Financial Crisis And Institutional Change In East Asia

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Institutional Change in Southeast Asia

Fredrik Sjöholm,Jose L. Tongzon
Institutional Change in Southeast Asia Book PDF

Author : Fredrik Sjöholm,Jose L. Tongzon
Publisher : Psychology Press
Page : 232 pages
File Size : 41,8 Mb
Release : 2005
Category : Business & Economics
ISBN : 0415338719

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Institutional Change in Southeast Asia by Fredrik Sjöholm,Jose L. Tongzon Pdf

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.

Financial Crisis and Institutional Change in East Asia

Jikon Lai
Financial Crisis and Institutional Change in East Asia Book PDF

Author : Jikon Lai
Publisher : Springer
Page : 239 pages
File Size : 54,8 Mb
Release : 2012-06-19
Category : Social Science
ISBN : 9781137265333

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Financial Crisis and Institutional Change in East Asia by Jikon Lai Pdf

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.

Two Crises, Different Outcomes

T. J. Pempel,Keiichi Tsunekawa
Two Crises Different Outcomes Book PDF

Author : T. J. Pempel,Keiichi Tsunekawa
Publisher : Cornell University Press
Page : 280 pages
File Size : 50,7 Mb
Release : 2015-05-06
Category : Political Science
ISBN : 9780801455018

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Two Crises, Different Outcomes by T. J. Pempel,Keiichi Tsunekawa Pdf

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.

East Asia's Financial Systems

Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia
East Asia s Financial Systems Book PDF

Author : Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia
Publisher : Institute of Southeast Asian Studies
Page : 392 pages
File Size : 42,9 Mb
Release : 1999
Category : Business & Economics
ISBN : 9812300058

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East Asia's Financial Systems by Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia Pdf

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.

East Asia

Anonim
East Asia Book PDF

Author : Anonim
Publisher : World Bank Publications
Page : 158 pages
File Size : 53,8 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 0821342991

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East Asia by Anonim Pdf

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.

The Political Economy of Distress in East Asian Financial Institutions

Paola Bongini,Stijn Claessens,Giovanni Ferri
The Political Economy of Distress in East Asian Financial Institutions Book PDF

Author : Paola Bongini,Stijn Claessens,Giovanni Ferri
Publisher : World Bank Publications
Page : 28 pages
File Size : 49,5 Mb
Release : 2000
Category : Balance Sheet
ISBN : 8210379456XXX

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The Political Economy of Distress in East Asian Financial Institutions by Paola Bongini,Stijn Claessens,Giovanni Ferri Pdf

"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.

Business Groups in East Asia

Se-jin Chang
Business Groups in East Asia Book PDF

Author : Se-jin Chang
Publisher : Oxford University Press on Demand
Page : 279 pages
File Size : 50,5 Mb
Release : 2006-03-02
Category : Business & Economics
ISBN : 9780199287345

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Business Groups in East Asia by Se-jin Chang Pdf

'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.

Early Warning Systems for Financial Crises

Asian Development Bank
Early Warning Systems for Financial Crises Book PDF

Author : Asian Development Bank
Publisher : Springer
Page : 151 pages
File Size : 48,6 Mb
Release : 2005-02-15
Category : Business & Economics
ISBN : 9780230501065

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Early Warning Systems for Financial Crises by Asian Development Bank Pdf

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.

Crisis as Conquest

Jayati Ghosh
Crisis as Conquest Book PDF

Author : Jayati Ghosh
Publisher : Orient Blackswan
Page : 156 pages
File Size : 47,7 Mb
Release : 2001
Category : East Asia
ISBN : 8125018980

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Crisis as Conquest by Jayati Ghosh Pdf

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.

Reconfiguring East Asia

Mark Beeson
Reconfiguring East Asia Book PDF

Author : Mark Beeson
Publisher : Psychology Press
Page : 292 pages
File Size : 51,8 Mb
Release : 2002
Category : East Asia
ISBN : 0700714774

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Reconfiguring East Asia by Mark Beeson Pdf

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.

