Economic Liberalization and Integration in East Asia A Post-Crisis Paradigm [Hardcover]

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 accepted the 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 in explaining 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.

Successes and Failures of the East Asian Development Paradigm
1. Introduction
2. Characteristics and Successes of the East Asian Development Paradigm
3. Development Policies and Governance
4. Failures of the East Asian Development Model: An Overview
5. Failures in Governance and Institution Building
6. Weaknesses of the Corporate and Financial Sector
The Asian Crisis: Causes and Consequences
7. The Build-up of the Crisis
8. Causes of the East Asian Crisis: Structural Weakness vs. Liquidity Panic View
9. A Reevaluation of the IMF Reform Program: Wrong Diagnosis and Wrong prescription
10. The IMF Structural Reform: Inconsistencies in the Program
Institutional Reform: Challenges and Prospects
11. Reform of Government and Industrial Policy
12. Institution Building for Governance
13. Corporate Sector Reform
14. Social Welfare and Industrial Relations
Financial Liberalization and Opening
15. Progress in and Prospects for Financial Reform
16. Exchange Rate Regimes: lÃY