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Savings, investment and the corporation in the East Asian miracle

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  • Ajit Singh

Abstract

Most economists will accept that high rates of accumulation have been a key factor in East Asian economic success. This contribution explores specifically the reasons for extremely high rates of corporate savings and investments achieved by these economies. It focuses on the private corporation, the relationship between the corporation and the government and that between the corporation and the financial system. It analyses the nature of the investments-profits-savings nexus in Japan and Korea and indicates its contribution towards resolving the main macro-economic constraints on economic growth.

Suggested Citation

  • Ajit Singh, 1998. "Savings, investment and the corporation in the East Asian miracle," Journal of Development Studies, Taylor & Francis Journals, vol. 34(6), pages 112-137.
  • Handle: RePEc:taf:jdevst:v:34:y:1998:i:6:p:112-137 DOI: 10.1080/00220389808422548
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    References listed on IDEAS

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    1. 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.
    2. Masahiko Aoki, 2013. "Toward an Economic Model of the Japanese Firm," Chapters,in: Comparative Institutional Analysis, chapter 18, pages 315-341 Edward Elgar Publishing.
    3. Honohan, Patrick & Atiyas, Izak, 1993. "Intersectoral Financial Flows in Developing Countries," Economic Journal, Royal Economic Society, vol. 103(418), pages 666-679, May.
    4. 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.
    5. 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.
    6. 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.
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    Citations

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    Cited by:

    1. Ajit Singh & Ann Zammit, 2006. "Corporate Governance, Crony Capitalism and Economic Crises: should the US business model replace the Asian way of "doing business"?," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 220-233, July.
    2. John Weeks, 2000. "Latin America and the 'high performing Asian economies': growth and debt," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(5), pages 625-654.
    3. Gary Dymski & James Crotty, 2000. "Can the Global Neoliberal Regime Survive Victory in Asia? The Political Economy of the Asian Crisis," Published Studies ps5, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Javier Reyes & Stefano Schiavo & Giorgio Fagiolo, 2010. "Using complex networks analysis to assess the evolution of international economic integration: The cases of East Asia and Latin America," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 19(2), pages 215-239.
    5. Özlem Onaran & Engelbert Stockhammer, 2005. "Two Different Export-Oriented Growth Strategies: Accumulation and Distribution in Turkey and South Korea," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 41(1), pages 65-89, January.
    6. David Bailey & Helena Lenihan & Ajit Singh, 2009. "Lessons for African Economies from Irish and East Asian Industrial Policy," Journal of Industry, Competition and Trade, Springer, vol. 9(4), pages 357-382, December.
    7. Carney, M. & Gedajlovic, E.R., 2001. "Organisational Path-Dependence and Institutional Environment," ERIM Report Series Research in Management ERS-2001-07-STR, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    8. Glen, Jack & Lee, Kevin & Singh, Ajit, 2000. "Competition, corporate governance and financing of corporate growth in emerging markets," MPRA Paper 53625, University Library of Munich, Germany.
    9. Singh, Ajit, 1998. "Asian capitalism and the financial crisis," MPRA Paper 54932, University Library of Munich, Germany.
    10. Singh, Ajit & Singh, Alaka & Wiesse, Bruce, 2000. "Information technology, venture capital and the stock market," MPRA Paper 53718, University Library of Munich, Germany.
    11. David Bailey & Helena Lenihan & Ajit Singh, 2008. "Tiger, Tiger, Burning Bright? Industrial Policy Lessons from Ireland and East Asia for Small African Economies," Working Papers wp374, Centre for Business Research, University of Cambridge.
    12. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
    13. Singh, Ajit & Dhumale, Rahul, 1999. "Competition policy and development: key issues for developing countries – a briefing," MPRA Paper 53478, University Library of Munich, Germany.
    14. Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate Governance, Competetion, The new International Financial Architecture and Large Corporations in Emerging Markets," MPRA Paper 24305, University Library of Munich, Germany.
    15. Javier Reyes & Giorgio Fagiolo & Stefano Schiavo, 2008. "Using a complex weighted-network approach to assess the evolution of international economic integration: The cases of East Asia and Latin America," LEM Papers Series 2008/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    16. Ajit Singh, 2003. "Competition, corporate governance and selection in emerging markets," Economic Journal, Royal Economic Society, vol. 113(491), pages 443-464, November.
    17. Rodrik, Dani, 1997. "TFPG Controversies, Institutions, and Economic Performance in East Asia," CEPR Discussion Papers 1587, C.E.P.R. Discussion Papers.
    18. Özlem Onaran & Engelbert Stockhammer, 2002. "Two Different Export-Oriented Growth Strategies under a Wage-led Accumulation Regime: à la Turca and à la South Korea," Working Papers wp38, Political Economy Research Institute, University of Massachusetts at Amherst.
    19. Singh, Ajit, 2005. "The Doha development agenda: what special and differential treatment?," MPRA Paper 53438, University Library of Munich, Germany.
    20. Diego Sánchez-Ancochea, 2005. "Capitalismo, desarrollo y Estado. Una revisión crítica de la teoría del Estado de Schumpeter," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 7(13), pages 81-100, July-Dece.
    21. Singh, Ajit, 1998. "Corporate Governance, Evolution of Corporate Laws and Asian Economic Development into the 21st Century," MPRA Paper 24662, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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