Book

Economic Liberalization and Integration in East Asia

Yung Chul Park

Published in print December 2005 | ISBN: 9780199276776
Published online February 2006 | e-ISBN: 9780191603051 | DOI: http://dx.doi.org/10.1093/0199276773.001.0001
Economic Liberalization and Integration in East Asia

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This book examines East Asia’s economic development and integration following the Asian crisis of 1997-1998. The book is divided into six parts. Part 1 describes the development experiences of East Asia’s emerging economies, their characteristics and accomplishments, and then provides an overview of some of the critical failures of the East Asian development model. Part 2 examines the causes and consequences of the Asian crisis, together with a reassessment of the IMF reform program. Part 3 covers the topics of corporate and institutional sector reform, the role of government, and the need for improved social welfare and industrial relations policies. Part 4 assesses the progress in three key areas for the region: reform of the financial sector, the pros and cons of a floating exchange rate regime, and the degree and effect of capital account liberalization. Part 5 reviews the key sectors of trade and financial integration in East Asia, the prospects for continued economic cooperation and integration, and the need for policy coordination with regard to the record foreign currency reserves held by East Asian economies, which resulted in a Transpacific trade imbalance. Part 6 considers the road ahead for East Asia and outlines the characteristics of a new paradigm for development. It is argued that merely adopting liberal economic reform measures will not ensure successful development. This new and evolving development paradigm — distinct from the old system yet not an Anglo-American system — is the key to ensuring success in the region.

Keywords: development paradigm; economic system; East Asia; Asian crisis; Anglo-American; financial crisis; economic liberalization; regional integration; growth model; financial integration

Book.  294 pages.  Illustrated.

Subjects: Business and Management

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Table of Contents

Introduction in Economic Liberalization and Integration in East Asia

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Development Policies and Governance in Economic Liberalization and Integration in East Asia

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Failures of the East Asian Development Model: An Overview in Economic Liberalization and Integration in East Asia

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Failures in Governance and Institution Building in Economic Liberalization and Integration in East Asia

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Weaknesses of the Corporate and Financial Sector in Economic Liberalization and Integration in East Asia

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The Buildup of the Crisis in Economic Liberalization and Integration in East Asia

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Causes of the East Asian Crisis: Structural Weakness vs. Liquidity Panic View in Economic Liberalization and Integration in East Asia

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The IMF Structural Reforms: Inconsistencies in the Program in Economic Liberalization and Integration in East Asia

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