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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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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. Guillermo A. Calvo & Enrique G. Mendoza, 1996. "Mexico's balance-of-payments crisis: a chronicle of death foretold," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 545, Board of Governors of the Federal Reserve System (U.S.).
  2. 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, July.
  3. Singh, A., 1995. "Corporate Financial Patterns in Industrializing Economies. A Coparative International Study," Papers, World Bank - International Finance Corporation 2, World Bank - International Finance Corporation.
  4. Singh, Ajit, 1997. "Savings, investment and the corporation in the East Asian miracle," MPRA Paper 54994, University Library of Munich, Germany.
  5. Amsden, Alice H. & Singh, Ajit, 1994. "The optimal degree of competition and dynamic efficiency in Japan and Korea," European Economic Review, Elsevier, Elsevier, vol. 38(3-4), pages 941-951, April.
  6. Harold L. Cole & Timothy J. Kehoe, 1996. "A self-fulfilling model of Mexico's 1994-95 debt crisis," Staff Report, Federal Reserve Bank of Minneapolis 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, Elsevier, vol. 41(3-4), pages 309-330, November.
  8. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
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Citations

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Cited by:
  1. Singh, Ajit & Weisse, Bruce, 1998. "The Asian model: a crisis foretold," MPRA Paper 54002, University Library of Munich, Germany.
  2. Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 26(2), pages 237-260, March.
  3. Saoussen Ben Gamra & Mickaël Clévenot, 2006. "Libéralisation financière et crises bancaires dans les pays émergents," CEPN Working Papers, HAL hal-00188615, HAL.
  4. Philip Arestis, 2003. "Financial Sector Reforms in Developing Countries with Special reference to Egypt," Economic History, EconWPA 0307001, EconWPA.
  5. 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.
  6. 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, Political Economy Research Institute, University of Massachusetts at Amherst wp77, Political Economy Research Institute, University of Massachusetts at Amherst.
  7. 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, ESRC Centre for Business Research wp265, ESRC Centre for Business Research.
  8. 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, Programme National Persée, vol. 89(3), pages 183-205.
  9. Ajit Singh, 2005. "FDI, Globalisation and Economic Development - Towards Reforming National and International Rules of the Game," ESRC Centre for Business Research - Working Papers, ESRC Centre for Business Research wp304, ESRC Centre for Business Research.

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