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Original Articles

Taming the tigers: The IMF and the Asian crisis

Pages 505-556 | Published online: 25 Aug 2010

References

  • Chote , Robert . 1997 . 'Thai crisis highlights lessons of Mexico' . Survey, Financial Times , 19 September : 16
  • Ghosh , Jayati , Sen , Abhijit and Chandrasckhar , CP . 1996 . 'southeast Asian economies: miracle or meltdown?' . Economic and Political Weekly , 12-19 October : 2779
  • Vichyanond , Pakorn . 1994 . Thailand's Financial System, Structure and Liberalisation , 3 Bangkok : Thailand Development Research Institute .
  • Sachs , Jeffrey . March-April 1998 . The IMF and the Asian flu, The American Prospect March-April , 17
  • IMF . 1997 . 'IMF approves stand-by credit for Thailand' . Press Release , 20 August
  • Ibid.
  • Ibid.
  • 1997 . 'Finance firms in Thailand express regret' . Asian Wall Street Journal , 5-6 December
  • 1997 . “ 'The economy in 1996 and trends in 1997' ” . 42 Bangkok : Bangkok Bank . Annual Report 1996
  • Charoonsantikul , Vatchara and Khantong , Thanong . 1997 . 'Is the IMF mistreating its Thai patient?' . The Nation , 11 November Sachs, quoted in
  • Sachs, 'The IMF and the Asian flu'.
  • IMF, 'IMF approves stand-by credits for Thailand'.
  • 1997 . 'IMF package no free lunch for Thailand' . The Nation , 9 August
  • Nunyamanee , Soonyuth and Nivupumin , Chiratas . 1997 . 'The year they sank the baht' . Bangkok Post Economic Review Yearend , : 19
  • Vatchara & Thanong, 'Is the IMF doctor mistreating its Thai patient?'.
  • Ibid.
  • Davis , Bob . 1997 . 'Thailand tests IMF'S resolve on reform . Asian Wall Street Journal , 8 December
  • 1998 . IMF agrees to relax conditions . Bangkok Post , 13 February
  • 1998 . 'Discipline must be maintained despite breathing space: Supachai' . Bangkok Post , 14 February
  • World Bank . September 1997 . Worm Bank Country Brief September , (downloaded from World Bank website)
  • Ibid.
  • Congressional Research Service (CRS) . 25 November 1997 . “ 'The 1997 Asian financial crisis' ” . 25 November , Report for Congress, Number 97-1021 E
  • CRS, 'The 1997 Asian financial crisis'.
  • IMF . 1997 . 'IMF approves stand-by credit for Indonesia' . Press Release , 5 November
  • Ibid.
  • Sanger , David E . 1998 . 'IMF now admits tactics in Indonesia deepened the crisis' . New York Times , 14 January
  • 1998 . 'suharto's family has prospered, but Indonesians suffer' . Inter Press Service , 24 January
  • 1998 . 'And now the political fall out' . The Economist , 17-23 January
  • Ibid.
  • 1998 . 'Indonesia--Memorandum of Economic and Financial Policies' . Jakarta Post , 17 January
  • Ibid.
  • 1998 . 'Renewed Indonesia fires worry Southeast Asia'' . International Herald Tribune , 13 February The Reforestation Fund, which reportedly runs to billions of dollars drawn from timber taxes, was intended to replant and protect Indonesia's tropical forests. However, it was revealed that the funds were not able to be used to fight the forest fires of 1997 because they had been earmarked for the national car project
  • 1998 . Japan Economic Report , 30 January
  • 1998 . TAPOL Bulletin , February
  • 1998 . 'suharto says new path needs IMF'S blessing' . Asian Wall Street Journal , 2 March
  • 1998 . Inter Press Service , 5 February World Bank brings aid for jobs, gets flak instead
  • 1998 . 'Currency Board rumours elevate Asian currencies' . Asian Wall Street Journal , 11 March
  • 1997 . 'south Korea leaves developing world' . Inter Press Service , 30 September
  • Ahuja , Vinod , Bidani , Benu , Ferreira , Fransisco and Walton , Michael . 1997 . Everyone's Miracle? Revisiting Poverty and Inequality in East Asia , Washington : World Bank .
  • South Korea leaves developing world'.
  • For more details of the South Korean economic crisis WaldenBello's 'Korea: travails of the classic tiger economy' and Ha Joon Chang's ' 'Korea: the misunderstood crisis'.
  • Akyuz , Yilmaz . 1998 . “ 'The East Asian financial crisis: back to the future' ” . Geneva : UNCTAD . (downloaded from UNCTAD website)
  • Ibid.
  • Chossudovsky , Michel . 1998 . 'The IMF Korea Bailout' . 1 January (by email), Department of Economics, University of Ottawa
  • Ibid.
  • 1997 . 'Bruising Battle at Korea IMF talks' . Financial Times , 3 December
  • 1997 . 'IMF, Japan to Aid South Korea in record bailout' . Japan Economic Institute Report , 12 December
  • The 1997 Asian financial crisis', CRS.
  • 1997 . IMF stand-by agreement summary of the economic program , 5 December (downloaded from IMF website)
  • Ibid.
  • 1997 . 'seoul gets Christmas Day surprise of $10 billion loans' . The Nation , December
  • Sachs , Jeffrey . 1997 . 'IMF is a power unto itself' . Financial Times , 11 December
  • Ibid.
  • Ibid.
  • 1997 . 'Painful prospect' . Financial Times , 8 December
  • 1997 . 'Koreans ask "Who's to blame?"' . The Nation , 6 December
  • 1997 . 'Anger at IMF terms may boost Korean opposition' . Financial Times , 11 December
