Ajit, Singh (1998): 'Asian capitalism' and the financial crisis. Published in: Centre for Economic Policy Analysis Working Paper Series III No. WP10 (August 1998)
Download (108kB) | Preview
With the economic crisis in East Asia and a continuing boom in the US, American triumphialism is in the air. The latter is perhaps not unexpected and probably does no harm. But what is more questionable is the view held in the highest circles in the US Government and international financial organisations in Washington which causally links the so-called Asian model of capitalism to the economic and financial crisis which is currently engulfing the hitherto highly successful economies of East and South East Asia. A central aim of this paper is to systematically assess the validity of this influential and important thesis, i.e., the paper will explore to what extent, if any, the so-called ‘Asian model’ is responsible for the present crisis in countries like Thailand, Indonesia, Malaysia and Korea. This question is also important in part because in economic terms until very recently this model seems to have been exceptionally successful.
|Item Type:||MPRA Paper|
|Original Title:||'Asian capitalism' and the financial crisis|
|Keywords:||Asian Model, East Asia, Economic Crisis, Policy|
|Subjects:||F - International Economics > F0 - General|
|Depositing User:||Ajit Singh|
|Date Deposited:||26. May 2012 16:22|
|Last Modified:||21. Feb 2013 03:30|
Akyuz, Y. 1997. “The East Asian Financial Crisis: Back to the Future?”, unpublished paper.
Amsden, A (ed.). 1994. "Reviews of World Bank, 1993", World Development, vol.22, no.4.
Amsden, A. 1989. Asia's Next Giant: South Korea and Late Industrialization. Oxford: Oxford University Press.
Amsden, A. and Euh, Y-D. 1997. “Behind Korea’s Plunge”, New York Times, November
Amsden, A. and Hikino, T. 1993. "Innovating or borrowing technology: Explorations in paths to industrial development", in R. Thompson (ed.), Learning and Technological Change. London: Macmillan.
Amsden, A. and Singh, A. 1994. ""The optimal degree of competition and dynamic efficiency in Japan and Korea", European Economic Review, vol.28, pp.941-951.
Aoki, M. and Patrick, H (eds.). 1994. The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. Oxford: Clarendon Press.
Calvo, G and Mendoza, E. 1996. “Mexico’s balance of payments crisis: A chronicle of a death foretold”, Journal of International Economics, vol.41, Nos.3/4, November, pp.235
Camdessus, M. 1998. “Good governance has become essential in promoting growth and stability”, address to Transparency International, IMF Survey, vol.27, no.3, February 9, 1998.
Chang, H-J. 1998. “Reform for the long-term in South Korea”, International Herald Tribune, February 13, 1998.
Cole and Kehoe. 1996. “A self-fulfilling model of Mexico’s 1994-1995 debt crisis”, Journal of International Economics, vol.41, Nos.3/4, November, pp.309-330.
Feldstein, M. 1998a. “Trying to do too much”, Financial Times, March 3, 1998.
Feldstein, M. 1998b. “Refocusing the IMF”, Foreign Affairs, March/April 1998.
Glen, J., Singh, A, and R. Matthias (forthcoming). “How Intense is Competition in Emerging Markets? An Analysis of Corporate Rates of Return from Nine Emerging Markets”, forthcoming as IMF Working Paper.
ILO. 1995. World Employment Report. Geneva: ILO.
IMF. 1997. World Economic Outlook: Interim Assessment. Washington, D.C.: IMF (December)
Krueger, A. 1995. “East Asian Experience and Endogenous Growth Theory”, in T. Ito and A. Krueger (eds.), Growth Theories in Light of the East Asian Experience. Chicago: The University of Chicago Press.
Krugman, P. 1998. "What Happened to Asia?" (unpublished)
Lee, C.H. 1992. “The Government, Financial System and Large Private Enterprises in Economic Development in South Korea”, World Development, vol.20, no.2, pp.187-197.
Maizels, A. 1963. Industrial Growth and World Trade. Cambridge: Cambridge University Press.
Nolan, P. 1995. “Large Firms and Industrial Reform in Former Planned Economies: The Case of China”, DAE Working Papers, Amalgamated Series No.9516. University of Cambridge, Department of Applied Economics.
