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Competition and competition policy in emerging markets: international and developmental dimensions

  • Ajit Singh

This paper examines the role of competition policy in emerging markets from a developmental and international perspective. Its main conclusion include: contrary to conventional wisdom, evidence suggests that the intensity of competition in leading emerging markets is certainly no less than that observed in advanced countries; analysis and evidence indicates that maximum competition is not necessarily optimal, in terms of dynamic efficiency; developing countries need a competition policy today, because of (a)privatization and deregulation, and (b) the huge international merger movement; there is little evidence to indicate that the current international merger wave will enhance global economic efficiency; the current competition policies in the UK and the EU are unsuitable for developing countries - countries at different levels of development and governance capacities require different types of competition policies. The paper presents a proposal for a development-oriented international competition authority to control anti-competitive conduct and growth by mergers of large multi-national companies.

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Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp246.

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Date of creation: Dec 2002
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Handle: RePEc:cbr:cbrwps:wp246
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  1. Glen, Jack & Lee, Kevin & Singh, Ajit, 2001. "Persistence of profitability and competition in emerging markets," Economics Letters, Elsevier, vol. 72(2), pages 247-253, August.
  2. Stephen Nickell, 1993. "Competition and Corporate Performance," CEP Discussion Papers dp0182, Centre for Economic Performance, LSE.
  3. Andrei Shleifer & Lawrence H. Summers, 1988. "Breach of Trust in Hostile Takeovers," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 33-68 National Bureau of Economic Research, Inc.
  4. Singh, Ajit, 1998. "Liberalisation, the stock market and the market for corporate control: a bridge too far for the Indian economy?," MPRA Paper 54929, University Library of Munich, Germany.
  5. Audretsch, David B. & Baumol, William J. & Burke, Andrew E., 2001. "Competition policy in dynamic markets," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 613-634, April.
  6. R. Hirschowitz, 1989. "The Other Path: The Invisible Revolution in the Third World," South African Journal of Economics, Economic Society of South Africa, vol. 57(4), pages 266-272, December.
  7. Ajit Singh, 2003. "Capital Account Liberalization, Free Long-Term Capital Flows, Financial Crises and Economic Development," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 191-216, Spring.
  8. Simon J. Evenett & Margaret C. Levenstein & Valerie Y. Suslow, 2001. "International Cartel Enforcement: Lessons from the 1990s," UMASS Amherst Economics Working Papers 2001-01, University of Massachusetts Amherst, Department of Economics.
  9. Gort, Michael, 1969. "An Economic Disturbance Theory of Mergers," The Quarterly Journal of Economics, MIT Press, vol. 83(4), pages 624-42, November.
  10. Jack Glen & Kevin Lee & Ajit Singh, 2002. "Corporate profitability and the dynamics of competition in emerging markets: a time series analysis," ESRC Centre for Business Research - Working Papers wp248, ESRC Centre for Business Research.
  11. Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
  12. Alan J. Auerbach, 1988. "Corporate Takeovers: Causes and Consequences," NBER Books, National Bureau of Economic Research, Inc, number auer88-1, August.
  13. Tybout, James, 1998. "Manufacuring firms in developing countries - how well do they do, and why?," Policy Research Working Paper Series 1965, The World Bank.
  14. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
  15. Singh, Ajit, 1998. "The Asian Model: A Crisis Foretold?," MPRA Paper 24683, University Library of Munich, Germany.
  16. Joseph E. Stiglitz, 1999. "Reforming the Global Economic Architecture: Lessons from Recent Crises," Journal of Finance, American Finance Association, vol. 54(4), pages 1508-1522, 08.
  17. Bee Yan Aw & Sukkyun Chung & Mark J. Roberts, 2003. "Productivity, output, and failure: a comparison of taiwanese and korean manufacturers," Economic Journal, Royal Economic Society, vol. 113(491), pages F485-F510, November.
  18. Amsden, Alice & Singh, Ajit, 1993. "The optimal degree of competition and dynamic efficiency in Japan and Korea," MPRA Paper 54982, University Library of Munich, Germany.
  19. Gunther Tichy, 2001. "What Do We Know about Success and Failure of Mergers?," Journal of Industry, Competition and Trade, Springer, vol. 1(4), pages 347-394, December.
  20. Joseph E. Stiglitz, 2000. "Two Principles for the Next Round or, How to Bring Developing Countries in from the Cold," The World Economy, Wiley Blackwell, vol. 23(04), pages 437-454, 04.
  21. Waring, Geoffrey F, 1996. "Industry Differences in the Persistence of Firm-Specific Returns," American Economic Review, American Economic Association, vol. 86(5), pages 1253-65, December.
  22. Martin Feldstein, 2002. "Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management," NBER Working Papers 8837, National Bureau of Economic Research, Inc.
  23. Baumol, William J., 2001. "When is inter-firm coordination beneficial? The case of innovation," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 727-737, April.
  24. Gugler, Klaus & Mueller, Dennis C. & Yurtoglu, B. Burcin & Zulehner, Christine, 2003. "The effects of mergers: an international comparison," International Journal of Industrial Organization, Elsevier, vol. 21(5), pages 625-653, May.
  25. Bengt Holmstrom & Steven N. Kaplan, 2001. "Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 121-144, Spring.
  26. Ajit Singh, 2002. "Competition and competition policy in emerging markets: international and developmental dimensions," ESRC Centre for Business Research - Working Papers wp246, ESRC Centre for Business Research.
  27. Goddard, J. A. & Wilson, J. O. S., 1999. "The persistence of profit: a new empirical interpretation," International Journal of Industrial Organization, Elsevier, vol. 17(5), pages 663-687, July.
  28. Keith E. Maskus & Mohamed Lahouel, 2000. "Competition Policy and Intellectual Property Rights in Developing Countries," The World Economy, Wiley Blackwell, vol. 23(04), pages 595-611, 04.
  29. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics 9206, Faculty of Economics, University of Cambridge.
  30. Singh, A., 1992. "Regulation of Mergers in the US and the UK: A new Agenda," Cambridge Working Papers in Economics 9207, Faculty of Economics, University of Cambridge.
  31. Odagiri, Hiroyuki, 1994. "Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan," OUP Catalogue, Oxford University Press, number 9780198288732, March.
  32. Pollitt, M.G., 1999. "A survey of the liberalisation of public enterprises in the UK since 1979," Cambridge Working Papers in Economics 9901, Faculty of Economics, University of Cambridge.
  33. Nalebuff, Barry J & Stiglitz, Joseph E, 1983. "Information, Competition, and Markets," American Economic Review, American Economic Association, vol. 73(2), pages 278-83, May.
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