Economic Liberalization and Integration in East Asia: A Post-Crisis Paradigm

by Yung Chul Park

Overview

Several years before the 1997-98 Asian financial crisis, most East Asian economies with the exception of China had engaged in the liberal reform prescriptions of the Washington Consensus. The Asian financial crisis added impetus to the transformation process as the crisis countries accepted the Washington Consensus as part of their commitment to the IMF policy conditionality.

In this book the author argues for the continuing validity of an 'East Asian' model of economic development that differs distinctly from the Washington Consensus. He argues that, while this model was undermined to some extent by the 1997-98 financial crisis, it remains robust and important in explaining economic events in East Asia. In doing so, he covers the accomplishments and failures of the East Asian development model and the reform agenda for a new East Asian paradigm for post-crisis development.

Product Details

ISBN-13:	9780199276776
Publisher:	Oxford University Press
Publication date:	02/23/2006
Pages:	296
Product dimensions:	9.30(w) x 6.30(h) x 1.00(d)

About the Author

Yung Chul Park is Professor of Economics at Seoul National University and a member of National Economic Advisory Council. He was an ambassador for International Economy and Trade, Ministry of Foreign Affairs and Trade, 2001-2002 and Chairman of the board at the Korea Exchange Bank in Seoul, Korea, 1999-2001. He previously served as the Chief Economic Adviser to President Doo Hwan Chun of Korea and as a member of the Central Bank of Korea's Monetary Board. He has also held positions at Harvard University, Boston University and the International Monetary Fund.

Table of Contents

Successes and Failures of the East Asian Development Paradigm1. Introduction2. Characteristics and Successes of the East Asian Development Paradigm3. Development Policies and Governance4. Failures of the East Asian Development Model: An Overview5. Failures in Governance and Institution Building6. Weaknesses of the Corporate and Financial SectorThe Asian Crisis: Causes and Consequences7. The Build-up of the Crisis8. Causes of the East Asian Crisis: Structural Weakness vs. Liquidity Panic View9. A Reevaluation of the IMF Reform Program: Wrong Diagnosis and Wrong prescription10. The IMF Structural Reform: Inconsistencies in the ProgramInstitutional Reform: Challenges and Prospects11. Reform of Government and Industrial Policy12. Institution Building for Governance13. Corporate Sector Reform14. Social Welfare and Industrial RelationsFinancial Liberalization and Opening15. Progress in and Prospects for Financial Reform16. Exchange Rate Regimes: Fear of Floating17. Capital Account LiberalizationEconomic Integration in East Asia18. Trade Integration19. Financial Integration20. Prospects for Economic Cooperation and Integration21. Reserve Accumulation in East Asia and Trans-pacific Trade ImbalanceWhither Economic Liberalization and Integration in East Asia?22. In search of a New East Asian Paradigm of Development23. A Long Road to Anglo-Americanization24. New Paradigm of Development: A Mixed Economy Model25. Concluding Remarks