Market or Government Failures?: An Asian Perspective

Cover......Page 1
Contents......Page 8
List of Tables......Page 10
List of Figures......Page 12
Preface......Page 13
List of Abbreviations......Page 16
Acknowledgements......Page 18
1 The Old and the New Political Economy......Page 20
From the old to the new political economy......Page 21
Institutions and organizations......Page 27
Different types of state......Page 31
Different types of markets......Page 35
Interactions between state, organizations and markets......Page 41
2 Theories of Market and Government Failures......Page 43
Market failures......Page 44
Government failures......Page 47
Parallels between market and government failures......Page 56
The relevance of theories to East Asia......Page 57
Conclusion......Page 62
3 Financial Crises: Cases of Market Failure......Page 64
Financial globalization......Page 66
Financial liberalization policies......Page 67
Financial crises in industrial and developing countries......Page 69
Why failures in financial markets?......Page 76
Lessons from financial crises......Page 82
4 The Asian Financial Crisis......Page 84
Key features of the crisis......Page 85
Theoretical explanations......Page 92
Diagnosis of the crisis......Page 95
Role of the IMF in the crisis......Page 97
The impact of the crisis......Page 101
Conclusion......Page 109
5 The Impact of the Asian Crisis on China and India......Page 111
Vulnerability indicators......Page 113
Trade impact......Page 124
Impact on capital inflows......Page 129
Impact on the future of reforms......Page 136
Need for financial reforms......Page 140
Conclusion......Page 144
The soft-budget constraint......Page 146
Excess labour or overstaffing......Page 149
State enterprises in China and India......Page 151
The soft-budget constraint in Chinese state-owned enterprises (SOEs)......Page 156
The soft-budget constraint in Indian public-sector enterprises (PSEs)......Page 170
Conclusion......Page 180
7 Conclusion: Implementation Failures......Page 181
Strategy/policy design......Page 185
Other implementation problems......Page 188
Conclusion......Page 193
Notes......Page 194
Bibliography......Page 201
F......Page 233
O......Page 234
Z......Page 235
B......Page 236
C......Page 237
D......Page 238
E......Page 239
F......Page 240
I......Page 241
M......Page 243
O......Page 244
P......Page 245
S......Page 246
W......Page 248
X......Page 249