  • World Bank . September 1997 . Thailand Country Brief September , (downloaded from World Bank website)
  • 21 January 1998 . Figure from Wanida Tantiwitthayaphitak, spokesperson for Forum of the Poor 21 January , Bangkok
  • World Bank . February 1998 . “ 'Social aspects of the crisis: perceptions of poor communities' ” . February , draft report
  • 1997 . 'Farmers come to the rescue' . Inter Press Service , 17 December
  • Ibid.
  • Foundation for Children's Development . 1998 . 'Voices of the disadvantaged amidst the economic crisis' . 'Data on the situation of children and the family' , February (in That)
  • Ibid.
  • Economic and social commission for Asia and the Pacific (ECSCAP) . 1996 . 'Economic liberalisation and rural poverty: a study of the effects of price liberalisation and market reforms in Asian developing countries' , 170 New York : United Nations .
  • Green , Duncan . March 1998 . 'The Indonesian economic crisis' , March , CAFOD .
  • Green, 'The Indonesian economic crisis'.
  • Siddho Deva, Oxfam UKI, personal communication, 13 March 1998.
  • Green, 'The Indonesian economic crisis'.
  • Human Rights Watch Asia Division . 24 February 1998 . “ 'Economic crisis leads to scapegoating ethnic Chinese' ” . 24 February ,
  • Green, 'The Indonesian economic crisis'.
  • 1998 . Health crisis feared in Indonesia' . Associated Press , 8 March
  • 1998 . Medicine, food become luxuries in crisis . Inter Press Service , 23 February
  • 'World Bank brings aid for jobs, gets flak instead'.
  • 1998 . 'WB, ADB delay aid to Indonesia, Japan goes ahead' . Jakarta Post , 11 March
  • Green, 'The Indonesian economic crisis'.
  • 1998 . Women go first as firms shed jobs' . Inter Press Service , 3 February
  • 1998 . 'Unbridled freedom to sack workers is no freedom at all' . Korean Confederation of Trade Unions Report of KCTU-IMF Dialogue . January 13 1998 . (downloaded http://kctu.org.news8.htm)
  • 1997 . 'IMF bailout and employment crisis: the labour response' . Korean Confederation of Trade Unions , 11 December
  • Sachs , Jeffrey D . 1997 . 'The wrong medicine for Asia' . New York Times , 3 November
  • CP Chandrasekhr & Jayaft Ghosh, 'Hubris, hysteria and hope: the political economy of crisis and response in East Asia' (forthcoming).
  • 1998 . 'Bank admits HIPC conditions wrong' . Debt Update , March
  • Unger , Roberto Mangabeira . 1996 . “ 'The really new Bretton Woods' ” . In The Financial System Under Stress: An Architecture for the New World Economy , Edited by: Uzan , Marc . New York : Routledge . This article is in extremely interesting and constructive analysis of how the Bretton Woods Institutions should be reformed, animated by the impulse that 'the world economy needs more, not less, of all the benefits Bretton Woods was designed to provide through international coordination and supranational institutions' (p 23)
  • Feldstein , Martin . 1998 . 'Refocusing the IMF' . Foreign Affairs , March/April
  • Ibid.
  • 'The wrong medicine for Asia'.
  • 'Bank admits HIPC conditions wrong'.
  • Fischer , Stanley . 1998 . 'The Asian crisis: a view from the IMF', address to the Midwinter Conference of the Bankers' . Association of Foreign Trade, Washington, DC , 22 January
  • Altbach , Eric . 1997 . 'The Asian Monetary Fund proposal: a case study of Japanese regional leadership' . Japan Economic Institute Report , 19 December
  • 1998 . 'Dollars and Sense' . Far Eastern Economic Review , 12 February : 14
  • 1997 . 'Eliminating world poverty: a challenge for the 21st century' . White Paper , November
  • 1998 . 'UK initiative to help Asia' . HM Treasury Press Release , 17 February
  • February 1998 . “ 'Statement by the G7 Finance Ministers and Central Bank Governors' ” . February ,
  • 1998 . 'Austerity drive begins to rekindle confidence' . Bangkok Post , 6 March
  • 1998 . 'sET may be the best in the world, but reform still needed' . Bangkok Post , 21 February
  • 'Austerity drive begins to rekindle'.
  • Ibid.
  • 'IMF now admits tactics in Indonesia deepened the crisis'.
  • MacIntyre , Andrew , ed. 1994 . Business and Government in Industrialising Asia , 263 Sydney : Allen and Unwin .
  • 1998 . 'Habibie gets set to be named vice-president' . Asian Wall Street Journal , 11 March
  • 1998 . 'suharto's new mandate does little to ease uncertainty' . Inter Press Service , 10 March
  • Ibid.
  • Ibid.
  • Green, 'The Indonesian economic crisis'.
  • 'Currency Board rumours elevate Asian currencies'.
  • 'Seoul gets Christmas Day surprise of $10 billion loans'.
  • Chang, 'Korea: the misunderstood crisis'.
  • 1998 . Korea wins agreement for major debt rollover' . Asian Wall Street Journal , 16 March
  • 'Bank admits HIPC conditions wrong'.
  • Unger, 'The really new Bretton Woods'.
  • Ibid., p. 23.
  • Yilmaz Akyiiz, 'the East Asian financial crisis'. This is an excellent and readable article, with a provocative analysis and positive suggestions for reform.

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