Download or read book Financial Crisis and Institutional Change in East Asia written by Jikon Lai and published by Springer. This book was released on 2012-06-19 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the Asian financial crisis of 1997, Lai examines whether East Asian economies converged onto the liberal market model by studying the evolution of the financial sectors of Korea, Malaysia and Thailand. This includes sectoral diversification, the nature of competition, and the regulatory and supervisory frameworks.
Download or read book Institutional Change in Southeast Asia written by Fredrik Sjöholm and published by Psychology Press. This book was released on 2005 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional Change in Southeast Asiaexamines the institutional changes taking place in, and challenges facing, the region since 1997. The book focuses on determinants to the adjustments and on implementations of the reforms. It also describes various differences in the reform process between countries in the region. Southeast Asia's economic development over the last decades has been impressive. Most of the region achieved consistently high growth rates accompanied by significant structural transformation and industrialization, poverty alleviation and improvements in their overall standard of living as indicated by such social indicators as greater longevity, more widespread delivery of basic education and lower infant mortality rates. However, the crisis that struck Southeast Asia in 1997 had severe economic, social and political consequences in the region. It also threw into doubt the future economic prosperity of the countries in Southeast Asia and raised intriguing questions about the quality of their institutions and their approach to economic development. Sjöholm and Tongzon argue that the economies of Southeast Asia need to reform their institutions if the previous rapid development is to continue. The institutional weaknesses have been addressed to different degrees and with different success in the affected countries. Against the backdrop of Southeast Asia's importance in the world economy, it is hardly possible to overestimate the need to understand this process of change.
Download or read book Two Crises Different Outcomes written by T. J. Pempel and published by Cornell University Press. This book was released on 2015-05-06 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.
Download or read book Reconfiguring East Asia written by Mark Beeson and published by Psychology Press. This book was released on 2002 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses both on specific regional organizations like ASEAN, The Asian Development Bank and APEC, as well as on key institutions such as East Asian legal systems, the media, organized labour, Asian business systems, and the developmental state.
Download or read book East Asia s Financial Systems written by Seiichi Masuyama and published by Institute of Southeast Asian Studies. This book was released on 1999 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.
Download or read book Rethinking the East Asian Miracle written by Joseph E. Stiglitz and published by World Bank Publications. This book was released on 2001-06-01 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides highly illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability, and proposes remedies. Rethinking the East Asian Miracle is an indispensable book for all those with an interest in East Asia's prospects in the early decades of the new century.
Download or read book Business Groups in East Asia written by Se-jin Chang and published by Oxford University Press on Demand. This book was released on 2006-03-02 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Business Groups in East Asia' examines some East Asian business groups and their subsequent restructuring following the Asian Crisis of 1997. This crisis affected the inter-relationships among the socio-cultural environment, the state and the market of each country quite differently.
Download or read book East Asia written by and published by World Bank Publications. This book was released on 1998-01-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: East Asia: The Road to Recovery carefully analyzes the events that led to the current economic crisis in East Asia, the tremendous effects the crisis has had on the Asian economies, and prospects for the region's future. Chapters in the book cover the region's trade and competitiveness; the financial sector at the center of the crisis; the corporate sector's financial performance and governance; the social crisis resulting from the financial crash; protection of the environment as well as the people; and policies for sustainable recovery. This book not only discusses how this catastrophe could ever have taken place, but more importantly, what can be done to ensure that it won't happen again.
Download or read book The Political Economy of Distress in East Asian Financial Institutions written by Paola Bongini and published by World Bank Publications. This book was released on 2000 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the East Asian crisis, "connections" - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger institutions, although more likely to be distressed, were less likely to be closed, suggesting a "too big to fail" policy"--Cover.
