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International Monetary Fund. External Relations Dept.

Asia was not immune to the effects of the recent global economic slowdown, but there are some indications that the region’s emerging market economies are beginning to recover. In a speech to the Eleventh Asia Business Conference at the Harvard Business School on February 2, Wanda S. Tseng, Deputy Director of the IMF’s Asia and Pacific Department, said that these countries now need to move forcefully on the unfinished structural reform agenda—particularly in the banking and corporate sectors—to ensure sustained growth and resilience against external shocks. She focused on the progress Asian countries have made to date in financial sector and corporate restructuring. But what more needs to be done to cement the progress already made? Following is an edited version of her remarks.

Mr. Charles Frederick Kramer

Asia Rising -- explores Asia's role in the world economy, the challenges faced from globalization, the quest for greater regional financial integration, the problem of lagging investment, and why East Asia performed so much better than Latin America. It also looks at the recovery of Japan and the rise of India and China. The economies of the ASEAN-4 come under the microscope in Country Focus. Other articles examine financial sector reform in Africa and the remaining hurdles to financial integration in the European Union. People in Economics profiles Paul Krugman, Back to Basics focuses on hedge funds, and the Straight Talk column looks at the problem of underdevelopment.

Bijan B. Aghevli

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

The IMF has released its first internal review of its policy approach to the crisis that erupted in Asia’s financial markets in 1997. Covering the period through October 1998, the review focuses primarily on events in Indonesia, Korea, and Thailand— the three countries most severely affected by the crisis. IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, by the IMF’s Policy Development and Review Department, looks at the causes of the crisis, the IMF’s response in terms of policy advice and financial support for the three countries, and the reaction to the programs. The released report also includes the Chairman’s December 1998 summingup of the IMF Executive Board’s discussion of the review. It was the subject of press conferences on January 19, conducted by Jack Boorman, Director of the Policy Development and Review Department (see page 20).

David A. Wise, Graham Bird, Jeffrey D. Sachs, Dahlan Sutalaksana, Marie Lavigne, Bernhard Fischer,, Juan-Carlos Herken-Krauer,, Matthias Lucke,, Peter Nunnenkamp, and Pierre Grou

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Mr. Dhaneshwar Ghura

Within a two-year span, Korea’s economy plunged into a severe recession and now is recording a dramatic turnabout. What triggered the crisis? What prompted the recovery? And what remains to be done to ensure that Korea’s economy sustains strong growth within a stable macroeconomic environment?

International Monetary Fund. External Relations Dept.

Following is a summary of a paper prepared for presentation by IMF Managing Director Michel Camdessus and delivered by Hubert Neiss, Director of the IMF’s Asia and Pacific Department, at the Asia-Europe Finance Ministers Meeting in Frankfurt, Germany, January 16.

Dale F. Gray and Mark R. Stone

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