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The Asian Economic Crisis:
Policy Choices, Social Consequences and the Philippine
Case
Linda Y.C. Lim
Frank Ching
Bernardo M. Villegas
February 1999
Contents
The Challenges for Government
Policy and Business Practice
Linda Y. C. Lim
Social Impact of the
Regional Financial Crisis
Frank Ching
Philippine Economic
Prospects Under the Estrada Administration
Bernardo M. Villegas
Appendix: Selected References
Specialists
About the Authors
Linda Yuen-Ching Lim, a native of Singapore, holds degrees in economics from the Universities
of Cambridge, Yale, and Michigan. She has taught at Swarthmore College, the National University of Singapore, and
the University of Michigan, where she is Associate Professor of International Business and serves as Director of
the Southeast Asia Business Program. Lim is the founder and editor of the refereed Journal of Asian Business, and
has consulted for U.S. companies, private think tanks, United Nations agencies, and the Organisation for Economic
Co-Operation and Development.
Frank Ching is Senior Editor at the Far Eastern Economic Review. He writes a weekly column
called "Eye on Asia," which comments on political developments in various countries in the region. He
previously worked for The New York Times and The Wall Street Journal.
Bernardo M. Villegas is the Dean of the School of Economics of the University of Asia
and the Pacific. His special fields of study are development economics, business economics, and strategic management,
and he writes regularly for both local and international newspapers, such as the International Herald Tribune and
The Asian Wall Street Journal.
Selected References
Australian Government, Department of Foreign Affairs and Trade, East Asia Analytical Unit. 1998. The Philippines: Beyond the Crisis.
Cambridge Journal of Economics Vol. 22, No. 6, November 1998, Special Issue on the Asian Crisis.
Chu, Yun-han. 1999. "Surviving the East Asian Financial Storm: The Political Foundation of Taiwan's Economic
Resilience," in Pempel, 1999.
The Estrada Presidency: A Presidency of the People. A Technical Report to Accompany the State of the Nation Address of
President Joseph Ejercito Estrada, July 27, 1998.
Far Eastern Economic Review, February 13, 1997.
Gomez, Edmund Terence, and K. S. Jomo. 1997. Malaysia's
Political Economy: Politics, Patronage and Profits.
Cambridge, UK: Cambridge University Press.
Hefner, Robert W., ed. 1998. Market Cultures: Society
and Morality in the New Asian Capitalisms. Boulder,
CO: Westview Press.
Hill, Hal. 1997. "Towards a Political Economy of Rapid Growth in ASEAN," ASEAN
Economic Bulletin Vol. 14, No. 2, pp. 131-149.
International Monetary Fund. 1998. World Economic Outlook October 1998, December 1998, Washington, DC: IMF.
Jomo, K. S., et al. 1997. Southeast Asia's Misunderstood
Miracle: Industrial Policy and Economic Development in Thailand, Malaysia and Indonesia. Boulder, CO: Westview Press.
Jomo, K. S., ed. 1998. Tigers in Trouble: Financial
Governance, Liberalisation and Crises in East Asia.
London, UK: Zed Books.
Journal of the Asia Pacific Economy Vol. 3, No. 3, 1998. Reflections on the Asian Crisis.
Journal of Asian Business Vol. 15, No. 1, 1999. Focus on Financial Systems in Asia.
Lim, Kok Wing, et al. 1998. Hidden Agenda. Petaling Jaya, Malaysia: Limkokwing Integrated.
Lim, Linda Y. C. 1998. "Whose 'Model' Failed? Implications of the Asian Economic Crisis," The Washington Quarterly,
Vol. 21, No. 3, pp. 25-36.
Lim, Linda Y. C. 1999. "Flight from the Free Market: Hong Kong, Malaysia, Singapore and the Asian Financial
Crisis," in Pempel,
1999.
MacIntyre, Andrew, ed. 1994. Business and Government
in Industrialising Asia. Sydney: Allen and Unwin.
MacIntyre, Andrew. 1999. "Political Institutions and the Economic Crisis in Thailand and Indonesia,"
in Pempel,
1999.
Montes, Manuel F. 1998. The Currency Crisis in Southeast
Asia. Singapore: Institute for Southeast Asian Studies.
Pempel, T. J., ed. 1999. The Politics of the Asian
Financial Crisis, Ithaca, NY: Cornell University
Press (forthcoming).
Phongpaichit, Pasuk, and Chris Baker. 1998. Thailand's
Boom and Bust. Chiang Mai: Silkworm Books.
Radelet, Steven, and Jeffrey Sachs. 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects,"
Harvard Institute for International Development, April 1998.
Rodan, Garry, Kevin Hewison, and Richard Robison, eds. 1997. The
Political Economy of South-East Asia. Melbourne:
Oxford University Press.
University of Asia and the Pacific, Institute of Policy Research, School of Economics. 1998. The Philippines and the Asia Pacific Challenge,
December.
Wade, Robert. 1990. Governing the Market: Economic
Theory and the Role of Government in East Asian Industrialization.
Princeton: Princeton University Press.
Wade, Robert. 1998. "Vulnerabilities, Moral Hazard, Panic and Debt Deflation in the Asian Crisis," New
York: Working Paper of the Russell Sage Foundation.
World Bank. 1997. World Bank Development Report 1997: The State in a Changing World. Oxford University Press, New
York.
---. 1996. A Strategy to Fight Poverty: Philippines,
County Operations, Dursa, East Asia and Pacific Region,
Washington, DC.
---. 1998. East Asia: The Road to Recovery. Washington, DC.
---. 1998. Philippines: Restoring Stronger Growth
with Greater Equity, August.
