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Reform and Deregulation Policies in Post-Crisis East Asia: An Overview of the East Asian Reforms

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The East Asian crisis served as a catalyst for a reform movement that was already underway. The crisis worked as an institutional electric shock and accelerated a deregulation process that had been already initiated across East Asia before 1997. In this introductory outline, five countries are considered—Japan, South Korea, Indonesia, Malaysia and Thailand—and three separate issues are addressed. These issues are, in the first place, whether the IMF 'prescription', recommended for South Korea, Thailand and Indonesia, has been followed or not and, if so, to what extent. Secondly, how far the first signs of economic recovery, since 1999, have affected local reform policies? The final question considered here is whether East Asian leaders still consider reform and deregulation a priority item on their agenda.


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