Asian Storm

by Ries, Philippe; Starr, Peter

• ISBN13: 9780804832359
• ISBN10: 0804832358
• Format: Hardcover
• Copyright: 2000-08-01
• Publisher: Tuttle Pub

Summary

In the wake of the crash of East Asia's economy, it is time for a frank discussion of the strategy for correcting the flaws in policy and infrastructure that undercut Asia's economic engine and for rebuilding its financial resources. Here, in absorbing detail, is an analysis not only of what went wrong and how it affected Japan and the other economies of new Asia, but how they can recover and become strong again. Philippe Ries, the economic and political correspondent for Agence France-Presse stationed in Tokyo, brings his singular expertise to a subject which continues to fascinate economists and business people worldwide.

Table of Contents

Introduction	1	(1)
Two Trillion Dollars Takes Flight	2	(1)
Heading for a Depression	3	(1)
Gold Turns to Lead	4	(1)
Intellectual Storm	5	(1)
Adolescence Crisis	6	(2)
America Will Pay?	8	(2)
Disaster Scenario	10	(1)
High Tide, Low Tide	11	(8)
Miracle or Mirage?	12	(1)
The Infamous Study	13	(1)
The Missing Ingredient	14	(1)
New Rules of the Game	15	(2)
An Essential Key	17	(2)
The Fall of the Falcon	19	(16)
A Taste for Risk	20	(1)
Junk Bonds for Asia	21	(1)
Red Ferrari in Seoul	22	(2)
The Frankenstein of Finance	24	(1)
Favorite Son	25	(1)
The Father of Red Chips	26	(1)
Hope from Zurich	27	(1)
Solitary Flight	28	(1)
Abandoned by the Banks	29	(1)
Drexel-style Collapse	29	(1)
Front and Back	30	(2)
No Reply from Superman	32	(1)
Chinese and Gwailos	32	(1)
Sir William's Lesson	33	(2)
Joseph Yam in the Storm	35	(16)
The War of the Peg	36	(2)
An Impregnable Citadel But...	38	(2)
China Supports the Peg	40	(1)
The Economy Adapts	41	(1)
Red Chip Fever	42	(3)
The Passion for Concrete	45	(1)
Suffering for the Peg	45	(1)
Japanese Cake Panic	46	(2)
Bearing the Pain	48	(1)
China's Manhattan	48	(3)
Amnuay's Anger	51	(14)
The Denial Syndrome	52	(1)
Fundamentals	53	(1)
Resisting the Tequila Effect	54	(1)
Open Invitation	54	(1)
Investment Frenzy	55	(1)
The Debt Gets Bigger and Bigger	56	(1)
Hostage to Debt	57	(1)
Bankers and Politicians	58	(1)
Astounding Figures	59	(1)
Favoritism	60	(1)
IMF Appeal	61	(1)
White-Collar Revolt	62	(3)
Mahathir versus Soros	65	(18)
Jewish Conspiracy	66	(1)
Ban Currency Trading	67	(2)
What Keynes Thought about Speculation	69	(1)
Rich Countries Too	70	(2)
The Hunter Gets Captured by the Game	72	(1)
Ethnic Intervention	73	(2)
Soros Again!	75	(1)
The Renong Affair	75	(2)
A Menace to his own Country	77	(1)
Professor Camdessus's Lesson	78	(1)
The Transparency Revolution	79	(4)
Something Brewing on the Eastern Front	83	(18)
The Japanese Model	83	(1)
Living in an Ants' Nest	84	(2)
Mesmerized by Success	86	(1)
The Failure of the Internationalists	87	(1)
Impossible to Change	88	(1)
The Mother of All Banking Crises	89	(2)
Tremor in Tokyo	91	(2)
A Very Close Call	93	(1)
Financial Hypocrisy	94	(2)
Descent from Heaven	96	(2)
Hoover Rules in Tokyo	98	(1)
Markets at Last?	99	(2)
