IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

General Conclusions: From Crisis to A Global Political Economy of Freedom

  • Haider Ali Khan

    (GSIS, University of Denver)

In this chapter I sum up the basic problems for a new theory of 21st century financial crises in light of the Asian and other subsequent crises. My conclusion is that there are indeed deep structural causes at work in the global markets that affect the political economy of countries and regions. Methodologically, new concepts, models and theories are constructed, at ;least partially, to conduct further meaningful empirical work leading to relevant policy conclusions. This book belongs to the beginning of intellectual efforts in this direction. Political economic analyses at the country level, CGE modeling within a new theoretical framework, and neural network approach to learning in a bounded rationality framework point to a role for reforms at the state, firm and regional level. A new type of institutional analysis called the 'extended panda's thumb approach' leads to the recommendation that path dependent hybrid structures need to be constructed at the local, national, regional and global level to lead to a new global financial architecture for the prevention--- and if prevention fails--- management of financial crises.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2003/2003cf192.pdf
Download Restriction: no

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-192.

as
in new window

Length: 40 pages
Date of creation: Feb 2003
Date of revision:
Handle: RePEc:tky:fseres:2003cf192
Contact details of provider: Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033
Phone: +81-3-5841-5644
Fax: +81-3-5841-8294
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Maizels, Alfred & Nissanke, Machiko K., 1984. "Motivations for aid to developing countries," World Development, Elsevier, vol. 12(9), pages 879-900, September.
  2. Diamond, Douglas W, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 709-37, August.
  3. Ronald I. McKinnon & Kenichi Ohno, 1997. "Dollar and Yen: Resolving Economic Conflict between the United States and Japan," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262133350, June.
  4. Haider Ali Khan, 2002. "The Extended Panda's Thumb and a New Global Financial Architecture," CIRJE F-Series CIRJE-F-163, CIRJE, Faculty of Economics, University of Tokyo.
  5. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
  6. Rajan, Raghuram G. & Zingales, Luigi, 2000. "The tyranny of inequality," Journal of Public Economics, Elsevier, vol. 76(3), pages 521-558, June.
  7. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  8. Kar Yan Tam & Melody Y. Kiang, 1992. "Managerial Applications of Neural Networks: The Case of Bank Failure Predictions," Management Science, INFORMS, vol. 38(7), pages 926-947, July.
  9. Pomerleano, Michael, 1998. "The East Asia crisis and corporate finances : the untold micro story," Policy Research Working Paper Series 1990, The World Bank.
  10. Mosley, Paul & Hudson, John & Horrell, Sara, 1987. "Aid, the Public Sector and the Market in Less Developed Countries," Economic Journal, Royal Economic Society, vol. 97(387), pages 616-41, September.
  11. Menzie D. Chinn, 1998. "Before the Fall: Were East Asian Currencies Overvalued?," NBER Working Papers 6491, National Bureau of Economic Research, Inc.
  12. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2005. "Does financial liberalization spur growth?," Journal of Financial Economics, Elsevier, vol. 77(1), pages 3-55, July.
  13. Wade, Robert, 1998. "The Asian debt-and-development crisis of 1997-?: Causes and consequences," World Development, Elsevier, vol. 26(8), pages 1535-1553, August.
  14. Gale, Douglas & Hellwig, Martin, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Wiley Blackwell, vol. 52(4), pages 647-63, October.
  15. Robert Flood & Nancy Marion, 1998. "Perspectives on the Recent Currency Crisis Literature," NBER Working Papers 6380, National Bureau of Economic Research, Inc.
  16. Yang, Z. R. & Platt, Marjorie B. & Platt, Harlan D., 1999. "Probabilistic Neural Networks in Bankruptcy Prediction," Journal of Business Research, Elsevier, vol. 44(2), pages 67-74, February.
  17. Takuma Omori, 2002. ""Suffolk Banking System against the Crisis of 1837 - 39 ---the Spontaneous Development of "Lender of Last resort" by a commercial bank---" (in Japanese)," CIRJE J-Series CIRJE-J-79, CIRJE, Faculty of Economics, University of Tokyo.
