The end of the Asian myth: why were the experts fooled?
Baer, Werner; Miles, William; Moran, Allen B. 1999. The end of the Asian myth: why were the experts fooled? World Development;vol. 27:no. 10:pp 1735-1747
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 1997-1998. 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.