Okimoto, D.I. 1989. Between MITI and the Market. Palo Alto, California: Stanford University Press.
Ros, J. 1997. “Employment, structural adjustment and sustainable growth in Mexico”, Employment and Training Papers 6. Geneva: ILO.
Sachs, J. 1997. “IMF orthodoxy isn’t what Southeast Asia needs”, International Herald Tribune, November 4.
Sachs, J., Tornell, A. and Velasco, A. 1996. "Financial Crises in Emerging Markets: The Lessons from 1995", Brookings Papers on Economic Activity, No.1, pp.147-215.
Samuelson, P. 1997. “Wherein do the European and American models differ?”, address to the Bank of Italy, October 2, 1997.
Singh, A. forthcoming. Review of Aoki, Kim and Okuno-Fujiwara (eds.), The Role of Government in East Asian Economic Development. Journal of Development Economics.
Singh, A. 1998a. “Financial Crisis in East Asia: ‘The End of the Asian Model?’”, Issues in Development, Discussion Paper no.24. Geneva: ILO.
Singh, A. 1998b. “Savings, Investment and the Corporation in the East Asian Miracle”, Journal of Development Studies, vol.34, no.6, August, pp.112-137.
Singh, A. 1997a. “Catching up with the West: A Perspective on Asian Economic Development and Lessons for Latin America”, in L. Emmerij (ed.), Economic and Social Development into the XXI Century. Washington, D.C.: Inter-American Development Bank.
Singh, A. 1997b. “Financial Liberalisation, Stockmarkets and Economic Development”, Economic Journal, vol.107, no.442, May, pp.771-782
Singh, A. 1996a. "The Plan, the Market and Evolutionary Economic Reform in China", in A. Abdullah and A.R. Khan (eds.), State, Market and Development: Essays in Honour of Rehman Sobhan. New Delhi: Oxford University Press.
Singh, A. 1995a. "The Causes of Fast Economic Growth in East Asia", UNCTAD Review.
Singh, A. 1995b. Corporate Financial Patterns in Industrializing Economies: A Comparative International Study, Technical Paper No.2. Washington, D.C. IFC.
Singh, A. 1994. "Openness and the Market Friendly Approach to Development: Learning the Right Lessons from Development Experience", World Development, vol.22, no.12, pp.1811-1823.
Singh, A. and Weisse, B. 1998. “Emerging Stock Markets, Portfolio Capital Flows and Long-Term Economic Growth: Micro- and Macroeconomic Perspectives”, World Development (forthcoming).
Stiglitz, J. 1998a. “Restoring the Asian Miracle”, The Wall Street Journal, February 3, 1998.
Stiglitz, J. 1998b. “More instruments and broader goals: Moving toward the post-Washington consensus”, WIDER Annual Lecture, January 7, 1998. Helsinki, Finland:WIDER.
Tokman, V. 1997. “Jobs and Solidarity: Challenges for Post-Adjustment in Latin America”, in L. Emmerij (ed.), Economic and Social Development into the XXI Century. Washington, D.C.: Inter-American Development Bank.
Tsuru, S. 1993. Japan's Capitalism: Creative Defeat and Beyond. Cambridge: Cambridge University Press.
UNCTAD. 1997. Trade and Development Report. Geneva: UNCTAD.
Wade, R. 1990. Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization. Princeton, N.J.: Princeton University Press.
Wade, R. and Veneroso, F. 1998. “The Asian financial crisis: The high debt model and the unrecognized risk of the IMF strategy”, Working Paper No.128. New York: Russell Sage Foundation.
Williamson, O.E. 1975. Markets and Hierarchies: Analysis and Antitrust Implications. New York: The Free Press.
Wolf. 1998a. “Caging the bankers”, Financial Times, January 20, 1998.
Wolf, 1998b. “Flows and blows”, Financial Times, March 3, 1998.
World Bank. 1997. World Economic Outlook: Interim Assessment. Washington, D.C.: IMF (December).
World Bank. 1993. The East Asian Miracle: Economic Growth and Public Policy. New York: Oxford University Press for the World Bank.
World Bank. 1991. World Development Report: The Challenge of Development. New York: Oxford University Press for the World Bank.