The Asian economic crisis and future development is a popular subject among academics and policy-makers worldwide. Several countries in Asia came to face severe economic recession in the wake of their financial and foreign exchange crisis which began in 1997. The recession was deep and the challenges for managers of respective economies for an optimum specification of monetary and fiscal policy guidelines became all too great. Many came to wonder whether the so-called Asian Miracle all of a sudden became a part of history. If so, how will Asia recover from the crisis and experience high growth and continuing development as in the past quarter of the century Can such a crisis be forewarned Which development paths should Asia seek so that the crisis will not be repeated in the future In other words, the challenge is to formulate rational economic policies for Asia's newly industrializedindustrializing economies so that their industrialization and development can sustainably progress as A