Integration in the Global Economy
New Horizons in Money and Finance series
Edited by Suthiphand Chirathivat, Emil-Maria Claassen and Jürgen Schroeder
In recent years, we have often asked what lies ahead for East Asia in the new century. East Asia, for its part, had discovered, before the recent crisis, growth and huge potential for development and progress. The region had been quite successful in trade and production within its own economies. Much had been said about the Asian crisis of 1997–98. We, economists, from various academic origins, have spent much time and energy explaining and analyzing the causes and implications of this crisis. One thing for sure is that we cannot ignore relevant economic principles. In order to fix the problems we face and move ahead with future challenges, we must also attempt innovative thinking, while showing some leeway for what we are willing to improve and to do next. The latest crisis has helped to remind us how relevant economic principles are. This volume has grown from the revised versions of papers presented at the international conference on ‘Monetary Outlook on East Asia in an Integrating World Economy’, jointly organized by the Faculty of Economics, Chulalongkorn University; the Faculty of Economics, University of Paris-Dauphine; and the Department of Economics, Mannheim University, on 5–6 September 2001, in Bangkok. It addressed several critical issues and questions we all need to explore, as we did in that gathering. It was also an important exercise for East Asia, in general, and Thailand, in particular. We deliberately avoided the term ‘globalization’ since this worldwide used slogan may shift the responsibility of domestic economic...