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Corporate Governance, Competition And Finance: Re-Thinking Lessons From The Asian Crisis

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  • Jack Glen
  • Ajit Singh

Abstract

This paper critically examines the Greenspan-Summers-IMF thesis concerning the Asian crisis, which suggested that the fundamental causes of the Asian crisis lay in the microeconomic behavior of economic agents in these societies - in the Asian way of doing business. The paper concentrates on corporate governance and competition in emerging markets and outlines the international significance of these issues in the context of the New International Financial Architecture and the Doha Development Round at the WTO. It reviews new analyses and fresh evidence on corporate governance, corporate finance and on competition in emerging and mature markets, to suggest that the basic thesis above is not valid and the consequent policy proposals are therefore deeply flawed.

Suggested Citation

  • Jack Glen & Ajit Singh, 2004. "Corporate Governance, Competition And Finance: Re-Thinking Lessons From The Asian Crisis," Working Papers wp288, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp288
    Note: PRO-2
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    References listed on IDEAS

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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. Ajit Singh, 2008. "Stock Markets in Low and Middle Income Countries," Working Papers wp377, Centre for Business Research, University of Cambridge.
    3. Ajit Singh, 2010. "Are the Institutions of the Stock Market and the Market for Corporate Control Evolutionary Advances for Developing Countries?," Palgrave Macmillan Books, in: Giuseppe Fontana & John McCombie & Malcolm Sawyer (ed.), Macroeconomics, Finance and Money, chapter 21, pages 311-326, Palgrave Macmillan.
    4. N. Selekler-Goksen & Özlem Yildirim Öktem, 2009. "Countervailing institutional forces: corporate governance in Turkish family business groups," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 13(3), pages 193-213, August.
    5. Ajit Singh & Jack Glen & Ann Zammit & Rafael De-Hoyos & Alaka Singh & Bruce Weisse, 2005. "Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard?," International Review of Applied Economics, Taylor & Francis Journals, vol. 19(4), pages 419-437.
    6. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2009. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 6(2), pages 343-380, June.
    7. Ilene Grabel, 2008. "The Political Economy of Remittances: What Do We Know? What Do We Need to Know?," Working Papers wp184, Political Economy Research Institute, University of Massachusetts at Amherst.

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    More about this item

    Keywords

    Corporate governance; competition; emerging markets;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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