Comparative Studies on Economic Structure and Policies of Transitional Ecomonies in Asia

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We have summarized the impacts of the financial and economic crisis of 1997 to transitional economies, NIES, and ASEAN countries in Asia as following, and we have pointed out the important role of Japan in the process to return to the stable economic growth of East Asian countries as following.1) Economists have pointed as main causes of crisis the problems in the economic structure of East Asian countries. However the international flow of short-term capital attacked the East Asian economies as strong as the problems within their economies. It worked stronger in some cases.2) We have made comparative studies of economic policies and economic performances among countries. We compared Thailand that accepted IMF descriptions with Malaysia, which introduced new regulations on international capital flow. We also compared Korea that was affected seriously by economic crisis with Taiwan, which was able to find the way to early recovery.3) Asian economic crisis has added difficulties in the transitional economies in Asia. However, there are big differences among countries. Vietnam has continued to follow Doi-Moi policy to enhance market economy, while North Korea encountered Asian economic crisis in the effort to find the way of economic reform and openness. Under the rule of military power Myanmar added one step to market economy by hosting of foreign capital from ASEAN countries.4) Japanese role has been making clearer through the Asian economic crisis. Japanese private capital investment in Asia has decreased, while the role of Japanese government becomes more important than before, for example, as the idea of New Miyazawa Fund.