By Shalendra Sharma
ISBN-10: 0719066026
ISBN-13: 9780719066023
ISBN-10: 0719066034
ISBN-13: 9780719066030
The Asian monetary predicament of 1997-98 shook the principles of the worldwide economic system. What begun as a localized foreign money concern quickly engulfed the whole Asian area. What went fallacious and the way did the Asian economies, lengthy thought of "miracles," reply? How did the us, Japan and different G-7 international locations react to the concern? What position did the IMF play? Why did China stay conspicuously insulated from the turmoil raging in its midst? What classes should be learnt from the quandary by means of different rising economies? This ebook presents solutions to the entire above questions and extra. It offers a complete account of ways the foreign fiscal order operates, examines its strengths and weaknesses, and what has to be performed to mend it. The booklet could be important to scholars of economics, foreign political financial system, Asian and improvement experiences.
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Additional info for The Asian Financial Crisis: New International Financial Architecture: Crisis, Reform and Recovery
Sample text
Emerging markets, especially in Asia, were booming, and offered greater profitability than investments in the developed countries. Indeed, to facilitate the capital inflows, many Asian countries (with some pressure from the United States) opened their money and capital markets and removed foreign-exchange controls. 62 In addition, South Korea opened its securities market in January 1992 (when it permitted non-residents to invest directly in Korean stocks as part of its plan to promote the gradual expansion of its capital market), and was required to submit a schedule of capital liberalization in preparation for admission to the OECD.
Singh 1999). This important issue needs some elaboration. Macroeconomic theory tells us that free capital movements contribute to efficient allocation of capital and provide opportunities for both foreign investors and domestic residents. For lenders, the advantages include increased portfolio diversification and higher returns from more productive foreign projects. Similarly, borrowers can gain in several ways. They can obtain resources to finance cyclical downturns and balance-of-payments disequilibria, thus allowing them to smooth out consumption.
From the end of the Second World War until the mid-1970s, the flow of resources into developing countries was dominated by official development assistance (ODA). The oil embargo and the recycling of petrodollars that began in earnest in 1974 gave rise to a new investment regime. The ready availability of funds allowed developing countries either to augment or to replace ODA and direct investment with large-scale bank lending. In 1981, more than half the resource flows to developing countries consisted of private lending.
The Asian Financial Crisis: New International Financial Architecture: Crisis, Reform and Recovery by Shalendra Sharma
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