governance, deregulation, privatization, flexible labor market and social safety-net in the midst of the economic crisis. This is the first instance for the World Bank's Structual Adjustment Policies to be the central issues in the currency crisis economies from the beginning of their support packages. Critical views are included against the enforced introduction and implementation of so-called "Anglo-American Standard" in the crisis economies. This paper is a product of my research tour to Korea in January, as well as to Thailand, Indonesia, and Malaysia in February and March 1999.
1999-08-31