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'Asian capitalism' and the financial crisis

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  • Ajit, Singh

Abstract

With the economic crisis in East Asia and a continuing boom in the US, American triumphialism is in the air. The latter is perhaps not unexpected and probably does no harm. But what is more questionable is the view held in the highest circles in the US Government and international financial organisations in Washington which causally links the so-called Asian model of capitalism to the economic and financial crisis which is currently engulfing the hitherto highly successful economies of East and South East Asia. A central aim of this paper is to systematically assess the validity of this influential and important thesis, i.e., the paper will explore to what extent, if any, the so-called ‘Asian model’ is responsible for the present crisis in countries like Thailand, Indonesia, Malaysia and Korea. This question is also important in part because in economic terms until very recently this model seems to have been exceptionally successful.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24937.

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Date of creation: Aug 1998
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Handle: RePEc:pra:mprapa:24937

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Keywords: Asian Model; East Asia; Economic Crisis; Policy;

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References

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  1. Singh, A., 1995. "Corporate Financial Patterns in Industrializing Economies. A Coparative International Study," Papers 2, World Bank - International Finance Corporation.
  2. Singh, Ajit, 1997. "Savings, investment and the corporation in the East Asian miracle," MPRA Paper 53884, University Library of Munich, Germany.
  3. Takatoshi Ito & Anne O. Krueger, 1995. "Growth Theories in Light of the East Asian Experience, NBER-EASE Volume 4," NBER Books, National Bureau of Economic Research, Inc, number ito_95-2, May.
  4. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
  5. Guillermo A. Calvo & Enrique G. Mendoza, 1996. "Mexico's balance-of-payments crisis: a chronicle of death foretold," International Finance Discussion Papers 545, Board of Governors of the Federal Reserve System (U.S.).
  6. Harold L. Cole & Timothy J. Kehoe, 1996. "A self-fulfilling model of Mexico's 1994-95 debt crisis," Staff Report 210, Federal Reserve Bank of Minneapolis.
  7. Cole, Harold L. & Kehoe, Timothy J., 1996. "A self-fulfilling model of Mexico's 1994-1995 debt crisis," Journal of International Economics, Elsevier, vol. 41(3-4), pages 309-330, November.
  8. 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.
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Citations

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Cited by:
  1. Kang-Kook Lee & James Crotty, 2004. "Was the IMF's Imposition of Economic Regime Change Justified? A Critique of the IMF's Economic and Political Role in Korea During and After the Crisis," Working Papers wp77, Political Economy Research Institute, University of Massachusetts at Amherst.
  2. Ajit Singh, 2005. "FDI, Globalisation and Economic Development - Towards Reforming National and International Rules of the Game," ESRC Centre for Business Research - Working Papers wp304, ESRC Centre for Business Research.
  3. Singh, Ajit & Weisse, Bruce, 1998. "The Asian model: a crisis foretold," MPRA Paper 54002, University Library of Munich, Germany.
  4. Philippe DULBECCO & Jean-Pierre ALLEGRET & COURBIS, 1999. "Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises," Working Papers 199918, CERDI.
  5. Philip Arestis, 2003. "Financial Sector Reforms in Developing Countries with Special Reference to Egypt," Economics Working Paper Archive wp_383, Levy Economics Institute.
  6. Jack Glen & Ajit Singh, 2003. "Capital Structure, Rates of Return and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994-00," ESRC Centre for Business Research - Working Papers wp265, ESRC Centre for Business Research.
  7. Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
  8. repec:hal:cepnwp:hal-00188615 is not listed on IDEAS
  9. Sylvie Marie-Louise Eyeffa Ekomo & Désiré Avo, 2007. "Quinze ans de restructuration bancaire dans la CEMAC : qu’avons-nous appris ?," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 183-205.

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