Economic liberalization and integration in East Asia
Subtitle: a post-crisis paradigm
By: Yung Chul Park.
Publisher: Oxford University Press
Published: 2006
Place of publication: Oxford, England; New York
Language: eng
Number of pages: 276
Subjects: East Asia -- Economic policy; East Asia -- Economic conditions; East Asia -- Economic integration
Notes: Includes bibliographical references and index.
Table of contents: title: Introduction 3; title: Characteristics and successes of the East Asian development paradigm 9; title: 2.1. East Asian development models of four different generations 9; title: 2.2. Accomplishments of the East Asian development model 14; title: 2.3. Initial conditions, Asian values, and institutions 18; title: Development policies and governance 20; title: 3.1. Market friendly policies 20; title: 3.2. Interventionist policies and export promotion 22; title: 3.3. The role of government and governance 27; title: Failures of the East Asian development model : an overview 33; title: Failures in governance and institution building 37; title: 5.1. The breakdown of the governance mechanism 37; title: 5.2. Institutional quality 40; title: Weaknesses of the corporate and financial sector 42; title: 6.1. Corporate sector : the fall of East Asian corporations 42; title: 6.2. Financial sector fragility : financial repression and crony capitalism 45; title: The Asian crisis : causes and consequences; title: The buildup of the crisis 55; title: 7.1. Capital inflows and investment boom and bust 55; title: 7.2. Structural reform and recovery 58; title: Causes of the East Asian crisis : structural weakness vs. liquidity panic view 63; title: 8.1. Structural weaknesses 63; title: 8.2. Were they the direct causes? 64; title: 8.3. The liquidity panic view 69; title: A reevaluation of the IMF reform program : wrong diagnosis and wrong prescription 71; title: 9.1. The IMF as a manager and lender of capital account crises 71; title: 9.2. Multiplicity of reform programs 74; title: The IMF structural reform : inconsistencies in the program 78; title: 10.1. Conflicts between structural reform measures 78; title: 10.2. Wrong sequencing in financial and corporate restructuring 80; title: Institutional reform : challenges and prospects; title: Reform of government and industrial policy 87; title: 11.1. The role of the government 87; title: 11.2. Industrial policy and export orientation 88; title: Institution building for governance 96; title: 12.1. Governance 96; title: 12.2. Public sector malfeasance 102; title: Corporate sector reform : governance 105; title: 13.1. Corporate debt workout 105; title: 13.2. Restructuring of family-owned industrial groups 107; title: Social welfare and industrial relations 112; title: 14.1. Social welfare 112; title: 14.2. Democratization and labor participation 118; title: Financial liberalization and opening; title: Progress in and prospects for financial sector reform 125; title: 15.1. Banks vs. capital markets in emerging economies 126; title: 15.2. Reform agenda 129; title: Exchange rate regimes : fear of floating 134; title: 16.1. Reluctant floaters 134; title: 16.2. Intermediate regimes for East Asia 143; title: Capital account liberalization 149; title: 17.1. Capital account liberalization and economic recovery in East Asia 149; title: 17.2. Prospects for capital account liberalization 153; title: Economic integration in East Asia; title: Trade integration 163; title: 18.1. Proliferation of bilateral ftas 163; title: 18.2. Factors behind the proliferation of ftas in East Asia 167; title: 18.3. Negotiated liberalization or protectionism? 168; title: Financial integration 172; title: 19.1. The Chiang Mai initiative 172; title: 19.2. The Asian bond market initiative (abmi) 178; title: Prospects for economic cooperation and integration in East Asia 185; title: 20.1. Structural constraints 185; title: 20.2. Trade integration 188; title: 20.3. Financial integration 190; title: Reserve accumulation in East Asia and transpacific trade imbalance 195; title: 21.1. Causes and potential consequences of the transpacific imbalance 195; title: 21.2. Policy adjustments in East Asia : monetary and fiscal policy 202; title: 21.3. Adjustment of exchange rate policy in East Asia 206; title: 21.4. Intra-regional policy adjustments and coordination in East Asia 214; title: 21.5. Inter-regional policy coordination 217; title: Whither economic liberalization and integration in East Asia?; title: In search of a new East Asian paradigm of development 223; title: 22.1. What is left of the pre-crisis East Asian development paradigm? 223; title: 22.2. Economic restructuring : is emerging East Asia halfway there? 224; title: A long road to Anglo-Americanization 229; title: 23.1. Trade liberalization or export push? 229; title: 23.2. China's economic ascent and economic liberalization in East Asia 231; title: New paradigm of development : a mixed economy model 235; title: Concluding remarks 242; title: References 246; title: Index; title: List of figures; title: Quarterly GDP growth rates 58; title: Transparency international corruption perceptions index 99; title: Real effective exchange rate 136; title: Daily exchange rate movements 137; title: Indices of financial liberalization by sector 151; title: Investment share in GDP 200; title: Saving share in GDP 200.