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Financial Governance in East Asia by Gordon De Brouwer,Yunjong Wang Pdf
The focus of international financial reform in recent years has largely been at the global level, in terms of improving the international financial architecture, and at the national level in terms of getting domestic economic and structural policies right. But there is also a growing appetite for addressing some issues at a regional level. This debate has focused on improving regional policy dialogue and surveillance processes, as well as developing regional mechanisms to provide financial support to prevent and resolve financial crises. In East Asia, for example, governments have sought deeper regional policy dialogue by the creation of ASEAN+3 forum and enhanced financial cooperation by setting up the Chiang Mai Initiative. These developments raise many questions: What is 'best-practice' regional policy dialogue? How is a regional financial architecture complementary to the global architecture? What sorts of institutions work well at a regional level? Do regions need a regional monetary fund? What is going on in East Asia and how is it different to other regions? This volume brings together a range of policy, practical and conceptual papers to explore these and other issues.
This book provides a cogent critique of the nature of Southeast Asian capitalism. It argues powerfully that the crises are due not to excessive regulation, but to too much financial liberalisation and a consequent undermining of monetary and fiscal governance. While recognising some macroeconomic problems and abuses of state intervention in the region, the book also highlights the nature and implications of IMF and domestic policy responses which exacerbated the crises. The analysis contained in this book raises profound questions which resonate way beyond the Asian region itself. They relate to the appropriate role of the state, the policies of the IMF and the viability of the deregulated free market capitalist model which these and other Third World countries have been encouraged to pursue.
The Governance of East Asian Corporations by F. Gul,J. Tsui Pdf
This book examines government/regulatory responses to the Asian Financial Crisis which brought unprecedented financial turmoil for most East Asian countries. It provides thought-provoking insights on fundamental differences in the institutional and regulatory framework of 10 East Asian countries, including an assessment of the various corporate governance reforms after the crisis.
Author : Takatoshi Ito,Andrew K. Rose Publisher : University of Chicago Press Page : 471 pages File Size : 49,8 Mb Release : 2009-02-15 Category : Business & Economics ISBN : 9780226387062
Fiscal Policy and Management in East Asia by Takatoshi Ito,Andrew K. Rose Pdf
Managing fiscal policy—the revenues and spending of an individual nation—is among the most challenging tasks facing governments. Wealthy countries are constrained by complex regulation and taxation policies, while developing nations often face high inflation and trade taxes. In this volume, esteemed economists Takatoshi Ito and Andrew K. Rose, along with other leading experts, examine the problems and challenges facing public finance in East Asian developing countries as well as the United States and Japan. Fiscal Policy and Management in East Asia explores the inefficient tax systems of many developing countries, the relationship between public and private sector economic behavior, and the pressing issue of future obligations that governments have undertaken to provide pensions and health care for their citizens. Featuring both overviews and analyses of the countries discussed, this book will be of value to economists and policymakers seeking to understand fiscal policy in a global context.
Author : Augustine H. H. Tan Publisher : World Scientific Page : 379 pages File Size : 45,7 Mb Release : 2002 Category : Business & Economics ISBN : 9789812776709
Monetary and Financial Management in Asia in the 21st Century by Augustine H. H. Tan Pdf
This book contains papers selected from the 25th Federation of ASEAN Economic Associations Annual Meeting, hosted by the Economic Society of Singapore on 7OCo8 September 2000, in Singapore. East and Southeast Asia had just emerged from the devastation of the Asian currency crisis of 1997OCo8. The theme of the conference was chosen to enable participants to examine macroeconomic policies, particularly fiscal, monetary and exchange rate policies that would enable their countries to sustain economic growth without the trauma of financial and currency crises. Prominent economists Ronald McKinnon (Stanford University) and John Williamson (Institute for International Economics) presented four papers about alternative exchange rate regimes. Representative papers from five countries, viz. Indonesia, Malaysia, South Korea, the Philippines and Singapore, are also included in the volume."