Download or read book Early Warning Systems for Financial Crises written by Asian Development Bank and published by Springer. This book was released on 2005-02-15 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1997 Asian financial crisis, East Asia has implemented a number of initiatives designed to strengthen monetary and financial cooperation, bolstering the region's resilience to economic and financial vulnerabilities. One such initiative is the ASEAN+3 Information Exchange and Policy Dialogue, which includes development of early warning systems (EWS) for financial crises. This book examines efforts to develop EWS models. Specifically, the book analyzes the current understanding of the causes of currency and banking crises, describes recent progress in developing and applying EWS models for currency and banking crises, reviews methodolgical issues, assesses the predictive power of EWS models and also highlights areas where further research is required to make these models more effective tools for policy analysis. The case studies apply both parametric and nonparametric approaches to EWS modleing using data from six East Asian countries.
Download or read book Global Markets and Financial Crises in Asia written by H. Khan and published by Springer. This book was released on 2004-05-21 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: Khan presents a theory of financial crises in the age of globalization from an evolutionary perspective and suggests policies that may be necessary for averting or managing new financial crises. Starting with the Asian financial crises, he identifies new types of financial crises that result from a combination of liberalization, weak domestic institutions for economic governance and a chaotic global market system without global governance institutions. Suggested solutions involve building new institutions for global and domestic governance and domestic and international policy reforms.
Download or read book China and East Asia s Post Crises Community written by Wei Liang and published by Lexington Books. This book was released on 2012-10-04 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: China and East Asia’s Post-Crises Community: A Region in Flux, by Wei Liang and Faizullah Khilji, explores how an East Asian community is taking shape as a result of China’s emergence as a global economic power and the shocks of the financial crises emanating from the globalized financial system. Today’s East Asia shows a sharp break from the East Asia of the Cold War era, in both basis and orientation. Important elements in this shift include the regional economic integration propelled by China’s emergence as a processed manufacturing center in the world economy, the common problems posed by the working of the dollar-based international financial system, and the desire to develop institutions that help to formalize the economic integration and financial cooperation that is taking place, and may thus help protect and safeguard economic prosperity in the region. Liang and Khilji show how the approach to regional economic cooperation and developing institutions comes from the bottom up, lacking any leader nation, grand vision, or ideology. The manner in which the region comes to work together also has implications for the governance of the world economy, in particular the economic model that underlies policy formulation, the working of the international financial system, and the approach to the multilateral trading system.From a security oriented US-centric regional structure characterized as the hub and spokes system set up after the Second World War, this region is now more nearly an informal economic community, which increasingly appears to be China-centric. China and East Asia’s Post Crises Community presents one of the first attempts to weave together different strands of the current discussion to develop a framework for understanding a rapidly evolving East Asia region.
Download or read book Crisis Narratives Institutional Change and the Transformation of the Japanese State written by Sebastian Maslow and published by State University of New York Press. This book was released on 2021-11-01 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mired in national crises since the early 1990s, Japan has had to respond to a rapid population decline; the Asian and global financial crises; the 2011 triple disaster of earthquake, tsunami, and the Fukushima nuclear meltdown; the COVID-19 pandemic; China’s economic rise; threats from North Korea; and massive public debt. In Crisis Narratives, Institutional Change, and the Transformation of the Japanese State, established specialists in a variety of areas use a coherent set of methodologies, aligning their sociological, public policy, and political science and international relations perspectives, to account for discrepancies between official rhetoric and policy practice and actual perceptions of decline and crisis in contemporary Japan. Each chapter focuses on a distinct policy field to gauge the effectiveness and the implications of political responses through an analysis of how crises are narrated and used to justify policy interventions. Transcending boundaries between issue areas and domestic and international politics, these essays paint a dynamic picture of the contested but changing nature of social, economic, and, ultimately political institutions as they constitute the transforming Japanese state.
Download or read book Crisis as Conquest written by Jayati Ghosh and published by Orient Blackswan. This book was released on 2001 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: To What Extent Does The East Asian Experience Provide Us With A Viable Model Of Economic Development? This Tract Seeks To Answer This Through A Careful Analysis Of The Long-Term Development Of The East Asian Economies And Their Recent Crisis. The Tract Shows The Contradictory Implications Of The Process Of Industrialisation And The Problems Of Unregulated Finance Which Makes Liberalised Economies Extra Sensitive To The Slightest Ripple In Investor Sentiments. To Understand The Specificities Of The East Asian Experience, The Tract Looks Carefully At The Histories Of Crises In Other Parts Of The World, And Provides A Powerful Critique Of The Imf Response To Them.