Mr. Yen Makes a Confession	101	(16)
Big Bang	102	(1)
The Collapse of 1971	103	(2)
The Plaza Accord	105	(2)
A Pathological Relationship	107	(1)
Endaka	108	(1)
Mieno Bursts the Bubble	109	(3)
The Banks Creak	112	(1)
When Elephants Dance...	113	(1)
In the Dock	114	(1)
Fear of the Future	115	(2)
Enjoy Your Meal, Mr. Summers...	117	(12)
Return of the GI's	118	(1)
Spin Doctors	119	(2)
Late Wake-up Call	121	(2)
Leave my Bank Alone!	123	(1)
The Wimbledon Effect	124	(1)
Foreign Invasion	124	(2)
The Good, the Bad, and the Ugly	126	(2)
The Texan Precedent	128	(1)
Rendezvous in Manila	129	(12)
Asia Doesn't Exist	131	(1)
APEC Barely Exists	132	(1)
Asian Monetary Fund	133	(1)
Japan Pussyfoots	134	(2)
Burial in Manila	136	(2)
Peer Pressure	138	(1)
Dangerous Dependence	139	(2)
Suharto Incorporated	141	(24)
Great Whales	143	(2)
The Chinese Friend	145	(2)
A Family Affair	147	(1)
Billions of Dollars	148	(1)
Javanese Empire	149	(1)
The Price of Corruption	150	(2)
Family versus Technocrats	152	(2)
Sinatra Style	154	(3)
Dr. Hanke's Magic Potion	157	(2)
The Javanese King	159	(1)
The May Revolution	160	(1)
A ``New Deal'' for Jakarta?	161	(2)
Corruption versus the Market	163	(2)
An Afternoon on the Bund	165	(24)
Beijing and Shanghai	166	(1)
Communist with a Human Face	167	(1)
China in 2020	168	(2)
A Man in a Hurry	170	(1)
To Devalue or Not to Devalue	171	(2)
Good Neighborliness	173	(2)
Devastated Banks	175	(2)
Augean Stables	177	(1)
Privatization	178	(2)
Chaebolization	180	(2)
Avoiding Social Chaos	182	(1)
Reforming the State	183	(2)
A Nation of Homeowners	185	(1)
Like Nineteenth-century America	186	(1)
Different Faces	187	(2)
Democracy Is Our Destiny	189	(22)
Smokescreen	190	(3)
Kim Dae Jung Replies	193	(1)
Democracy Made in Korea	194	(2)
In the Face of Death	196	(1)
Unfinished Business	197	(1)
Japanese Military School	198	(2)
Chaebol Adrift	200	(2)
Caught Off Guard and Going Against the Grain	202	(2)
Hanbo's Failure	204	(1)
Caught in a Nutcracker	205	(2)
Blessing in Disguise	207	(1)
The Chaebol Resist	208	(3)
The Most Powerful Man in Asia	211	(28)
Dismantling Korea Inc.	213	(1)
New Job	214	(2)
Diplomat and Administrator	216	(3)
America: Absentminded or Hostile	219	(2)
Moral Hazard	221	(3)
Self-criticism	224	(1)
World Bank versus IMF	225	(3)
Stan Fischer's Defense	228	(1)
Abuse of Power?	229	(2)
Lender of Last Resort	231	(2)
Yellow Card	233	(2)
He Who Pays...Rules!	235	(4)
Breaking the Bank	239	(18)
Anatomy of the Crisis	240	(1)
An Ocean of Losses	241	(1)
Moratorium	242	(2)
Unfinished Liberalization	244	(1)
Punish the Real Culprits	244	(2)
Credit Risk	246	(3)
Bond Market Vigilantes	249	(2)
Andre Lee Returns	251	(2)
European Example	253	(3)
A Currency for Asia	256	(1)
The Giant Panda Disappears	257	(10)
Asian Management on Trial	258	(1)
Kim Woo Choong Persists	259	(2)
Darwinian Selection	261	(1)
The Chinese Bamboo Network	262	(3)
New Order?	265	(2)
EPILOGUE	267
The Plaza Cycle	268	(1)
New Markets, New Players	268	(2)
The American Bubble	270	(2)
Back to the Austrian School	272	(1)
Democracy	273