<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672005000400013</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Ajustes macroeconómicos y la economía real en Corea y Malasia: la respuesta a la crisis asiática]]></article-title>
<article-title xml:lang="en"><![CDATA[Macroeconomic Adjustments and the Real Economy in Korea and Malaysia: The Response to the Asian Crisis]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mahani]]></surname>
<given-names><![CDATA[Zainal-Abidin]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Kwanho]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[Yunjong]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Malasia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Malaysia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Corea  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Corea</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Instituto Coreano de Política Económica Internacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Corea</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2005</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2005</year>
</pub-date>
<volume>64</volume>
<numero>254</numero>
<fpage>13</fpage>
<lpage>69</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672005000400013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672005000400013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672005000400013&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este artículo examina los ajustes en la macroeconomía real de Corea y Malasia al ser golpeados por la crisis asiática, sus respectivas respuestas de política y los efectos resultantes. En ambos países los efectos negativos de la crisis fueron de magnitudes similares, en tanto sus respuestas fueron distintas. Corea buscó una asistencia directa del FMI, lo que la obligó, inicialmente, a cumplir con el programa de ajuste estructural de éste, mientras que Malasia pudo mantener políticas independientes durante el proceso de la solución de la crisis. Asimismo, Corea y Malasia adoptaron medidas totalmente opuestas en cuanto a la apertura del mercado de capitales en reacción a la crisis. Por ejemplo, Corea liberalizó drásticamente su cuenta de capitales (aunque mantuvo ciertas restricciones a la salida de capital de sus residentes), mediante un régimen cambiario de flotación (aunque con una acumulación notable de reservas internacionales vía intervención cambiaría), mientras que Malasia implementó controles de capitales más estrictos con el regreso a un régimen de tipo de cambio fijo. Pese a los diferentes enfoques de política respecto de la cuenta de capitales y al tipo de cambio, los dos países adoptaron prontamente, en 1998, un cambio sustancial hacia una política macroeconómica (fiscal y monetaria) expansiva, lo que logró una recuperación de ambas economías notablemente más rápida que la de otras del Este Asiático. El papel positivo de las políticas macroeconómicas anticíclicas pos-crisis plantea la pregunta de si el endurecimiento inicial de las políticas fiscales y monetarias fue mantenido por demasiados meses y si éste, en consecuencia, profundizó la crisis tanto en Corea como en Malasia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This article examines the real macroeconomic adjustments in Korea and Malaysia after the Asian Crisis, each country's policy responses and the ensuing effects. In both countries, the effects of the crisis were quantitatively similar, but their responses were quite different. Korea sought direct assistance from the IMF, which obliged it to, initially, comply with a program of structural adjustments. Malaysia on the other hand was able to maintain independence in its policies as it worked to resolve the crisis. Consequently, Korea and Malaysia adopted totally opposite measures concerning the opening of capital markets in reaction to the crisis. For example, Korea drastically liberalized their capital account (although it maintained certain restrictions on the outflow of capital by its residents), by means of a flotating exchange rate (although with a notable accumulation of international reserves via foreign exchange intervention). While Malaysia, implemented stricter controls on capital by returning to a fixed exchange rate regime. Despite the different focus on capital account and exchange rates policies, in 1998, the two countries shifted substantially towards more expansive macroeconomic policies (fiscal and monetary), which resulted in a notably faster economic recovery than that of other East Asian countries. Toe positive role of anticyclical macroeconomic policies brings into question whether the initial tightening of fiscal and monetary policies was maintained for too long and if so, if it resulted in a deepening of the crisis both in Korea and in Malaysia.]]></p></abstract>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agosin]]></surname>
<given-names><![CDATA[M.R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corea y Taiwán en la crisis financiera asiática]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Ffrench-Davis]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Crisis financieras en países &#8216;exitosos&#8217;]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Santiago ]]></publisher-loc>
<publisher-name><![CDATA[CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Athukorala]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Crisis and Recovery in Malaysia: The Role of Capital Controls]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Cheltenham ]]></publisher-loc>
<publisher-name><![CDATA[Edward Elgar Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Borensztein]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Crisis and Credit Crunch in Korea: Evidence from Firm -level Data]]></source>
<year>2000</year>
<publisher-loc><![CDATA[Washington DC ]]></publisher-loc>
<publisher-name><![CDATA[Fondo Monetario Internacional]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cerra]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Saxena]]></surname>
<given-names><![CDATA[S.C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Did Output Recover from the Asian Crisis?]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Washington DC ]]></publisher-loc>
<publisher-name><![CDATA[Fondo Monetario Internacional]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chopra]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Kang]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Karasulu]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Liang]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ma]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Richards]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Coe]]></surname>
<given-names><![CDATA[D.T.]]></given-names>
</name>
