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Catching up with the West: a perspective on Asian economic development

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  • Singh, Ajit

Abstract

Abstract East Asian countries have been catching up with the West for most of the post-war period. Indeed, during the last 15 years, developing East and South East Asia have emerged as the most dynamic region of the world economy. This paper attempts to make analytical sense of this extraordinary Asian drama. It concentrates on the extremely high rates of corporate savings and investment, achieved by these economies. The accumulation story is conceptualised here in Kaldorian terms and emphasises the investment-profits-savings nexus. The essential argument is that high corporate savings and investments in countries like Japan and Korea were not simply the outcome of the invisible hand of the market, but rather, government-business interactions and the relationship between the corporation and the financial system were crucial in the process. The last part considers the implications of the analysis for Latin America. Despite Latin America's deficits in this area, it is recognised that these countries are unlikely to follow any dirigiste lessons from Asia or elsewhere. Unlike the "reluctant" Asians, the Latins, following the Washington Consensus, have been enthusiastic liberalisers. The paper poses the question whether such financial liberalisation in particular is wise for the real production side of the economy.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53993.

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Date of creation: 19 Aug 1996
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Handle: RePEc:pra:mprapa:53993

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Keywords: Asia; economic development; post-WWII; investment; savings; profit;

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References

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  1. Perotti, Roberto & Alesina, Alberto, 1996. "Income Distribution, Political Instability, and Investment," Scholarly Articles 4553018, Harvard University Department of Economics.
  2. Akyuz, Yilmaz & Gore, Charles, 1996. "The investment-profits nexus in East Asian industrialization," World Development, Elsevier, vol. 24(3), pages 461-470, March.
  3. Alesina, Alberto & Perotti, Roberto, 1996. "Income distribution, political instability, and investment," European Economic Review, Elsevier, vol. 40(6), pages 1203-1228, June.
  4. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1996. "Inflows of capital to developing countries in the 1990s," MPRA Paper 13707, University Library of Munich, Germany.
  5. Odagiri, Hiroyuki, 1994. "Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan," OUP Catalogue, Oxford University Press, number 9780198288732, Octomber.
  6. 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.
  7. Kenji Kojima, 1994. "An International Perspective on Japanese Corporate Finance," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 39, pages 11-59.
  8. Allen, Franklin & Gale, Douglas, 1995. "A welfare comparison of intermediaries and financial markets in Germany and the US," European Economic Review, Elsevier, vol. 39(2), pages 179-209, February.
  9. Singh, Ajit, 1994. "Openness and the market friendly approach to development: Learning the right lessons from development experience," World Development, Elsevier, vol. 22(12), pages 1811-1823, December.
  10. Ajit Singh, 1994. "Du plan au marché : la réforme maîtrisée en Chine," Revue Tiers Monde, Programme National Persée, vol. 35(139), pages 659-684.
  11. Stein, Jeremy C, 1988. "Takeover Threats and Managerial Myopia," Journal of Political Economy, University of Chicago Press, vol. 96(1), pages 61-80, February.
  12. Maddison, Angus, 1992. " A Long-Run Perspective on Saving," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 181-96.
  13. Stein, Jeremy C, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 655-69, November.
  14. Kenneth A. Froot & Andre F. Perold & Jeremy C. Stein, 1992. "Shareholder Trading Practices And Corporate Investment Horizons," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(2), pages 42-58.
  15. Aoki, Masahiko, 1990. "Toward an Economic Model of the Japanese Firm," Journal of Economic Literature, American Economic Association, vol. 28(1), pages 1-27, March.
  16. 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.
  17. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
  18. Jacobson, Robert & Aaker, David, 1993. "Myopic management behavior with efficient, but imperfect, financial markets : A comparison of information asymmetries in the U.S. and Japan," Journal of Accounting and Economics, Elsevier, vol. 16(4), pages 383-405, October.
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