The East Asian Economic Dynamics: Growth, Cycles and The Asian Financial Crisis

アジアNIEs、ASEAN4など、東アジア経済過去数10年のダイナミックな成長・投資循環の過程を、(1)資本ストック調整要因、(2)為替調整の役割、(3)海外融資フローの急昇と低落、(4)インフレに伴うバブル要因の累積とその崩壊といった、いくつかの角度から数量的に分析する。これには、輸出と国内投資の循環的な共変性や、1997年「アジア金融危機」以前・以後の投資/GDP比率の急激な上昇と下降の分析も含まれている。It includes quantitative analyses of the growth and investment cycles of the East Asian Economies, covering the Asian NIEs and ASEAN4, in the past more than twenty years. Analytical emphases are particularly placed on the following factors; (1)capital stock adjustments, (2)changing processes of exchange rates, (3)unstable and massive fluctuations of overseas loans coming in and out, and (4)the accumulation and collapse of bubble factors accelerated by rapid inflationary processes in the past. It also covers the analyses of cyclical covariations of exports and domestic investments, and the dramatic ups and downs of the investment / GDP ratios, just before after the Asian financial Crisis of 1997