Specialists
John Bresnan
Executive Director
Pacific Basin Studies Program
East Asian Institute
Columbia University
New York, NY 10027
tel: 212-854-6979
fax: 212-749-1497
e-mail: jjb9@columbia.edu
Alison Broinowski
Visiting Fellow
Faculty of Asian Studies
The Australian National University
Canberra ACT 2601
tel: 612-6279-8568
fax: 612-6279-8326
e-mail: alison.broinowski@anu.edu.au
Frederick Z. Brown
Associate Director
Southeast Asian Studies Program
Johns Hopkins School of Advanced International Studies
1619 Massachusetts Avenue
Washington, DC 20036
tel: 202-663-5818
fax: 202-663-5782
e-mail: fbrown@mail.jhuwash.jhu.edu
Chia Siow Yue
Director
Institute of Southeast Asian Studies
Heng Mui Keng Terrace
Pasir Panjang 119596
Singapore
tel: 65-870-2405
fax: 65-778-1735
e-mail: chia@iseas.ac.sg
Frank Ching
Senior Editor
Far Eastern Economic Review
18 Whitfield Road 25/F
Causeway Bay
Hong Kong
tel: 852-2508-4385
fax: 852-2503-1530
e-mail: frank.ching@feer.com
David B.H. Denoon
Professor, Politics and Economics
New York University
269 Mercer St.
New York, N.Y. 10003
tel: 212-998-8962
fax: 212-995-4186
e-mail: David.Denoon@nyu.edu
Donald K. Emmerson
Senior Fellow
Asia/Pacific Research Center
Stanford University
Encina Hall
616 Serra Street
Stanford, CA 94305-6055
tel: 650-723-9741
fax: 650-723 6530
email: emmerson@stanford.edu
Carolina G. Hernandez
Professor
Political Science Department
College of Social Science and Philosophy
University of the Philippines
Diliman, Quezon City 1101
Philippines
tel: 632-927-3894
fax: 632-929-0890
e-mail: isdsphil@cnl.net
Karl D. Jackson
Director
Southeast Asian Studies Program
John Hopkins School of Advanced
International Studies
1619 Massachusetts Avenue NW
Washington, DC 20036-1984
tel: 202-663-5980
fax: 202-663-5782
e-mail: kdjackson@mail.jhuwash.jhu.edu
Michael Leifer
Director, Asia Research Centre
London School of Economics
Houghton Street
London WC2A @AE
England
tel: 44-171-955-7388
e-mail: M.Leifer@lse.ac.uk
Linda Y. C. Lim
Director, Southeast Asia Business Program
University of Michigan Business School
Room # BA3263
701 Tappan Street
Ann Arbor, MI 48109-1234
tel: (734) 763-0290
fax: (734) 764-3146
e-mail: lylim@umich.edu
Andrew MacIntyre
Associate Professor
Graduate School of International Relations &
Pacific Studies
University of California, San Diego
LaJolla, CA 92093-0519
tel: 619-534-8227
fax: 619-534-3939
e-mail: amacintyre@ucsd.edu
Manuel F. Montes
Senior Fellow
East-West Center
1601 East-West Road
Honolulu, HI 96848-1601
tel: (808) 944-7111
fax: (808) 944-7380
e-mail: montesm@ewc.hawaii.edu
Ann Marie Murphy
East Asian Institute
Columbia University
905 International Affairs Building
420 West 118th Street, MC 3333
New York, NY 10027
tel: (212) 854-1726
fax: (212) 749-1497
e-mail: amm31@columbia.edu
Seiji F. Naya
Professor
Department of Economics
University of Hawaii at Manoa
2444 Dole Street
Honolulu, HI 96822
Fax: 808-956-4347
e-mail: naya@hawaii.edu
Clark D. Neher
Department of Political Science
(or) Center for Southeast Asian Studies
Northern Illinois University
DeKalb, IL 60115
tel: (815) 753-7041 (Political Science)
tel: (815) 753-1771 (Southeast Asia Center)
e-mail: cneher@niu.edu
Sheldon Simon
Political Science Department
Arizona State University
Tempe, AZ 85287-2001
tel: 602-965-1317
fax: 602-965-3929
e-mail: icsws@asuvm.inre.asu.edu
Hadi Soesastro
Director
Centre for Strategic and International Studies
Jalan Tanah Abang 111/23-27
Jakarta 10160
Indonesia
tel: 6221-380-9637
fax: 6221-384-7517
e-mail: csis@pacific.net.id
Noordin Sopiee
Chairman and Chief Executive Officer
Institute of Strategic and International Studies
No. 1 Pesiaran Sultan Salahuddin
Peti Surat 12424
Kuala Lumpur 50778
Malaysia
tel: 603-293-9366
fax: 603-293-9430/293-9475
Bernardo M. Villegas
Dean
School of Economics
University of Asia and the Pacific
Pearl Drive, Pasig City
Metro Manila, Philippines
tel: 632-631-2177
fax: 632-631-2174
Donald Weatherbee
Institute of International Studies
University of South Carolina
Columbia, SC 29208
tel: (803) 777-7359
fax: (803) 777-9308
e-mail: weatherbee@garnet.cla.sc.edu
e-mail: deweath@banet.net
ASEAN Secretariat
70A Jalan Sisingamangaraja
Jakarta 12110
Indonesia
tel: 6221-726-2991/724-3372
fax: 6221-724-3504/729-8234
e-mail: www.aseansec.org
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The Conference Organizers would like to thank Yuchengco Group of Companies for their additional support, which
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Hong Kong: The Challenges of Change, Jeffrey Fischer and Hugh J. Ivory, Yi-zheng Lian, and James T. H. Tang (May
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India's 12th National Elections, Ashutosh Varshney (February 1998)
Growing Pains: ASEAN's Political and Economic Challenges, Manuel F. Montes, Kevin F. F. Quigley, and Donald E.
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