Asian Financial Crisis and Macro Economic Policy Response

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Asian financial Crisis hit Thailand in 1997 and its contagion spread to Indonesia and Korea. Revelarization of the capital market together with virtually fixed exchange rate system brought infugion of overseas capital and sudden withdraws from Asian countries.Optimal exchange rate regimes were compared by use of Thai data and the basket currency system with optimal weight gives us one of the best solutions to the model. Capital control policy sometimes works when the economy is heavily influenced by export and import, furthermore the fluctuations of the exchange rate is too large by use of Malaysian data.Collection of small savings is also an important issue in Asean countries and the efficient mobilization of domestic savings for economic development is also important. Postal savings system and the fiscal investment and loan program were carefully analyzed.Infrastructure investment is crucial in economic development. Central and local distribution of infrastructure developments are compared by use of Asean data. Measure of the effectiveness of the public investment was computed for Asia and the introduction of the revenue bond is suggested.How to strengthen banking industry and how to reduce NPL (non performing loans) are studied in the project. Collection of local information and the data collections are required to further strengthen bank loans to small business.Industrial locations and their agglomeration in China are carefully examined by interviews ; Its merits were analyzed.