  18. Khan, Haider Ali & Hoshino, Eiichi, 1992. "Impact of foreign aid on the fiscal behavior of LDC governments," World Development, Elsevier, vol. 20(10), pages 1481-1488, October.
  19. Velasco, A. & Chang, R., 1998. "The Asian Liquidity Crisis," Working Papers 98-27, C.V. Starr Center for Applied Economics, New York University.
  20. Grabel, Ilene, 1996. "Marketing the third world: The contradictions of portfolio investment in the global economy," World Development, Elsevier, vol. 24(11), pages 1761-1776, November.
  21. Haider A. Khan, 2002. "Can Banks Learn to Be Rational?," CIRJE F-Series CIRJE-F-151, CIRJE, Faculty of Economics, University of Tokyo.
  22. Collins, Robert A. & Green, Richard D., 1982. "Statistical methods for bankruptcy forecasting," Journal of Economics and Business, Elsevier, vol. 34(4), pages 349-354.
  23. Luigi Zingales, 1997. "Corporate Governance," NBER Working Papers 6309, National Bureau of Economic Research, Inc.
  24. Gang, Ira N., 1993. "Reply to Tran-Nam Binh and Mark McGillivray, 'foreign aid, taxes and public investment: A comment'," Journal of Development Economics, Elsevier, vol. 41(1), pages 177-178, June.
  25. Srinivasan, Venkat & Kim, Yong H, 1987. " Credit Granting: A Comparative Analysis of Classification Procedures," Journal of Finance, American Finance Association, vol. 42(3), pages 665-81, July.
  26. Janine Berg & Lance Taylor, 2000. "External Liberalization, Economic Performance, and Social Policy," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2000-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  27. Ira N. Gang & Haider Ali Khan, 1998. "Foreign Aid and Fiscal Behavior in a Bounded Rathionality Model: Different Policy Regimes," Departmental Working Papers 199812, Rutgers University, Department of Economics.
  28. Iwan J. Azis, 2002. "What Would Have Happened in Indonesia if Different Economic Policies Had Been Implemented When the Crisis Started?," Asian Economic Papers, MIT Press, vol. 1(2), pages 75-103.
  29. Milgrom, Paul R., 1987. "employment contracts, influence activities and efficient organization design," Department of Economics, Working Paper Series qt6pf6c5j6, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  30. Pack, Howard & Pack, Janet Rothenberg, 1990. "Is Foreign Aid Fungible? The Case of Indonesia," Economic Journal, Royal Economic Society, vol. 100(399), pages 188-94, March.
  31. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
  32. Jae Yeol Kwon, 1997. "Strong insiders, weak outsiders: A critical look at the Korean system of corporate governance," Global Economic Review, Taylor & Francis Journals, vol. 26(3), pages 97-111.
  33. Chen, Liang-Hsuan & Chiou, Tai-Wei, 1999. "A fuzzy credit-rating approach for commercial loans: a Taiwan case," Omega, Elsevier, vol. 27(4), pages 407-419, August.
  34. Domac, Ilker & Ferri, Giovanni, 1998. "The real impact of financial shocks : evidence from the Republic of Korea," Policy Research Working Paper Series 2010, The World Bank.
  35. David S. Scharfstein & Jeremy C. Stein, 1997. "The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment," NBER Working Papers 5969, National Bureau of Economic Research, Inc.
  36. Sato, Yuri, 1993. "The Salim Group in Indonesia: the development and behavior of the largest conglomerate in Southeast Asia," The Developing Economies, Institute of Developing Economies, Japan External Trade Organization(JETRO), vol. 31(4), pages 408-441, December.
  37. Gang, Ira N. & Khan, Haider Ali, 1990. "Some determinants of foreign aid to India, 1960-1985," World Development, Elsevier, vol. 18(3), pages 431-442, March.
  38. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
  39. Frey, Bruno S. & Schneider, Friedrich, 1986. "Competing models of international lending activity," Journal of Development Economics, Elsevier, vol. 20(2), pages 225-245, March.
  40. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
  41. Wade, Robert, 1998. "From 'Miracle' to 'Cronysim': Explaining the Great Asian Slump," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 693-706, November.
  42. Pack, Howard & Pack, Janet Rothenberg, 1993. "Foreign Aid and the Question of Fungibility," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 258-65, May.
  43. Chang, Ha-Joon & Park, Hong-Jae & Yoo, Chul Gyue, 1998. "Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 735-46, November.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:tky:fseres:2003cf192. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.