The 'Asian financial crisis' which started in currency markets in South East Asia, then spread to other markets, undermined first confidence, then faith in the certainty of continued high growth in the region - the so-called East Asian Miracle. The ensuing economic downturn has raised questions about the foundations of that growth, the soundness of the region's financial sectors, the role of government in directing investment and lending, even the appropriateness of 'Asian values' in the context of free market orthodoxy. It has also presented the region's economies with a number of inter-related challenges: implementing the financial sector reforms needed to attract foreign capital back into the region; establishing governance practices which will improve transparency and accountability; and developing growth strategies which are both sustainable and inclusive.
For ASEAN as a grouping and as an organisation, the crisis also presents a number of challenges: the need to maintain the momentum of intra-regional trade liberalisation and economic cooperation under AFTA in the face of severe domestic constraints; the need to devise regional strategies which can practically assist battered economies regain stability and health; and more specifically, the need for ASEAN to assume a greater role in the process of institution-building in the region.
Recognising the significance of the financial crisis to the ASEAN economies, the Committee felt it important to consider the crisis in some detail, its extent and causes, the impact on the region, its implications for ASEAN, and its likely impact on Australian trade and investment interests in the ASEAN region. Indeed, much of the evidence to the inquiry following the devaluation of the Thai baht in late July 1997, focused on questions posed by the unfolding crisis, and in particular, the longer term implications for Australia of the economic downturn download
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