David G. Dickinson,J.L. Ford,the late M.J. Fry,Andrew W. Mullineux,S. Sen
Author : David G. Dickinson,J.L. Ford,the late M.J. Fry,Andrew W. Mullineux,S. Sen Publisher : Edward Elgar Publishing Page : 420 pages File Size : 55,7 Mb Release : 2000-01-01 Category : Business & Economics ISBN : 1781009988
Finance, Governance and Economic Performance in Pacific and South East Asia by David G. Dickinson,J.L. Ford,the late M.J. Fry,Andrew W. Mullineux,S. Sen Pdf
'. . . this is an interesting and valuable collection of papers that addresses a highly topical area of research. The quality of writing is high in the main and the econometric methodology and models transparent. The appendices to many of the empirical chapters provide detailed information about data sources as well as model results. The book should be required reading for researchers and graduate students in this field, and the review papers provide valuable teaching material. It will be especially useful for those concerned with the contribution of governance structures to economic performance, financial crises and the still-disputed relationship between growth and financial liberalization.' - Jenifer Piesse, Asia Pacific Business Review Finance, Governance and Economic Performance in Pacific and South East Asia focuses on key aspects of government policy, financial systems and their links to the economic miracle in Pacific and South East Asia. It also considers the financial crises that have affected those economies and their economic progress. The contributors examine the success of governance in the form of government involvement with the macroeconomy, and with the deregulation of markets in general. Attention is drawn not only to the need for further liberalisation, but also the need to introduce regulatory structures to produce orderly markets.
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.
Issues in Governance, Growth and Globalization in Asia by Tony Cavoli,Siona Listokin,Ramkishen S Rajan Pdf
This volume is a compilation of important papers relating to the financial, governance and political economy structures of the region, using a variety of methods and topics. Following the Asian crisis and subsequent global financial upheavals, policymakers and academics issued cries for institutional reform at the state and firm level; in many cases, reform was actually implemented rather than simply rhetorical. This volume begins by addressing issues relating to corporate governance within firms located in East Asia and as entities participating in corporate ownership elsewhere. Next, the key issues of globalization are directly addressed, including foreign direct investment into the region, integration among Southeast Asian countries and with the rest of Asia, and multinational enterprise investment strategies in Asia following initial entry decisions. Finally, the macroeconomic policies of state actors, and the effects of economic growth are examined. Contents:Introduction and Overview (Tony Cavoli, Siona Listokin and Ramkishen S Rajan)Entrepreneurship and Governance:Convergence in the Ownership and Governance of East Asian Firms (En-Te Chen, Stephen Gray and John Nowland)Asian and Non-Asian Institutional Investors and Proxy Access Proposals (Siona Listokin)Integration and Investment:Post-Foreign Entry Decisions by Global Retailers in Asian and Non-Asian Markets: Like or Unlike? (Sonia Ketkar)Intra-ASEAN FDI Flows and the Role of China and India: Trends and Determinants (Rabin Hattari, Ramkishen S Rajan and Shandre Thangavelu)Extent of Real Financial Integration in Asia: Some Patterns and Stylized Facts (Tony Cavoli)The Global Financial Crisis, Rise of China, and Changes in the Geographical Location of Control of Large Listed Companies (Ron McIver)Macroeconomic Policy:Intervention and Exchange Rate Regime Choice in Asia: Does the US Dollar Still Matter? (Tony Cavoli and Ramkishen S Rajan)Financial Instability Prevention (Andrew Hughes-Hallett, Jan Libich and Petr Stehlik) Readership: Academics, researchers, regulators and policymakers interested in economics, business and public policy in Asia. Keywords:Corporate Governance;Globalization;East Asian Firms;Financial Integration;Global Financial Crisis;Exchange Rate;Financial StabilityKey Features:An interdisciplinary approach to important issues in the regionAnalytically/Empirically based with a strong policy orientationOriented to Asia more generally, rather than just ASEAN, or East Asia
