Multinational-firm responses to an Asian-crisis comeback: Evidence from European transnationals

Pacific Review

Volumn 14, Issue 2, 2001, Pages 269-287

  Thompson, Edmund R ^a  

^a UNIVERSITY OF HONG KONG   (Hong Kong)

Author keywords

Asia Pacific; Asian crisis; Foreign direct investment (FDI); Multinational firms; Regulatory reform

Indexed keywords

FINANCIAL CRISIS; FOREIGN DIRECT INVESTMENT; MULTINATIONAL ENTERPRISE;

ASIA; EUROPE;

EID: 0035209536     PISSN: 09512748     EISSN: 14701332     Source Type: Journal    
DOI: 10.1080/09512740110037389     Document Type: Article

References (63)

1. Adelman, I. (2000) ‘The minimal conditions for a financial crisis: a multiregional intertemporal CGE model of the Asian crisis’, World Development 28(6): 1087.
2. Aggarwal, R. (1999) ‘Assessing the recent Asian economic crisis: the role of virtuous and vicious cycles’, Journal of World Business 34(4): 392–408.
3. Appell, D. (2000) ‘Recovery makes Asian crisis seem like a bad dream’, Wall Street Journal, 3 January, p. 14.
4. Armstrong, J. S. and Overton, T. S. (1977) ‘Estimating nonresponse bias in mail surveys’, Journal of Marketing Research 24: 396–402.
5. Asian Wall Street Journal (2000) ‘Asia’s economic resistance grows: but World Bank cautions vulnerability remains in wake of financial crisis. This year’s oil-price surge is a wild card’, Asian Wall Street Journal, 19 September, p. 3.
6. Balasubramanyam, V. N. and Salisu, M. (1999) ‘Foreign direct investment as an engine of growth’, Journal of International Trade and Economic Development 8(1): 27–40.
7. Berg, A. (1999) ‘The Asian crisis: causes, policy responses, and outcomes’, International Monetary Fund Working Paper 99/137, Washington, DC.
8. Cabalu, H. (1999) ‘A review of the Asian crisis: causes, consequences and policy responses’, Australian Economic Review 32(3): 304.
9. Chang, H. (2000) ‘The hazard of moral hazard: untangling the Asian crisis’, World Development 28(4): 775.
10. Chang, J. J., Park, H. J. and Yoo, C. G. (1998) ‘Interpreting the Korean crisis: financial liberalization, industrial policy and corporate governance’, Cambridge Journal of Economics 22: 735–46.
11. Ciuriak, D. (1999) ‘The Asian crisis: the challenge to conventional wisdom’, American Asian Review 17(1): 61–102.
12. Ciuriak, D. (2000) ‘The economies of China, Taiwan and Hong Kong since the Asian crisis’, American Asian Review 18(3): 127–67.
13. Cole, D. C. and Slade, B. F. (1998) ‘The crisis and financial sector reform’, ASEAN Economic Bulletin 15(3): 338–46.
14. Coyle, D. (2000) ‘Three years after Asian crisis, policymakers are still arguing over reform’, The Independent, 22 May, p. 17.
15. Crampton, T. (2000) ‘Closing the books on the Asian financial crisis’, International Herald Tribune, 2 February, p. 11.
16. Dale, R. (1999) ‘Global reform push slows with Asian crisis over, complacency returns’, International Herald Tribune, 25 September, p. 27.
17. Demetriades, P. and Fattouh, B. (1999) ‘The South Korean financial crisis: competing explanations and policy lessons for financial liberalization’, International Affairs 75(4): 779–92.
18. Economist (2000a) ‘Asian currencies: falling again’, The Economist 357(8194): 81.
19. Economist (2000b) ‘East Asian economies: Asia’s rollercoaster rides’, The Economist 357(8193): 93.
20. Edwards, J. (2000) ‘Japan may cause another Asian crisis: the Ministry of Finance’s insistence on targeted exchange rates is adversely affecting regional economies’, Financial Times, 17 April, p. 23.
21. Encarnation, J. (1998) ‘Foreign direct investment: the key to Asia’s future economic growth’, Brookings Review 16: 26–30.
22. Fernald, J. (1999) ‘Growth, reform, and the effects of the Asian crisis in China’, China Business Review 26(5): 12–16.
23. Flanigan, J. (1998) ‘Crisis will open Japan and South Korea’, New Perspectives Quarterly 15(1): 26–7.
24. Garg, R. (1999) ‘The Asian financial crisis of 1997 and its consequences’, Multinational Business Review 7(2): 32–7.
25. Garten, E. J. (1999) ‘A crisis without a reform’, The New York Times, 18 August, p. A25.
26. Goldstein, M. (1998) The Asian Financial Crisis: Causes, Cures and Systemic Implications, Washington, DC: Institute for International Economics.
27. Grabel, I. (2000) ‘Identifying risks, preventing crisis: lessons from the Asian crisis’, Journal of Economic Issues 34(2): 377–84.
