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Author: Dimitri Vittas
Publisher: World Bank Publications
ISBN:
Category : Credit
Languages : en
Pages : 44
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Book Description
Author: Dimitri Vittas
Publisher: World Bank Publications
ISBN:
Category : Credit
Languages : en
Pages : 44
Get Book Here
Book Description
Author: Dimitri Vittas
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
May 1995 Directed credit programs should be small, narrowly focused, and of limited duration (with clear sunset provisions). They should be financed by long-term funds to prevent inflation and macroeconomic instability. Directed credit programs were a major tool of development in the 1960s and 1970s. In the 1980s, their usefulness was reconsidered. Experience in most countries showed that they stimulated capital-intensive projects, that preferential funds were often (mis)used for nonpriority purposes, that a decline in financial discipline led to low repayment rates, and that budget deficits swelled. Moreover, the programs were hard to remove. But Japan and other East Asian countries have long touted the merits of focused, well-managed directed credit programs, saying they are warranted when there is a significant discrepancy between private and social benefits, when investment risk is too high on certain projects, and when information problems discourage lending to small and medium-size firms. The assumption underlying policy-based assistance and other forms of industrial assistance (such as lower taxes) is that the main constraint on new or expanding enterprises is limited access to credit. Vittas and Cho give an overview of credit policies in East Asian countries (China, Japan, and the Republic of Korea) as well as India, and summarize what these countries have learned about directed credit programs. Among the lessons: * Credit programs must be small, narrowly focused, and of limited duration (with clear sunset provisions). * Subsidies must be low to minimize distortion of incentives as well as the tax on financial intermediation that all such programs entail. * Credit programs must be financed by long-term funds to prevent inflation and macroeconomic instability. Recourse to central bank credit should be avoided except in the very early stages of development when the central bank's assistance can help jump-start economic growth. * They should aim at achieving positive externalities (or avoiding negative ones). Any help to declining industries should include plans for their timely phaseout. * They should promote industrialization and export orientation in a competitive private sector with internationally competitive operations. * They should be part of a credible vision of economic development that promotes growth with equity and should involve a long-term strategy to develop a sound financial system. * Policy-based loans should be channeled through well-capitalized, administratively capable financial institutions, professionally managed by autonomous managers. * They should be based on clear, objective, easily monitorable criteria. * Programs should aim for a good repayment record and few losses. * They should be supported by effective mechanisms for communication and consultation between the public and private sectors, including the collection and dissemination of basic market information. This paper -- a product of the Financial Sector Development Department -- is part of a larger effort in the department to study the effectiveness of policy-based finance in East Asia.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 389
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Book Description
Author: Carl-Johan Lindgren
Publisher:
ISBN: 9781557758712
Category : Business & Economics
Languages : en
Pages : 103
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Book Description
An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.
Author: José Edgardo L. Campos
Publisher: Brookings Institution Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
"Easily the most informed and comprehensive analysis to date on how and why East Asian countries have achieved sustained high economic growth rates, this book] substantially advances our understanding of the key interactions between the governors and governed in the development process. Students and practitioners alike will be referring to Campos and Root's series of excellent case studies for years to come." Richard L. Wilson, The Asia Foundation Eight countries in East Asia--Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia--have become known as the "East Asian miracle" because of their economies' dramatic growth. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between 1965 and 1990. Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens. Jose Edgardo Campos and Hilton Root challenge the popular belief that East Asia's high performers grew rapidly because they were ruled by authoritarian leaders. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth. This required them to persuade the business community that their investments would not be expropriated and to convince the broader population that their short-term sacrifices would be rewarded in the future. Many of the countries achieved business cooperation by creating consultative groups, which the authors call deliberation councils, to enhance accountability and stability. They also obtained popular support through a variety of wealth-sharing measures such as land reform, worker cooperatives, and wider access to education. Finally, to inhibit favoritism and corruption that would benefit narrow interest groups at the expense of broad-based development, these countries' leaders constructed a competent bureaucracy that balanced autonomy with accountability to serve all interests, including the poor. This important book provides useful lessons about how developing and newly industrialized countries can build institutions to implement growth-promoting policies.
Author: Danny M. Leipziger
Publisher: World Bank Publications
ISBN: 9780821326077
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
East Asian policies that fostered economic growth, reduced poverty, and raised living standards are the main theme of this cogent overview. Seven newly industrialized economies (NIEs) are described and compared. They are Hong Kong, Indonesia, Korea, Malaysia, Singapore, Taiwan, and Thailand. These country studies examine the macroeconomic policies common to NIEs. They review the highly flexible government interventions that succeeded in developing key industries and the more aggressive interventions that led to failure. The role foreign direct investment plays in producing dramatic growth is also discussed. Also available in Spanish (ISBN 0-8213-2743-7) Stock No. 12743.
Author: Robert Wade
Publisher: Princeton University Press
ISBN: 9780691117294
Category : Business & Economics
Languages : en
Pages : 500
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Book Description
"George Clooney and Mark Wahlberg lead a talented cast in this harrowing special-effects adventure intercutting the plight of seafarers struggling to reach safe harbor with the heroics of air/sea rescue crews"--Container.
Author: Joe Studwell
Publisher: Open Road + Grove/Atlantic
ISBN: 0802193471
Category : Business & Economics
Languages : en
Pages : 434
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Book Description
“A good read for anyone who wants to understand what actually determines whether a developing economy will succeed.” —Bill Gates, “Top 5 Books of the Year” An Economist Best Book of the Year from a reporter who has spent two decades in the region, and who the Financial Times said “should be named chief myth-buster for Asian business.” In How Asia Works, Joe Studwell distills his extensive research into the economies of nine countries—Japan, South Korea, Taiwan, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and China—into an accessible, readable narrative that debunks Western misconceptions, shows what really happened in Asia and why, and for once makes clear why some countries have boomed while others have languished. Studwell’s in-depth analysis focuses on three main areas: land policy, manufacturing, and finance. Land reform has been essential to the success of Asian economies, giving a kick-start to development by utilizing a large workforce and providing capital for growth. With manufacturing, industrial development alone is not sufficient, Studwell argues. Instead, countries need “export discipline,” a government that forces companies to compete on the global scale. And in finance, effective regulation is essential for fostering, and sustaining growth. To explore all of these subjects, Studwell journeys far and wide, drawing on fascinating examples from a Philippine sugar baron’s stifling of reform to the explosive growth at a Korean steel mill. “Provocative . . . How Asia Works is a striking and enlightening book . . . A lively mix of scholarship, reporting and polemic.” —The Economist
Author: Masahiro Kawai
Publisher: Edward Elgar Publishing
ISBN: 0857933353
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Author: Mr.Michael Sarel
Publisher: International Monetary Fund
ISBN: 1451852088
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
This paper examines the different arguments raised by the studies that addressed the East Asian growth experience. The original arguments presented in this paper are all on the negative side, highlighting problems associated with some of the possible explanations for the East Asian miracle. The paper concentrates mainly on four dimensions of the debate about the East Asian growth experience: (i) The nature of economic growth intensive or extensive?; (ii) The role of public policy and of selective interventions; (iii) The role of high investment rates and a strong export orientation as possible engines of growth; and (iv) The importance of the initial conditions and their relevance for policy.
