Title Economic liberalization and integration in East Asia : a post-crisis paradigm / Yung Chul Park

Published Oxford ; New York : Oxford University Press, 2006

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Description 1 online resource (xviii, 276 pages) : illustrations Contents Introduction 3 -- Characteristics and successes of the East Asian development paradigm 9 -- 2.1. East Asian development models of four different generations 9 -- 2.2. Accomplishments of the East Asian development model 14 -- 2.3. Initial conditions, Asian values, and institutions 18 -- Development policies and governance 20 -- 3.1. Market friendly policies 20 -- 3.2. Interventionist policies and export promotion 22 -- 3.3. The role of government and governance 27 -- Failures of the East Asian development model : an overview 33 -- Failures in governance and institution building 37 -- 5.1. The breakdown of the governance mechanism 37 -- 5.2. Institutional quality 40 -- Weaknesses of the corporate and financial sector 42 -- 6.1. Corporate sector : the fall of East Asian corporations 42 -- 6.2. Financial sector fragility : financial repression and crony capitalism 45 -- The Asian crisis : causes and consequences -- The buildup of the crisis 55 -- 7.1. Capital inflows and investment boom and bust 55 -- 7.2. Structural reform and recovery 58 -- Causes of the East Asian crisis : structural weakness vs. liquidity panic view 63 -- 8.1. Structural weaknesses 63 -- 8.2. Were they the direct causes? 64 -- 8.3. The liquidity panic view 69 -- A reevaluation of the IMF reform program : wrong diagnosis and wrong prescription 71 -- 9.1. The IMF as a manager and lender of capital account crises 71 -- 9.2. Multiplicity of reform programs 74 -- The IMF structural reform : inconsistencies in the program 78 -- 10.1. Conflicts between structural reform measures 78 -- 10.2. Wrong sequencing in financial and corporate restructuring 80 -- Institutional reform : challenges and prospects -- Reform of government and industrial policy 87 -- 11.1. The role of the government 87 -- 11.2. Industrial policy and export orientation 88 -- Institution building for governance 96 -- 12.1. Governance 96 -- 12.2. Public sector malfeasance 102 -- Corporate sector reform : governance 105 -- 13.1. Corporate debt workout 105 -- 13.2. Restructuring of family-owned industrial groups 107 -- Social welfare and industrial relations 112 -- 14.1. Social welfare 112 -- 14.2. Democratization and labor participation 118 -- Financial liberalization and opening -- Progress in and prospects for financial sector reform 125 -- 15.1. Banks vs. capital markets in emerging economies 126 -- 15.2. Reform agenda 129 -- Exchange rate regimes : fear of floating 134 -- 16.1. Reluctant floaters 134 -- 16.2. Intermediate regimes for East Asia 143 -- Capital account liberalization 149 -- 17.1. Capital account liberalization and economic recovery in East Asia 149 -- 17.2. Prospects for capital account liberalization 153 -- Economic integration in East Asia -- Trade integration 163 -- 18.1. Proliferation of bilateral ftas 163 -- 18.2. Factors behind the proliferation of ftas in East Asia 167 -- 18.3. Negotiated liberalization or protectionism? 168 -- Financial integration 172 -- 19.1. The Chiang Mai initiative 172 -- 19.2. The Asian bond market initiative (abmi) 178 -- Prospects for economic cooperation and integration in East Asia 185 -- 20.1. Structural constraints 185 -- 20.2. Trade integration 188 -- 20.3. Financial integration 190 -- Reserve accumulation in East Asia and transpacific trade imbalance 195 -- 21.1. Causes and potential consequences of the transpacific imbalance 195 -- 21.2. Policy adjustments in East Asia : monetary and fiscal policy 202 -- 21.3. Adjustment of exchange rate policy in East Asia 206 -- 21.4. Intra-regional policy adjustments and coordination in East Asia 214 -- 21.5. Inter-regional policy coordination 217 -- Whither economic liberalization and integration in East Asia? -- In search of a new East Asian paradigm of development 223 -- 22.1. What is left of the pre-crisis East Asian development paradigm? 223 -- 22.2. Economic restructuring : is emerging East Asia halfway there? 224 -- A long road to Anglo-Americanization 229 -- 23.1. Trade liberalization or export push? 229 -- 23.2. China's economic ascent and economic liberalization in East Asia 231 -- New paradigm of development : a mixed economy model 235 -- Concluding remarks 242 -- References 246 -- Index -- List of figures -- Quarterly GDP growth rates 58 -- Transparency international corruption perceptions index 99 -- Real effective exchange rate 136 -- Daily exchange rate movements 137 -- Indices of financial liberalization by sector 151 -- Investment share in GDP 200 -- Saving share in GDP 200 Summary In this book, Park argues for the continuing validity of an 'East Asian' model of economic development that differs distinctly from the Washington Consensus. He argues that, while this model was undermined to some extent by the 1997-98 financial crisis, it remains robust and important in explaining economic events in East Asia Analysis economische ontwikkeling economic development integratie integration ontwikkelingsbeleid development policy overheidsbeleid government policy internationale handel international trade east asia liberalisatie liberalization economische verandering economic change Development Economics Ontwikkelingseconomie Bibliography Includes bibliographical references (pages 247-259) and index Notes Print version record Subject POLITICAL SCIENCE -- Economic Conditions. BUSINESS & ECONOMICS -- Economics -- Comparative. BUSINESS & ECONOMICS -- Economic Conditions. BUSINESS & ECONOMICS -- Economic History. Economic history Economic policy International economic integration Economische integratie. Financiële crises. Liberalisatie. SUBJECT East Asia -- Economic policy East Asia -- Economic conditions. http://id.loc.gov/authorities/subjects/sh85040528 East Asia -- Economic integration Subject East Asia Form Electronic book ISBN 0199276773 9780199276776 9780191534928 0191534927 9780191603051 0191603058

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