IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/53884.html
   My bibliography  Save this paper

Savings, investment and the corporation in the East Asian miracle

Author

Listed:
  • Singh, Ajit

Abstract

The East Asian countries have achieved a spectacular average rate of economic growth over the last 30 to 40 years, with very substantial diversification and economic development. Korea, for example, managed to transform itself from being a largely agricultural society in 1960 to the point where it became the third country after the US and Japan to export 256 K memory chips, developed by its own firms. It is no exaggeration to say that the post-WWII development of East Asia (including Japan)is the most successful story of sustained economic growth in the history of mankind. How does one account for this extraordinary economic success?

Suggested Citation

  • Singh, Ajit, 1997. "Savings, investment and the corporation in the East Asian miracle," MPRA Paper 53884, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53884
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/53884/1/MPRA_paper_53884.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Masahiko Aoki, 2013. "Toward an Economic Model of the Japanese Firm," Chapters, in: Comparative Institutional Analysis, chapter 18, pages 315-341, Edward Elgar Publishing.
    2. Anne O. Krueger, 1995. "East Asian Experience and Endogenous Growth Theory," NBER Chapters, in: Growth Theories in Light of the East Asian Experience, pages 9-36, National Bureau of Economic Research, Inc.
    3. 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, June.
    4. Lee, Chung H., 1992. "The government, financial system, and large private enterprises in the economic development of South Korea," World Development, Elsevier, vol. 20(2), pages 187-197, February.
    5. 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.
    6. 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.
    7. Honohan, Patrick & Atiyas, Izak, 1993. "Intersectoral Financial Flows in Developing Countries," Economic Journal, Royal Economic Society, vol. 103(418), pages 666-679, May.
    8. Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers 1, World Bank - International Finance Corporation.
    9. 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.
    10. Takatoshi Ito & Anne O. Krueger, 1995. "Introduction to "Growth Theories in Light of the East Asian Experience, NBER-EASE volume 4"," NBER Chapters, in: Growth Theories in Light of the East Asian Experience, NBER-EASE Volume 4, pages 1-6 National Bureau of Economic Research, Inc.
    11. Takatoshi Ito & Anne O. Krueger, 1995. "Growth Theories in Light of the East Asian Experience," NBER Books, National Bureau of Economic Research, Inc, number ito_95-2.
    12. Cho, Y.D., 1995. "Company Investment Decisions and Financial Constrants: An Analysis of a Panel of Korean Manufacturing Firms," Economics Series Working Papers 99177, University of Oxford, Department of Economics.
    13. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. Francis Cripps & Alex Izurieta & Ajit Singh, 2011. "Forum 2011," Development and Change, International Institute of Social Studies, vol. 42(1), pages 228-261, January.
    3. 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.
    4. Singh, Ajit, 1998. "Asian capitalism and the financial crisis," MPRA Paper 54932, University Library of Munich, Germany.
    5. 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.
    6. 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.
    7. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
    8. Singh, Ajit & Singh, Alaka & Wiess, Bruce, 2000. "Information Technology, Venture Capital and the Stock Market," Accounting and Finance Discussion Papers 00-af47, Faculty of Economics, University of Cambridge.
    9. Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate governance, competition, the new international financial architecture and large corporations in emerging markets," MPRA Paper 53665, University Library of Munich, Germany.
    10. Servaas Storm & C. W. M. Naastepad, 2005. "Forum 2005," Development and Change, International Institute of Social Studies, vol. 36(6), pages 1059-1094, November.
    11. 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.
    12. Ajit Singh, 2003. "Competition, corporate governance and selection in emerging markets," Economic Journal, Royal Economic Society, vol. 113(491), pages 443-464, November.
    13. 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.
    14. 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.
    15. 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.
