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Financial crisis in East Asia: "The end of the Asian model"?

Author

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  • Singh, Ajit

Abstract

As the East Asian economic crisis has unfolded over the last six months, it has become common place for informed Western commentators to suggest that the crisis has essentially been caused by the specific model of capitalism -- the so-called “Asian model”-- that these countries had been following. It is admitted that this model had been quite successful in delivering fast economic growth for some time, but it is suggested that it was ultimately doomed to failure because of its incompatibility with free markets.

Suggested Citation

  • Singh, Ajit, 1998. "Financial crisis in East Asia: "The end of the Asian model"?," MPRA Paper 53539, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53539
    as

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    File URL: https://mpra.ub.uni-muenchen.de/53539/1/MPRA_paper_53539.pdf
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    References listed on IDEAS

    as
    1. Mason, Andrew D. & Baptist, Jacqueline, 1996. "How important are labor markets to the welfare of the poor in Indonesia?," Policy Research Working Paper Series 1665, The World Bank.
    2. repec:ilo:ilowps:325403 is not listed on IDEAS
    3. repec:ilo:ilowps:297942 is not listed on IDEAS
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    Citations

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    Cited by:

    1. Ha-Joon Chang & Chul-Gyue Yoo, 1999. "The Triumph of the Rentiers? The 1997 Korean Crisis in a Historical Perspective," SCEPA working paper series. 1999-05, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    2. Ajit Singh, 2003. "Corporate governance, corporate finance and stock markets in emerging countries," Working Papers wp258, Centre for Business Research, University of Cambridge.
    3. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
    4. 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.
    5. Ha-Joon Chang & Chul-Gyue Yoo, 2000. "The Triumph of the Rentiers?," Challenge, Taylor & Francis Journals, vol. 43(1), pages 105-124, January.

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    More about this item

    Keywords

    East Asia; economic crisis 1997-98; Asian model of capitalism; free markets;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • F6 - International Economics - - Economic Impacts of Globalization
    • P0 - Political Economy and Comparative Economic Systems - - General

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