Causes of the Asian crisis, Asian-style capitalism and Transparency
In this article, Noriyuki Tomioka, senior research fellow at the Institute for International Policy Studies (IIPS), explains the importance of transparency when looking at recent developments in theory on the causes of the Asian financial crisis. He challenges the generally accepted notion that inherent flaws in the ''Asian miracle,'' or the Asian style of capitalism, lay at the root of the crisis. To completely reject the style of capitalism which helped certain Asian countries be dubbed the ''tigers'' of emerging markets in favor of an Anglo-Saxon style of capitalism is shortsighted. Furthermore, he argues that increasing market transparency is important not only for the crisis-inflicted Asian economies, but also when considering international policies.