    16. Dani Rodrik & Tain-Jy Chen, 1998. "TFPG Controversies, Institutions and Economic Performance in East Asia," International Economic Association Series, in: Yujiro Hayami & Masahiko Aoki (ed.), The Institutional Foundations of East Asian Economic Development, chapter 4, pages 79-105, Palgrave Macmillan.
    17. 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.
    18. 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.
    19. 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.
    20. 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.
    21. Singh, Ajit & Dhumale, Rahul, 1999. "Competition policy and development: key issues for developing countries – a briefing," MPRA Paper 53478, University Library of Munich, Germany.
    22. Singh, Ajit, 2005. "The Doha development agenda: what special and differential treatment?," MPRA Paper 53438, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Singh, Ajit, 1996. "Catching up with the West: a perspective on Asian economic development," MPRA Paper 54925, University Library of Munich, Germany.
    2. Singh, Ajit, 1994. "How East Asia grew so fast? slow progress towards an analytical consensus," MPRA Paper 53830, University Library of Munich, Germany.
    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. Ajit, Singh, 1998. "'Asian capitalism' and the financial crisis," MPRA Paper 24937, University Library of Munich, Germany.
    5. Hassan Hakimian, 1998. "From East to West Asia: Lessons of Globalization, Crisis and Economic Reform," Working Papers 82, Department of Economics, SOAS University of London, UK, revised 2000.
    6. Prakash Kumar Shrestha, 2013. "Economic development in South and East Asia: empirical examination of East Asian Development Model," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 20(2), pages 1-28, December.
    7. Cobham, David & Subramaniam, Ramesh, 1998. "Corporate finance in developing countries: New evidence for India," World Development, Elsevier, vol. 26(6), pages 1033-1047, June.
    8. Debi Prasad Bal & Devi Prasad Dash & Bibhudutta Subhasish, 2016. "The Effects of Capital Formation on Economic Growth in India: Evidence from ARDL-bound Testing Approach," Global Business Review, International Management Institute, vol. 17(6), pages 1388-1400, December.
    9. Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate governance, competition, the new international financial architecture and large corporations in emerging markets," MPRA Paper 53665, University Library of Munich, Germany.
    10. Sorin-George Toma, 2019. "Learning From The Asian Tigers: Lessons In Economic Growth," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 63-69, June.
    11. Ajit Singh, 1998. "Pension Reform, the Stock Market, Capital Formation and Economic Growth: A Critical Commentary on the World Bank’s Proposals," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 2(8-7), pages 51-78.
    12. Y. Wu, 1997. "Productivity & Efficiency: Evidence from the Chinese regional economies," Economics Discussion / Working Papers 97-18, The University of Western Australia, Department of Economics.
    13. Ajit Singh, 2003. "Competition, corporate governance and selection in emerging markets," Economic Journal, Royal Economic Society, vol. 113(491), pages 443-464, November.
    14. Sharmistha Self & Richard Grabowski, 2008. "Examining The Link Between Japan'S Development And Education Of Females," Pacific Economic Review, Wiley Blackwell, vol. 13(3), pages 279-288, August.
    15. Singh, Ajit, 2003. "Corporate governance, the big business groups and the G-7 reform agenda: A critical analysis," MPRA Paper 24663, University Library of Munich, Germany.
    16. Harry X. Wu, 2011. "Rethinking China's Path of Industrialization," WIDER Working Paper Series wp-2011-076, World Institute for Development Economic Research (UNU-WIDER).
    17. Fleisher, Belton & Li, Haizheng & Zhao, Min Qiang, 2010. "Human capital, economic growth, and regional inequality in China," Journal of Development Economics, Elsevier, vol. 92(2), pages 215-231, July.
    18. Saumitra, Bhaduri, 2012. "Why do firms issue equity? Some evidence from an emerging economy, India," MPRA Paper 38043, University Library of Munich, Germany.
    19. Donald Lien & Melody Lo & Jinlan Ni, 2012. "Selective Asymmetric Capital Financing Behavior: Preference Towards Equity Financing," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-29.
    20. Singh, Ajit & Weisse, Bruce, 1998. "The Asian model: a crisis foretold," MPRA Paper 54002, University Library of Munich, Germany.

    More about this item

    Keywords

    East Asian miracle; economic development; Korea; Japan; post-WWII;
    All these keywords.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:53884. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.