Changing Governance and Public Policy in East Asia

Ka Ho Mok,Ray Forrest
Changing Governance and Public Policy in East Asia Book PDF

Author : Ka Ho Mok,Ray Forrest
Publisher : Routledge
Page : 377 pages
File Size : 52,7 Mb
Release : 2008-11-24
Category : Business & Economics
ISBN : 9781134118274

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Changing Governance and Public Policy in East Asia by Ka Ho Mok,Ray Forrest Pdf

This book offers critical analysis of the search for new governance in Asia, comparing and contrasting the experiences of different Asian societies, including: China, Japan, Hong Kong, Singapore, Taiwan, South Korea, Malaysia and Thailand.

Financial Stability Issues:The Case of East Asia

Mamiko Yokoi-Arai
Financial Stability Issues The Case of East Asia Book PDF

Author : Mamiko Yokoi-Arai
Publisher : Kluwer Law International B.V.
Page : 396 pages
File Size : 45,7 Mb
Release : 2002-07-08
Category : Law
ISBN : 9789041198785

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Financial Stability Issues:The Case of East Asia by Mamiko Yokoi-Arai Pdf

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.

The East Asia Crisis and Corporate Finances

Michael Pomerleano
The East Asia Crisis and Corporate Finances Book PDF

Author : Michael Pomerleano
Publisher : World Bank Publications
Page : 40 pages
File Size : 42,6 Mb
Release : 1998
Category : Analisis financiero - Asia
ISBN : 8210379456XXX

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The East Asia Crisis and Corporate Finances by Michael Pomerleano Pdf

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.

Crisis and Contagion in East Asia

Masahiro Kawai,Richard S. Newfarmer,Sergio L. Schmukler
Crisis and Contagion in East Asia Book PDF

Author : Masahiro Kawai,Richard S. Newfarmer,Sergio L. Schmukler
Publisher : World Bank Publications
Page : 60 pages
File Size : 41,9 Mb
Release : 2001
Category : Banks and banking
ISBN : 8210379456XXX

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Crisis and Contagion in East Asia by Masahiro Kawai,Richard S. Newfarmer,Sergio L. Schmukler Pdf

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?

The Enduring Legacies of the Global Financial Crisis in East Asia

Iain Pirie
The Enduring Legacies of the Global Financial Crisis in East Asia Book PDF

Author : Iain Pirie
Publisher : Taylor & Francis
Page : 169 pages
File Size : 45,8 Mb
Release : 2024-07-25
Category : Political Science
ISBN : 9781040107652

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The Enduring Legacies of the Global Financial Crisis in East Asia by Iain Pirie Pdf

The Enduring Legacies of the Global Financial Crisis in East Asia challenges the assumption that the global financial crisis had a limited structural impact on East Asian political economies, arguing that the crisis has led to a significant, if uneven, reorganization of major national political economies within the region where, in response to the crisis, states have promoted domestic processes of financialization as a means of stimulating their economies. The major East Asian economies, bar Japan, enjoyed strong recoveries from the 2008–2009 financial crisis. However, this success has been achieved by promoting domestic processes of financialization to maintain demand – more precisely, the rapid build-up of household debt (Malaysia, Korea, Taiwan, China) and asset price bubbles (China, Japan). In short, East Asia has employed precisely those practices that the global financial crisis itself illustrated the unsustainability of, to maintain growth. Using a post-Keynesian framework, the book argues that the dependency on these forms of financialization to support demand is a direct product of a failure to address the issue of inequality. High levels of inequality slow the growth of non-debt-based domestic consumption. An alternative approach to supporting demand in the post-crisis period would need to focus on progressive redistribution through strengthening of labour rights and systems of social support, which would directly challenge the interests of economic and political elites. The structural vulnerabilities that accelerated financialization is creating in East Asia demonstrate the necessity of a post-Keynesian growth strategy based on redistribution and curbing financialization. The book also argues that in certain Northeast Asian economies the crisis has led to a consolidation of systems of industrial activism/state control, which could have occurred without accelerated financialization, and vice versa. This book will be of great interest to students and scholars of political economy and Asian studies.