Social Consequences of the Financial Crisis in Asia

Ernesto M. Pernia · Mary Racelis

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Global Financial Crisis and Policies Asian Industrial and Economic Development World Systems and Global Transformations

Abstract

This paper assesses the social impact of the Asian Financial crisis, drawing on the results of studies in six countries, namely, Indonesia, Republic of Korea, Lao People's Democratic Republic, Malaysia, Philippines, and Thailand. The impacts appear to be less than were anticipated early in the crisis. However, it seems to early to draw conclusions about the eventual social consequences.

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