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Competition and competition policy in emerging markets: international and developmental dimensions

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  • Ajit Singh

Abstract

This paper examines the role of competition policy in emerging markets from a developmental and international perspective. Its main conclusion include: contrary to conventional wisdom, evidence suggests that the intensity of competition in leading emerging markets is certainly no less than that observed in advanced countries; analysis and evidence indicates that maximum competition is not necessarily optimal, in terms of dynamic efficiency; developing countries need a competition policy today, because of (a)privatization and deregulation, and (b) the huge international merger movement; there is little evidence to indicate that the current international merger wave will enhance global economic efficiency; the current competition policies in the UK and the EU are unsuitable for developing countries - countries at different levels of development and governance capacities require different types of competition policies. The paper presents a proposal for a development-oriented international competition authority to control anti-competitive conduct and growth by mergers of large multi-national companies.

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Bibliographic Info

Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp246.

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Date of creation: Dec 2002
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Handle: RePEc:cbr:cbrwps:wp246

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Keywords: Competition; Competition Policy; Development; Mergers;

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References

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  1. Glen, Jack & Lee, Kevin & Singh, Ajit, 2001. "Persistence of profitability and competition in emerging markets," Economics Letters, Elsevier, vol. 72(2), pages 247-253, August.
  2. Singh, Ajit & Weisse, Bruce, 1998. "The Asian model: a crisis foretold," MPRA Paper 54002, University Library of Munich, Germany.
  3. Bee Yan Aw & Sukkyun Chung & Mark J. Roberts, 2003. "Productivity, output, and failure: a comparison of taiwanese and korean manufacturers," Economic Journal, Royal Economic Society, vol. 113(491), pages F485-F510, November.
  4. Jack Glen & Kevin Lee & Ajit Singh, 2002. "Corporate profitability and the dynamics of competition in emerging markets: a time series analysis," ESRC Centre for Business Research - Working Papers wp248, ESRC Centre for Business Research.
  5. James R. Tybout, 2000. "Manufacturing Firms in Developing Countries: How Well Do They Do, and Why?," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 11-44, March.
  6. Gort, Michael, 1969. "An Economic Disturbance Theory of Mergers," The Quarterly Journal of Economics, MIT Press, vol. 83(4), pages 624-42, November.
  7. Keith E. Maskus & Mohamed Lahouel, 2000. "Competition Policy and Intellectual Property Rights in Developing Countries," The World Economy, Wiley Blackwell, vol. 23(04), pages 595-611, 04.
  8. Evenett, Simon J. & Levenstein, Margaret C. & Suslow, Valerie Y., 2001. "International cartel enforcement : lessons from the 1990s," Policy Research Working Paper Series 2680, The World Bank.
  9. Singh, A., 1997. "Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?," Accounting and Finance Discussion Papers 97-af35, Faculty of Economics, University of Cambridge.
  10. Joseph E. Stiglitz, 2000. "Two Principles for the Next Round or, How to Bring Developing Countries in from the Cold," The World Economy, Wiley Blackwell, vol. 23(04), pages 437-454, 04.
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  13. Odagiri, Hiroyuki, 1994. "Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan," OUP Catalogue, Oxford University Press, number 9780198288732, September.
  14. Amsden, Alice H. & Singh, Ajit, 1994. "The optimal degree of competition and dynamic efficiency in Japan and Korea," European Economic Review, Elsevier, vol. 38(3-4), pages 941-951, April.
  15. Nalebuff, Barry J & Stiglitz, Joseph E, 1983. "Information, Competition, and Markets," American Economic Review, American Economic Association, vol. 73(2), pages 278-83, May.
  16. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
  17. Martin Feldstein, 2002. "Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management," NBER Working Papers 8837, National Bureau of Economic Research, Inc.
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  22. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics 9206, Faculty of Economics, University of Cambridge.
  23. Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
  24. Gugler, Klaus & Mueller, Dennis C. & Yurtoglu, B. Burcin & Zulehner, Christine, 2003. "The effects of mergers: an international comparison," International Journal of Industrial Organization, Elsevier, vol. 21(5), pages 625-653, May.
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  27. Ajit Singh, 2002. "Capital account liberalization, free long-term capital flows, financial crises and economic development," ESRC Centre for Business Research - Working Papers wp245, ESRC Centre for Business Research.
  28. Singh, A., 1992. "Regulation of Mergers in the US and the UK: A new Agenda," Cambridge Working Papers in Economics 9207, Faculty of Economics, University of Cambridge.
  29. Baumol, William J., 2001. "When is inter-firm coordination beneficial? The case of innovation," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 727-737, April.
  30. Ajit Singh, 2002. "Competition and competition policy in emerging markets: international and developmental dimensions," ESRC Centre for Business Research - Working Papers wp246, ESRC Centre for Business Research.
  31. Gunther Tichy, 2001. "What Do We Know about Success and Failure of Mergers?," Journal of Industry, Competition and Trade, Springer, vol. 1(4), pages 347-394, December.
  32. Audretsch, David B. & Baumol, William J. & Burke, Andrew E., 2001. "Competition policy in dynamic markets," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 613-634, April.
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Citations

