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Challenges and choices in post-crisis East-Asia: simulations of investment policy reform in an intertemporal, global model

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Author Info
Xinshen Diao
Wenli Li
Erinc Yeldan

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Abstract

The East Asian financial crisis exposed the problems of excessive government intervention in credit allocation and poor supervision of the banking system. We argue that the crisis is an opportunity to reformulate the strategies of growth by way of eliminating politicized intervention on investment. In an intertemporal general equilibrium model, we examine the adjustment processes of the crisis-hit region and the world economies, and investigate the removal of the investment subsidies. Our results suggest that the immediate impact of the crisis on the Asian economies is a contraction of GDP and investment. We also find significant welfare gains in the crisis-hit economies in response to elimination of the subsidies to firm's investment.

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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 98-07.

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Date of creation: 1998
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Handle: RePEc:fip:fedrwp:98-07

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Keywords: Financial institutions ; Banks and banking; Foreign;

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References listed on IDEAS
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  1. Diao, Xinshen & Somwaru, Agapi, 2000. "An Inquiry on General Equilibrium Effects of MERCOSUR--An Intertemporal World Model," Journal of Policy Modeling, Elsevier, vol. 22(5), pages 557-588, September. [Downloadable!] (restricted)
  2. J. Mercenier & Erinç Yeldan, 1996. "On Turkey's Trade Policy : Is A Customs Union with Europe Enough?," Departmental Working Papers 964, Bilkent University, Department of Economics.
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  3. Alba, Pedro & Bhattacharya, Amar & Claessens, Stijn & Ghosh, Swati & Hernandez, Leonardo, 1998. "Volatility and contagion in a financially integrated world : lessons from East Asia's recent experience," Policy Research Working Paper Series 2008, The World Bank. [Downloadable!]
  4. Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
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  5. Bardhan, Pranab, 1990. "Symposium on the State and Economic Development," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 3-7, Summer. [Downloadable!] (restricted)
  6. McKinnon, Ronald I. & Pill, Huw, 1998. "International Overborrowing: A Decomposition of Credit and Currency Risks," World Development, Elsevier, vol. 26(7), pages 1267-1282, July. [Downloadable!] (restricted)
  7. Ronald I. McKinnon & Huw Pill, 1998. "International Overborrowing: A Decomposition of Credit and Currency Risks," Working Papers 98004, Stanford University, Department of Economics. [Downloadable!]
  8. Xinshen Diao & Terry Roe & Erinç Yeldan, 1998. "Strategic Policies and Growth : An Applied Model of R&D-Driven Endogenous Growth," Departmental Working Papers 981, Bilkent University, Department of Economics.
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  9. Mercenier, J. & Da Conceicao Sampaio de Souza, M., 1991. "Structural Adjustment and Growth in a Highy Indebted Market Economy: Brazil," Cahiers de recherche 9103, Universite de Montreal, Departement de sciences economiques.
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  10. McKinnon, Ronald I & Pill, Huw, 1997. "Credible Economic Liberalizations and Overborrowing," American Economic Review, American Economic Association, vol. 87(2), pages 189-93, May. [Downloadable!] (restricted)
  11. Dalla, I. & Khatkhate, D., 1995. "Regulated Deregulation of the Financial System in Korea," World Bank - Discussion Papers 292, World Bank.
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