Economic Liberalization And Integration In East Asia: A Post-crisis Paradigm

Paperback | May 17, 2007

byYung Chul Park

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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 acceptedthe 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 inexplaining 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.

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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 acceptedthe Washington Consensus as part of their comm...

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...

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Format:PaperbackDimensions:296 pages, 9.21 × 6.14 × 0.63 inPublished:May 17, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199215219

ISBN - 13:9780199215218

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Table of Contents

Successes and Failures of the East Asian Development Paradigm1. Introduction2. Characteristics and Accomplishments 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 Re-evaluation 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

Editorial Reviews

`This comprehensive, thorough, excellent book by a distinguished scholar and policy advisor addresses key issues in East Asian economic development and market integration. Park cogently lays out a new East Asian middle ground between the East Asian development model discredited by the 1997Asian financial crisis and the Anglo-American liberalized market system of capitalism, both of which he carefully describes and analyzes. The author carefully and somewhat skeptically evaluates the current government-led East Asian economic cooperation movement to support, or be superimposed upon,the very successful market-driven East Asian economic integration process. This book is a must read for anyone interested in the present and future of East Asia.'Hugh Patrick, Robert D. Calkins Professor Emeritus of International Business, Columbia Business School