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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.

Suggested Citation

  • Ajit, Singh, 1998. "'Asian capitalism' and the financial crisis," MPRA Paper 24937, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:24937
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    References listed on IDEAS

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    1. 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.
    2. Calvo, Guillermo A. & Mendoza, Enrique G., 1996. "Mexico's balance-of-payments crisis: a chronicle of a death foretold," Journal of International Economics, Elsevier, vol. 41(3-4), pages 235-264, November.
    3. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    4. 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.
    5. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
    6. Harold L. Cole & Timothy J. Kehoe, 1996. "A self-fulfilling model of Mexico's 1994-95 debt crisis," Staff Report 210, Federal Reserve Bank of Minneapolis.
    7. 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.
    8. Cole, Harold L. & Kehoe, Timothy J., 1996. "A self-fulfilling model of Mexico's 1994-1995 debt crisis," Journal of International Economics, Elsevier, vol. 41(3-4), pages 309-330, November.
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    Citations

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    Cited by:

    1. 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.
    2. Alice N. Sindzingre, 2015. "Whatever Inconsistencies and Effects? Explaining the Resilience of the Policy Reforms Applied to Developing Countries," Forum for Social Economics, Taylor & Francis Journals, vol. 44(2), pages 159-178, August.
    3. 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 wp77, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Philip Arestis, 2003. "Financial Sector Reforms in Developing Countries with Special Reference to Egypt," Economics Working Paper Archive wp_383, Levy Economics Institute.
    5. Singh, Ajit & Weisse, Bruce, 1998. "The Asian model: a crisis foretold," MPRA Paper 54002, University Library of Munich, Germany.
    6. Jack Glen & Ajit Singh, 2003. "Capital Structure, Rates of Return and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994-00," Working Papers wp265, Centre for Business Research, University of Cambridge.
    7. Jean-Pierre Allegret & Bernard Courbis & Philippe Dulbecco, 2003. "Intermédiation et stabilité financière dans les marchés émergents," Post-Print hal-01660189, HAL.
    8. Désiré Avo & Sylvie Marie-Louise Eyeffa Ekomo, 2007. "Quinze ans de restructuration bancaire dans la CEMAC : qu’avons-nous appris ?," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 183-205.
    9. Korhonen, Iikka & Ledyaeva, Svetlana, 2010. "Trade linkages and macroeconomic effects of the price of oil," Energy Economics, Elsevier, vol. 32(4), pages 848-856, July.
    10. Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
    11. Saoussen Ben Gamra & Mickaël Clévenot, 2006. "Libéralisation financière et crises bancaires dans les pays émergents," CEPN Working Papers hal-00188615, HAL.
    12. Ajit Singh, 2005. "FDI, Globalisation and Economic Development - Towards Reforming National and International Rules of the Game," Working Papers wp304, Centre for Business Research, University of Cambridge.

    More about this item

    Keywords

    Asian Model; East Asia; Economic Crisis; Policy;

    JEL classification:

    • F0 - International Economics - - General

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