[...]In our view, this apparently surprising immunity of the U.S.economy to the Asia crisis reflects the fact that the original wayof thinking about the crisis was flawed. First, it focused only ondemand-side channels and ignored the supply side. Second, thedepreciation of the Asian currencies...

Pan-Asianism in Japanese history has not received much scholarly attention so far. Indeed, as some scholars have pointed out (Beasley 1987a), it is questionable whether the notion of an ideology that only existed as a loose set of ideas and, moreover, had its foundations in European concepts,...

[...]A key observation is that import and export prices roughlytracked each other, with both tracking the behavior of worldtradable goods prices. Indeed, trade prices were fallingthroughout Asia by similar magnitudes, regardless of howmuch each country’s currency depreciated. For both...