East Asian Growth Model and the Intra-Regional Economic Cooperation among

초록

In this paper, we first analyzed causes of the crisis in this way within the East Asian growth process to find effective measure to deal with this kind of crisis. Of course, there are many country specific problems, which should be dealt with by country specific internal, structural reforms. But, as was shown in the contagion process of East Asian currency crisis, there are many areas where regional as well as global cooperation can prevent and cure both short term and long term deficiencies of these economies. Since the initial external cause for the currency crisis was the sudden and massive withdrawal of short-term liquidity, a system of inter- or intra- regional financial cooperation was investigated. But the cooperation would also have to pay attention or have links to the flows and stability of long-term foreign investment resources. In this regard, we looked into the possibilities and problems surrounding proposals such as AMF and ABRD. Cooperation in financial and investment areas further needs to be complemented with cooperative measures that intend to correct longer-term, structural, and fundamental weaknesses in the real sectors of trade and industries. In order to expand intra- regional trade, we looked into a possibility of establishing a trade cooperation in Northeast Asia, e.g., free trade area (FTA), which would further link with ASEAN in Southeast Asia. Finally, intra- regional industrial cooperation that would reduce competition among countries in a similar stage of development was discussed. In discussing these cooperative measures, however, we have concluded that establishing a real, concrete cooperation is a long-term project. That is, a possibility of consensus or cooperation is difficult to achieve under the current international economic and political structure in the near futureIn the mean time, therefore, cooperative measures at the level of business or local government would bear fruitful results, and the successful experience of this