The hazard of moral hazard: Untangling the Asian crisis

World Development

Volumn 28, Issue 4, 2000, Pages 775-788

  Chang, Ha Joon ^a  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

Author keywords

Asian crisis; Cronyism; Financial policy; Industrial policy; Moral hazard; Political economy

Indexed keywords

FINANCIAL CRISIS; IMF; INDUSTRIAL POLICY;

ASIA;

EID: 0034005183     PISSN: 0305750X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0305-750X(99)00152-7     Document Type: Note

References (42)

1. Akyuz Y., Chang H.J., Kozul-Wright R. New perspectives on East Asian development. Journal of Development Studies. 34(6):1998;4-36.
2. Amsden A. Asia's next giant. 1989;Oxford University Press, New York.
3. Brittan, S. (1997). Asian model R.I.P. Financial Times. December 4.
4. Burton, J. (1998). Boxed into a corner. Financial Times. November 23.
5. Chang H.-J. The political economy of industrial policy in Korea. Cambridge Journal of Economics. 17(2):1993;131-157.
6. Chang H.-J. The political economy of industrial policy. 1994;Macmillan, London and Basingstoke.
7. Chang, H. -J. (1995). Explaining flexible rigidities in East Asia. In T. Killick, The flexible economy. London: Routledge.
8. Chang H.-J. Korea: The misunderstood crisis. World Development. 26(8):1998;1555-1561.
9. Chang, H. -J. (1999). Industrial policy and East Asia - The miracle, the crisis, and the future. A paper presented at the World Bank workshop on Re-thinking East Asian Miracle, February 16-17, San Francisco, USA.
10. Chang, H. -J., Palma, G., & Whittaker, D. H. (forthcoming). The Asian crisis and financial liberalization. London and Basingstoke: Macmillan.
11. Chang H-J., Park H-J., Yoo C.G. Interpreting the Korean crisis: Financial liberalisation, industrial policy, and corporate governance. Cambridge Journal of Economics. 22(6):1998;735-746.
12. Corden, M. (1998). Sense and nonsense on the Asian crisis. The Sturc Lecture, delivered on November 8, 1998, at the Paul H. Nitze School of Advanced International Studies. Washington, DC: Johns Hopkins University.
13. Evans P. Embedded autonomy - states and industrial transformation. 1995;Princeton University Press, Princeton.
14. Fishlow A., Gwin C., Haggard S., Rodrik D., Wade R. Miracle or design? - Lessons from the East Asian experience. 1994;Overseas Development Council, Washington, DC.
15. Frankel, J. (1998). The Asian model, the miracle, the crisis and the fund. A speech delivered at the US International Trade Commission, April 16.
16. Furman, J., & Stiglitz, J. (1998). Economic crises: Evidence and insights from East Asia. A paper presented at the Brookings Panel on Economic Activity, September 3-4, Washington, DC.
17. Henderson, J. (1999). Uneven crises: Institutional foundations of East Asian economic turmoil. Economy and Society, 28(3), 327-368.
18. Johnson, C. (1984). The industrial policy debate. San Francisco: Institute for Contemporary Studies.
19. Jomo, S. K., & Rock, M. (1998). Economic diversification and primary commodity processing in the second-tier South-East Asian newly industrialising countries. UNCTAD Discussion Paper, no. 136. Geneva: United Nations Conference on Trade and Development (UNCTAD).
20. Kindleberger C. A financial history of Western Europe. 1984;George Allen and Unwin, London.
21. Kindleberger C. Manias, panics, and crashes. 3rd ed. 1996;Macmillan, London and Basingstoke.
22. Kregel, J. (1998). Yes, it did happen again - the Minsky crisis in Asia. A paper presented at the conference on the Legacy of Hyman Minsky, December 1998, Bergamo.
23. Krugman P. What happened to Asia? Mimeo. 1998a;Department of Economics, Massachusetts Institute of Technology, Cambridge, MA.
24. Krugman, P. (1998b). Fire-sale FDI. A paper presented at the NBER Conference on Capital Flows to Emerging Markets, February 20-21.
25. Lall S. Does the bell toll for industrial policy? World Development. 22(4):1994;645-654.
26. Lall, S. (1998). Selective industrial and trade policies in developing countries: Theoretical and Empirical Issues. A paper prepared for Project on Economic Policymaking and Implementation in Africa: A Case for Strategic Trade and Selective Industrial Policies organised by the IDRC (International Development Research Centre), Nairobi.
27. McKinnon R., Pill H. International overborrowing - A decomposition of credit and currency risk. World Development. 26(7):1998;1267-1282.
28. North D. Structure and change in economic history. 1981;W.W. Norton, New York.
29. Palma G. There and a half cycles of mania, panic and [asymmetric] crash: East Asia and Latin America compared. Cambridge Journal of Economics. 22(6):1998;789-808.
30. Park, H. -J. (1998). Strategy, competition, and organisational structure of the cheabol. Mimeo. London: School of Oriental and African Studies, University of London.
31. Pasuk, P., & Baker, C. (forthcoming). Thailand's crisis: Neo-liberal agenda and local reaction. In H. -J. Chang, G. Palma, and D. H. Whittaker, The Asian crisis and financial liberalization. London and Basingstoke: Macmillan.
32. Pyo, H. K. (1998). Excess competition, moral hazard, and industrial trauma in Korea (1997-1998). A paper presented at the conference on The Aftermath of the Asian Crisis, May 13-14, Washington, DC.
33. Radelet S., Sachs J. The East Asian financial crisis: Diagnosis, remedies and prospects. Brookings Paper on Economic Activity. 1:1998;1-90.
34. Richardson G. Information and investment. 1960;Oxford University Press, Oxford.
35. Rosenberg N. Exploring the black box. 1994;Cambridge University Press, Cambridge.
36. Rosenberg N., Birdzell L. How the west grew rich. 1986;I.B. Tauris Co. Ltd, London.
37. Singh, A. (1999). Asian capitalism and the financial crisis. In J. Michie & J. Grieve Smith, Global instability - the political economy of world economic governance. London: Routledge.
38. Stiglitz J. Some lessons from the East Asian miracle. The World Bank Research Observer. 11(2):1996;151-177.
39. Stiglitz, J. (1998). Sound finance and sustainable development in Asia. A speech delivered at the Asian development forum, March 12, Manila, Philippines.
40. Taylor L. Capital market crises: Liberalization, fixed exchange rates and market-driven destablization. Cambridge Journal of Economics. 22(6):1998;663-676.
41. World Bank, 1993. The East Asian Miracle. New York: Oxford University Press.
42. Yoo, S. M. (1997). Evolution of Government-Business interface in Korea: Progress to date and reform agenda ahead. Working Paper, no. 9711. Seoul: Korea Development Institute.