This volume represents a first dialogue between European and Asian economists concerning the common outlook of the two continents following the financial crisis which struck Asia in 1997.

The papers in this volume were presented at the ASEF/CEPII conference in Paris in May 1998, which brought together Asian and European economists and economic practitioners for an open and critical appraisal of the nature and causes of the crisis, and the role which the enhanced Asian-European relationship might have in addressing the future. Several Asian countries and major multi-lateral organisations (the Asian Development Bank, the World Bank, the European Investment Bank, the Bank for International Settlements, and the OECD) were represented.

Among the issues addressed are the consequences of the crisis for international trade, investment and growth, at both the regional and the global level, and the architecture of the globalised, international financial system which has undergone a new crisis due to events in Asia. Conclusions are drawn concerning the evolution of the monetary and financial turmoil, and solutions for the future of the region and for its relations with Europe are considered.

This volume aims to preserve the lively nature of the discussion and the cultural diversity of the presentations, while capturing the current state of the debate on the crisis.

Contents:

• Preface (T Koh)
• Introduction (J-C Berthélemy)
• Indonesian Financial Sector: Reforms, Development and Lessons (J Soedradjad Dijwandono)
• Causes and Lessons of the Asian Crisis: The Malaysian Perspective (M H Piei & M Ariff)
• Recent Financial and Economic Crisis in Thailand (A Narongchai)
• What Have We Learned from the Korean Financial Crisis? (Y C Park)
• The Asian Crisis: Impact and Outlook (M Baskaran)
• Economic Growth of China in the 90s and the Impact of the Asian Crisis (H Wang)
• Dealing with Systemic Risk (M Aglietta)
• How to Protect Developing Countries from Volatility of Capital Flows? (S Griffith-Jones & J Kimnis)
• Financial Crisis in Asia: Risk and Uncertainty About Policy (P Turner)