Fiscal lessons from the East Asian financial crisis |
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| Institution: | 1. Asian Development Bank, P.O. Box 789, 0980 Manila, Philippines;1. School of Industrial Development, Nanjing University of Finance & Economics, Nanjing, 210003, China;2. School of Business and Management, Queen Mary University of London, London, E1 4NS, United Kingdom;3. School of Economics, Capital University of Economics & Business, Beijing, 100070, China;4. School of International Trade and Economics, University of International Business and Economics, Beijing, 100029, China;5. School of International Economics and Trade, Central University of Finance and Economics, Beijing, 100081, China |
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| Abstract: | This paper examines the financial crises experienced in East Asian countries beginning in 1997. A common thread of these occurrences is the failure to address the risks of positions and policies by either the public or private sector, suggesting that there is a need to improve fiscal flexibility, to better understand public sector assets and liabilities, and for a more flexible public cash management or control system. The international community may need to establish fast-disbursing assistance systems to support this increased flexibility. |
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