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Cited by:
  1. Jack Glen & Kevin Lee & Ajit Singh, 2003. "Corporate profitability and the dynamics of competition in emerging markets: a time series analysis," Economic Journal, Royal Economic Society, vol. 113(491), pages F465-F484, November.
  2. Uchida, Yuichiro & Cook, Paul, 2004. "The Effects of Competition on Technological and Trade Competitiveness: A Preliminary Examination," Centre on Regulation and Competition (CRC) Working papers 30654, University of Manchester, Institute for Development Policy and Management (IDPM).
  3. Lee, Cassey, 2004. "Legal Traditions and Competition Policy," Centre on Regulation and Competition (CRC) Working papers 30697, University of Manchester, Institute for Development Policy and Management (IDPM).
  4. Rod Falvey & Annamaria La Chimia & Oliver Morrissey & Evious Zgovu, . "Competition Policy and Public Procurement in Developing Countries," Discussion Papers 08/07, University of Nottingham, CREDIT.
  5. Andrew MOLD, 2004. "Fdi And Poverty Reduction: A Critical Reappraisal Of The Arguments," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 20, pages 91-122.
  6. Grajzl, Peter & Baniak, Andrzej, 2009. "Industry self-regulation, subversion of public institutions, and social control of torts," International Review of Law and Economics, Elsevier, vol. 29(4), pages 360-374, December.
  7. Zhang, Jianhong & He, Xinming, 2014. "Economic nationalism and foreign acquisition completion: The case of China," International Business Review, Elsevier, vol. 23(1), pages 212-227.
  8. Ajit SINGH, 2002. "Competition And Competition Policy In Emerging Markets: International And Developmental Dimensions," G-24 Discussion Papers 18, United Nations Conference on Trade and Development.
  9. Ajit Singh, 2002. "Competition, corporate governance and selection in emerging markets," ESRC Centre for Business Research - Working Papers wp247, ESRC Centre for Business Research.
  10. Aldaba, Rafaelita M., 2008. "Emerging Issues in Promoting Competition Policy in the APEC and ASEAN Countries," Discussion Papers DP 2008-02 (revised), Philippine Institute for Development Studies.
  11. Metcalfe, John S. & Ramlogan, Ronnie & Uyarra, E., 2002. "Economic Development and the Competitive Process," Centre on Regulation and Competition (CRC) Working papers 30612, University of Manchester, Institute for Development Policy and Management (IDPM).
  12. Babool, Md. Ashfaqul Islam & Reed, Michael R. & Mikic, Mia & Saghaian, Sayed H., 2007. "The Impact of Competition Policy on Production and Export Competitiveness: A Perspective from Agri-food Processing," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34824, Southern Agricultural Economics Association.

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