Zásadná hospodárska reforma – nástroj riešenia finančnej krízy v juhovýchodnej Ázii
FUNDAMENTAL ECONOMIC REFORM – THE TOOL OF RESOLUTION OF THE FINANCIAL CRISES IN THE SOUTH EAST ASIA

Summary/Abstract: The paper analyzes the economic development in certain South East Asian countries hit in 1997 by the most extensive financial crises in the recent history of this subcontinent. Beyond this, there is yet no unanimity about its root causes nor about the solutions. The dif-ferences of views are being debated in academic circles, by experts (especially of IMF and World Bank), economists and reflected in media. It focuses on the evaluation of the re-form process, particularly in South Korea, Indonesia, Malaysia, Thailand and the Philippines. The authors assess the fruitfulness of the adjustment measures in respective countries, especially regarding the operations of financial institutions, banks and corporate sector. They point out some success stories in the field of non-performing loans, bank capital adequacy, banks’ consolidation and creation of special institutional networks to solve accumulated problems. The financial crisis has been transformed to a full-blown recession in the real econo-my of production. The influence of the recession on the selected branches was very dif-ferent a different was the success by the restoration of its economic growth.Regarding the restructuring of the corporate sector the emphasis is put on the issues of indebtedness and insolvency and the changes of corporate management while present-ing achieved results country by country. Furthermore, they target the field of sharehol-ders’ protection, the bankruptcy provisions and the changes in accounting and audit. Analyzed results have proved that countries hit by the crises managed to start an upward growth-trend after five years since the crises, however, this trend does not show the evi-dence of a permanent stability, it seems to be its objective presumption. The continuation of this process will depend on the positive changes in the global economy, especially in NAFTA and European Union region. Most of recession-strickend business areas in Korea, Indonesia and Malaysia were trans-formed through the special system of economic agencies (managing by the governance struc-ture). In the year 2003 should be finished its activity (except Indonesia) because of recycling of the domestic economies, which should be able to continue in its economic development.

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