| Contents |
Introduction | |||
I. | The Asian Economy: Current Situation and Prospects | ||
| 1. | Current Situation of the Asian Economy | ||
| (1) | Rapid recovery of the Asian Economy | ||
| (2) | Progress in financial and corporate sectors' reform | ||
| (3) | The social impact of the currency and financial crisis | ||
| 2. | Causes of the Asian Currency and Financial Crisis, and Lessons to Be Learned | ||
| (1) | Causes of the Asian currency and financial crisis | ||
| (2) | Lessons from the Asian currency and financial crisis | ||
| 3. | The Long-Term Prospects for the Asian Economy, and Issues to Be Resolved | ||
| (1) | Strength of Asia's economic fundamentals | ||
| (2) | The IT revolution and the Asian economies | ||
| (3) | The catch-up growth pattern of Asian economies | ||
| (4) | Transformation to a productivity driven growth pattern | ||
| (5) | Intraregional linkage of the upgrading of industrial structures | ||
| (6) | Response to change in the comparative advantage | ||
| (7) | Construction of industry network within the Asian region | ||
| 4. | The Deepening of Interdependence in the Asian Economy | ||
II. | The Building of Stable Economic and Financial Systems that Can Support Sustainable Economic Growth | ||
| 1. | Domestic Efforts Taken within Individual Asian Countries | ||
| (1) | Reform of financial and corporate sectors | ||
| (2) | Reviews of appropriate exchange rate regimes | ||
| (3) | Capital liberalization and capital controls | ||
| (4) | Appropriate social safety nets | ||
| 2. | Global Efforts to Strengthen International Financial System | ||
| (1) | Report by G7 finance ministers to the Cologne Summit in June 1999 | ||
| (2) | Report of the Financial Stability Forum | ||
| (3) | IMF reform | ||
| 3. | Regional Efforts within the Asian Region | ||
| (1) | Promotion of intraregional trade and investment | ||
| (2) | Developing regional trade-financing networks | ||
| (3) | Development of regional bond markets | ||
| (4) | Exchange rate stability within the region | ||
| (5) | Promoting policy dialogue in the region | ||
| (6) | Building a financial cooperation network in the region | ||
| 4. | The Role Japan Should Play | ||
| (1) | The stable growth of the Japanese economy, and the further opening of the Japanese market | ||
| (2) | The role of Japanese companies and financial institutions | ||
| (3) | Assistance for efforts made domestically by Asian countries | ||
| (4) | Assistance for global efforts | ||
| (5) | Assistance for regional efforts | ||
| (6) | Fostering the internationalization of the yen | ||
Conclusion | |||