Economic Governance and the Challenge of Flexibility in East Asia by Frederic C. Deyo,Richard F. Doner,Eric Hershberg Pdf
This book analyzes the institutional underpinnings of East Asia's dynamic growth by exploring the interplay between governance and flexibility. As the challenges of promoting and sustaining economic growth become ever more complex, firms in both advanced and industrializing countries face constant pressures for change from markets and technology. Globalization, heightened competition, and shorter product cycles mean that markets are increasingly volatile and fragmented. To contend with demands for higher quality, quicker delivery, and cost efficiencies, firms must enhance their capability to innovate and diversify. Achieving this flexibility, in turn, often requires new forms of governance—arrangements that facilitate the exchange of resources among diverse yet interdependent economic actors. Moving beyond the literature's emphasis on developed economies, this volume emphasizes the relevance of the links between governance and flexibility for understanding East Asia's explosive economic growth over the past quarter century. In case studies that encompass a variety of key industrial sectors and countries, the contributors emphasize the importance of network patterns of governance for facilitating flexibility in firms throughout the region. Their analyses illuminate both the strengths and limitations of recent growth strategies and offer insights into prospects for continued expansion in the wake of the East Asian economic crisis of the late 1990s. Contributions by: Richard P. Appelbaum, Lu-lin Cheng, Stephen W. K. Chiu, Frederic C. Deyo, Richard F. Doner, Dieter Ernst, Eric Hershberg, Tai Lok Lui, Rajah Rasiah, David A. Smith, and Poh-Kam Wong.
The international financial community blamed the Asian crisis of 1997–1998 on deep failures of domestic financial governance. To avoid similar crises in the future, this community adopted and promoted a set of international "best practice" standards of financial governance. The G7 asked specialized public and private sector bodies to set international standards, and tasked the International Monetary Fund and the World Bank with their global dissemination. Non-Western countries were thereby encouraged to emulate Western practices in banking and securities supervision, corporate governance, financial disclosure, and policy transparency. In Governing Finance, Andrew Walter explains why Indonesia, Malaysia, South Korea, and Thailand—key targets and test cases of this international standards project—were placed under intense pressure to transform their domestic financial governance. Walter finds that the depth of the economic crisis, and more enduring aspects of Asian capitalism, such as family ownership of firms, made substantive compliance with international standards very costly for the private sector and politically difficult for governments to achieve. In spite of international compliance pressure, the result was varying degrees of cosmetic or "mock" compliance. In a book containing lessons for any agency or country attempting to implement lasting change in financial governance, Walter emphasizes the limits of global regulatory convergence in the absence of support from domestic politicians, institutions, and firms.
Reforming Corporate Governance in Southeast Asia by Ho Khai Leong Pdf
This multi-disciplinary volume provides a critical examination of corporate governance reform in Southeast Asia especially after the Asian financial crisis in 1997. The weaknesses in the corporate sector, such as poor investment structure, weak legal and accounting systems, faulty financial practices, questionable political interventions, are some of the pertinent issues raised by the authors, who include legal specialists, corporate practitioners, economists, and political scientists. Policy measures to improve corporate transparency, institutional accountability, and fiscal prudence are also proposed. The volume provides interested readers and policy-makers in Southeast Asia with the most current research and policy options on corporate governance reform, and advocates more committed and effective governance changes in the future.
