The end of the Asian myth: Why were the experts fooled?

Werner Baer, William R. Miles, Allen B. Moran

Research output: Contribution to journalArticlepeer-review


This article examines the reasons behind the overoptimism of a large segment of the economics profession concerning the performance of East Asian economies, which was shattered by the financial crises of 1997-98. It also shows how the crisis placed into bold relief many institutional characteristics of these economies which negate many past attempts to characterize them as open and market-driven.

Original languageEnglish (US)
Pages (from-to)1735-1747
Number of pages13
JournalWorld Development
Issue number10
StatePublished - Oct 1999

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Development
  • Sociology and Political Science
  • Economics and Econometrics


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