Implications of financial crisis for east Asian trend growth
从发展型国家模型角度分析亚洲金融危机，认为金融自由化虽有风险但能刺激生产率，东亚与OECD国家仍有较大劳动生产率差距，政策应对对恢复和实现快速增长潜力至关重要。
The article sets the Asian financial crisis in the context of the developmental state model of Asian development and sees it as, in part, the downside risk of a financial liberalization that was badly handled but nevertheless appropriate as a stimulus to better productivity performance. The East Asian economies are shown still to have a large labour productivity gap with the leading OECD countries and substantial scope for further rapid catch-up growth. Historical experience suggests that the policy response to the crisis is fundamental not only to immediate recovery prospects but also to realizing this remaining fast growth potential.