Studies on Financial Markets in East Asia by Masayuki Susai,Shigeru Uchida Pdf
This book will be an important addition to the limited number of books that discuss finance and accounting issues in East Asian countries. While presenting recent empirical studies on finance and accounting in East Asian economies, it also reveals the underlying reasons for remarkable economic growth and emerging performance of the financial markets in the East Asian countries. It introduces newly developed financial products, institutions, governance mechanism, banking policy changes and their implications in the East Asian economies, and discusses the way forward for these economies with recommendations for policy implications. It also contains suggestions for other developing countries trying to achieve rapid growth. Contents:Multi Foreign Exchange Rate Relations in Turbulent Market: Lessons from Lehman ShockThe Asymmetric Contagion from the US Stock Market Around the Subprime CrisisCan Monetary Policy target on Asset Price? Evidence from Chinese Real Estate MarketRelationship Banking and Firm ProfitabilityThe Choice between Dividend and Share RepurchaseBanking Relationships in East Asian Economies: Lessons for Developing CountriesAn Econometric Analysis of Japanese Government Bond Markets in the Prewar and Postwar PeriodsHedging, IPOs and Japanese Days-of-the-Week Stock Return Patterns Return, Volatility and Liquidity of the JGB FuturesConsistency of Risk Attitude and Other Investment Behavior of Japanese Fund Managers Readership: Researchers, graduate students and academicians interested in financial markets and Asian economies. Keywords:Financial Market;Foreign Exchange Rate;Sub-prime Crisis;Real Estate Market;Relationship Banking;Dividend and Share;Stock Market;Government Bond;;Hedging;IPO;Return;Volatility;Liquidity;Risk Attitude;Investment Behavior;Fund ManagersKey Features:One of the few books on East Asian Economies written in EnglishCovers a wide range of topics like capital market, foreign exchange market, real estate market, banking including recent ones like sub-prime crisis, Lehman shock, etc.
A Resurgent East Asia by Andrew D. Mason,Sudhir Shetty Pdf
East Asia has been a paragon of global development success. The dramatic transformation of the region over the past half century—with a succession of countries having progressed from low-income to middle-income and even to high-income status—has been built on what has come to be known as the “East Asian development model.†? A combination of policies that fostered outward-oriented, labor-intensive growth while strengthening basic human capital and providing sound economic governance has been instrumental in moving hundreds of millions of people out of poverty and into economic security. Yet East Asia’s economic resurgence remains incomplete. More than 90 percent of its people now live in 10 middle-income countries, many of which can realistically aspire to high-income status in the next generation or two. But these countries are still much less affluent and productive than their high-income counterparts. Even as the region’s middle-income countries attempt to move up to high-income status, they confront a rapidly changing global and regional economic environment. Slowing growth in global trade and shifts in its patterns, rapid technological change, and evolving country circumstances all present challenges to sustaining productivity growth, fostering inclusion, and enhancing state effectiveness. A Resurgent East Asia: Navigating a Changing World is about how policy makers across developing East Asia will need to adapt their development model to effectively address these challenges in the coming decade and sustain the region’s remarkable development performance. “The world is changing. How do East Asia’s developing economies navigate this change? This is a commendable book on this topic—a must-read for policy makers, academia, and students who are interested in East Asia.†? — Chatib Basri, Former Minister of Finance, Government of Indonesia “A Resurgent East Asia is a vital publication for the most successful region as it looks to the future and the expectations of its citizens. This study helps to identify the new areas of risk and to suggest ways to ameliorate them. In so doing, it is an invaluable resource for governments. Based on first-rate analysis, it is a must-read for policy makers and everyone interested in East Asia’s development prospects!†? — Danny Leipziger, Managing Director, The Growth Dialogue, and Professor of International Business, George Washington University “This report delivers a careful and rigorous analysis of the strengths of East Asia’s ‘growth with equity’ development strategy. While noting the model’s success in lifting millions out of poverty, the report also warns of the looming challenge of maintaining growth with inclusion, and it highlights the need for countries to improve their social protection systems and ensure that opportunities are fair and available to all. A must-read for policy makers and development practitioners alike.†? — Ana Revenga, Senior Fellow, Brookings Institution
Designing Financial Systems for East Asia and Japan by Joseph Fan,Masaharu Hanazaki,Juro Teranishi Pdf
This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.
Transforming Corporate Governance in East Asia by Curtis Milhaupt,Kon-Sik Kim,Hideki Kanda Pdf
Over the past ten years, the corporate governance environment in East Asia has undergone a significant transformation. The Asian Financial crisis, together with Japan‘s long economic malaise, undermined confidence in the corporate structures, governance practices, and regulatory oversight of firms in the region. Since that time, each of the countri