Download or read book Crisis and Contagion in East Asia written by Masahiro Kawai and published by World Bank Publications. This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency and banking crises such as those originating in Mexico (1994), Thailand (1997), and the Russian Federation (1998) tend to be associated and often take place together across countries. The East Asian experience was a fruitful laboratory for examining key questions. For example: How did contagion occur so extensively, and why was it so devastating? Did policy responses to crises and contagion minimize their impact on the real economy? What type of international financial architecture is needed to prevent and manage crises and contagion?
Download or read book Financial Stability Issues The Case of East Asia written by Mamiko Yokoi-Arai and published by Kluwer Law International B.V.. This book was released on 2002-07-08 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whatever can be said about the financial crises that have plagued East Asian countries since the early 1990s, it must be averred that they teach us a great deal. Many earlier assumptions about finance and investment have been called into question, and the field is more open than it has been in many decades to legal and economic analysis and theory. In particular, issues of financial sector reform have come into sharp focus. Here is a new proposal, solidly grounded in current reality, for a regional "zone of law" designed to supplement and benefit domestic reforms under way in Japan and the three emerging economies of Indonesia, South Korea, and Thailand. The author draws on a wide range of relevant material, including exploration of international standards and "best practices" in banking and finance, the experience of the U.S. and the U.K. in planning and implementing reform measures, and the theoretical literature respecting financial crises and what causes them. In this context, the specific reforms applied in the four Asian countries under consideration are discussed in detail, with "lessons to be learned" about crisis detection, containment, and prevention. During the course of the analysis, the author reveals fundamental policy areas where meaningful and effective reform can take place. Financial Stability Issues: The Case of East Asia offers numerous practical applications at the same time as it strikes a rich vein of theory in the field. Its fresh, sensible approach will be greatly appreciated, not only by academic theorists, but by hardheaded business people, policymakers, and regulators as well.
Download or read book The East Asia Crisis and Corporate Finances written by Michael Pomerleano and published by World Bank Publications. This book was released on 1998 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explanations of the causes of the Asian crisis have focused on macroeconomic factors leading to the crisis. This paper offers a complementary corporate distress perspective linking the crisis to corporate finances. Key ratios for companies in various countries are presented in the paper. The global benchmarking imposes a consistent cross-border analysis of financial risk and performance, and sheds light on the crisis. The study provides a statistical review of the financial practices and performance of corporates in Asia: Hong Kong, Indonesia, Korea, Malaysia, Philippines, Taiwan, and Thailand benchmarked against financials of corporates in other countries: Latin America, and industrialized countries: France, Germany, Japan and USA. A thematic point that comes across in all the results of the corporate financial analysis is unsustainable rapid (and probably excessive) investment in fixed assets financed by excessive borrowing in some Asian countries- e.g., Indonesia, Korea and Thailand. The East Asian investment-spending spree resulted in poor profitability, reflected in low, and declining return on equity, and return on capital employed. It leads to the conclusion that at the core of the corporate crisis were financial excesses that violated prudent financial practices, and eventually lead to the inevitable financial distress we are witnessing. Therefore, the empirical findings presented in the paper lend credence to the view advanced by Krugman that crony capitalism was at the core of the crisis. Crony capitalism was manifested in supportive bad policies-e.g., implicit government guarantees, and poor banking supervision- that lead to poor credit allocation decisions in the banking dominated financial system. Preliminary findings suggest as well vast differences in Economic Value Added between countries- developing and developed alike. The conclusions from an economic value added approach indicate, that in an era of increasing capital mobility, corporates are not adhering to global standards in creating shareholder value. The analysis leads to policy conclusions.