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Korean Crisis and Recovery]]></source>
<year>2002</year>
<publisher-loc><![CDATA[Seul ]]></publisher-loc>
<publisher-name><![CDATA[Fondo Monetario Internacional]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Danaharta]]></surname>
</name>
</person-group>
<source><![CDATA[Annual Report]]></source>
<year></year>
<publisher-loc><![CDATA[Kuala Lumpur ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edison]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Reinhart]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Stopping Hot Money]]></source>
<year>1999</year>
<publisher-name><![CDATA[Universidad de Maryland]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Feldstein]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Refocusing the IMF]]></article-title>
<source><![CDATA[Foreign Affairs]]></source>
<year>1998</year>
<numero>77</numero>
<issue>77</issue>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<collab>FMI</collab>
<source><![CDATA[Republic of Korea: Economic and Policy Development]]></source>
<year>2000</year>
<publisher-name><![CDATA[Fondo Monetario Internacional]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Furman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Stiglitz]]></surname>
<given-names><![CDATA[J.E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economic Crises: Evidence and Insights from East Asia]]></article-title>
<source><![CDATA[Brookings Papers on Economic Activity]]></source>
<year>1998</year>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jomo]]></surname>
<given-names><![CDATA[K.S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Malaysian Eclipse: Economic Crisis and Recovery]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Zed Books Ltd.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kaminsky]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmukler]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Short-lived or Long-lasting? A New look at the Effects of Capital Controls]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Collins]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodrik]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Brookings Trade Forum 2000]]></source>
<year>2000</year>
<publisher-loc><![CDATA[Washington DC ]]></publisher-loc>
<publisher-name><![CDATA[The Brookings Institution]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kaplan]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodrik]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Did the Malaysian Capital Controls Work?]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Mass. ]]></publisher-loc>
<publisher-name><![CDATA[Cambridge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[S.H.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital Account Liberalization and Macroeconomic Performance: The Case of Korea]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Seul ]]></publisher-loc>
<publisher-name><![CDATA[Instituto Coreano de Política Económica Internacional]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital control Freaks-How Malaysia Got Away with Economic Heresy]]></article-title>
<source><![CDATA[Slate]]></source>
<year>1999</year>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Saving Asia: It&#8217;s Time to Get Radical]]></article-title>
<source><![CDATA[Fortune]]></source>
<year>1998</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mahani]]></surname>
<given-names><![CDATA[Z. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Rewriting the Rules: The Malaysian Crisis Management Model]]></source>
<year>2002</year>
<publisher-loc><![CDATA[Kuala Lumpur ]]></publisher-loc>
<publisher-name><![CDATA[Prentice Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<collab>Malasia</collab>
<source><![CDATA[Treasury Economic Report]]></source>
<year></year>
<publisher-loc><![CDATA[Kuala Lumpur ]]></publisher-loc>
<publisher-name><![CDATA[Ministerio de Finanzas]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<collab>OCDE</collab>
<source><![CDATA[OECD Economic Outlook]]></source>
<year>2001</year>
<volume>68</volume>
<publisher-loc><![CDATA[París ]]></publisher-loc>
<publisher-name><![CDATA[Organización para la Cooperación y el Desarrollo Económicos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The East Asian Dilemma: Restructuring Out or Growing Out?]]></article-title>
<source><![CDATA[Essays in International Economics]]></source>
<year>2001</year>
<volume>223</volume>
<publisher-loc><![CDATA[Princeton, Nueva Jersey ]]></publisher-loc>
<publisher-name><![CDATA[Sección de Economía Internacional, Departamento de Economía, Universidad de Princeton]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Ahn]]></surname>
<given-names><![CDATA[C.Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[In Search of a New East Asian Development Paradigm: Governance, Markets and Institutions]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Teunissen]]></surname>
</name>
<name>
<surname><![CDATA[Akkerman]]></surname>
</name>
</person-group>
<source><![CDATA[Diversity in Development: Reconsidering the Washington Consensus]]></source>
<year>2004</year>
<publisher-loc><![CDATA[The Hague ]]></publisher-loc>
<publisher-name><![CDATA[FONDAD]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Chung]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fear of Floating: Korea&#8217;s Exchange Rate Policy After the Crisis]]></article-title>
<source><![CDATA[Journal of the Japanese and International Economies]]></source>
<year>2001</year>
<numero>15</numero>
<issue>15</issue>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Recovery and Sustainability in East Asia]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Cambridge, MA ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What Kind of International financial Architecture for an Integrated World Economy?]]></article-title>
<source><![CDATA[Asian Economic Papers]]></source>
<year>2002</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Radelet]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Sachs]]></surname>
<given-names><![CDATA[J.D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The East Asian Financial Crisis: Diagnosis, remedies, Prospects]]></article-title>
<source><![CDATA[Brookings Papers on Economic Activity]]></source>
<year>1998</year>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodrik]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Velasco]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Short-term Capital Flows]]></article-title>
<source><![CDATA[Annual World Bank Conference on Development Economics 1999]]></source>
<year>2000</year>
<publisher-loc><![CDATA[Washington DC ]]></publisher-loc>
<publisher-name><![CDATA[Banco Mundial]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