28. Hamann, J. and Schultz-Ghattas, M. (1999) ‘Structural reforms’, in T. Lane (ed.) IMF-Supported Programs in Indonesia, Korea and Thailand: A Preliminary Analysis, Occasional Paper No. 178, Washington, DC: International Monetary Fund.
29. Hilsenrath, J. E. and Booth, J. (2000) ‘Asian bounce takes hits from abroad: global problems could sink fragile upturn’, Asian Wall Street Journal, 16 October, p. 1.
30. Institute of International Finance (1999) Capital Flows to Emerging Markets, Institute of International Finance, Inc., 2000 Pennsylvania Avenue, NW, Suite 8500, Washington, DC 20006-1812.
31. Kaminsky, G. L. (1999) ‘What triggers market jitters? A chronicle of the Asian crisis’, Journal of International Money and Finance 18(4): 537.
32. Kazmin, A. L. (2000) ‘Foreign investors desert South-east Asia for China: still reeling from the financial crisis of three years ago, ASEAN feels eclipsed by its northern rival’, Financial Times, 13 October, p. 10.
33. Lachica, E. (2000) ‘Asia: Asia’s CEOs say they see the best as yet to come: financial crisis has become a distant memory for most’, Asian Wall Street Journal, 11 September, p. 24.
34. Laurence, H. (1999) ‘Financial system reform and currency crisis in East Asia’, Asian Survey 39(2): 348–73.
35. Lautard, S. (1999) ‘State, party, and market: Chinese politics and the Asian crisis’, International Political Science Review 20(3): 285–307.
36. Leightner, J. E. (2000) ‘Asia’s financial crisis, speculative bubbles, and underconsumption theory’, Journal of Economic Issues 34(2): 385–93.
37. MacDonald, S. B. (1998) ‘Transparency in Thailand’s 1997 economic crisis: the significance of disclosure’, Asian Survey 38: 688–93.
38. MacIntyre, A. (1998) ‘Political institutions and the economic crisis in Thailand and Indonesia’, ASEAN Economic Bulletin 15(3): 362–72.
39. Makin, T. (1999) ‘Preventing financial crises in East Asia’, Asian Survey 39(4): 668–78.
40. Markillie, P. (2000) ‘South-East Asia survey’, The Economist, 12 February.
41. Mathews, J. A. (1998) ‘Fashioning a new Korean model out of the crisis: the rebuilding of institutional capabilities’, Cambridge Journal of Economics 22: 747–59.
42. Min, B. Y. (1999) ‘South Korea’s financial crisis in 1997: what have we learned?’ ASEAN Economic Bulletin 16(2): 175–90.
43. Montagnon, P. and Jacob, R. (1999) ‘Banking on borrowed time: manufacturing in Asia is powering ahead despite the fragility of the region’s banks. Is the recovery sustainable without them?’ Financial Times, 18 November.
44. Nakarmi, L. (1998) ‘Mixed tidings for Seoul’, Asia Week, 17 April, p. 18.
45. OECD (1998) International Direct Investment Statistics Yearbook, Paris: Organisation for Economic Co-operation and Development.
46. Perry, M., Yeung, H. and Poon, J. P. (1998) ‘Regional office mobility: the case of corporate control in Singapore and Hong Kong’, Geoforum 29(3): 237–55.
47. Pettway, R. H. (1999) ‘Asian financial crisis: the role of China and Japan in the post-Asian crisis era (or solution)’, Multinational Business Review 7(2): 13–22.
48. Pincus, J. and Ramli, R. (1998) ‘Indonesia: from showcase to basketcase’, Cambridge Journal of Economics 22: 723–34.
49. Poon, J. P. (2000) ‘Reconfiguring regional hierarchy through regional offices in Singapore’, in A. E. Andersson and D. Anderson (eds) Gateway Regions of the Global Economy, Cheltenham: Edward Elgar.
50. Poon, J. P. and Thompson, E. R. (1998) ‘Foreign direct investment and economic growth: evidence from Asia and Latin America’, Journal of Economic Development 23: 141–60.
51. Porter, B. (1999) ‘Ministers declare Asian crisis over: US, Japan key to maintaining stability’, South China Morning Post, 26 November, p. 12.
52. Quinn, J. B. (1969) ‘Technology transfer by multinational companies’, Harvard Business Review 47(6): 147–61.
53. Radelet, S. and Sachs, J. D. (1998) ‘The East Asian financial crisis: diagnosis, remedies and prospects’, Brookings Papers on Economic Activity: 1, Washington, DC: Brookings Institution, pp. 1–90.
54. Robinson, K. (2000) ‘Asian crisis recedes’, The Banker 150(893): 155.
55. Sarno, L. (1999) ‘Moral hazard, asset price bubbles, capital ows, and the East Asian crisis: the first tests’, Journal of International Money and Finance 18(4): 637.
56. Sender, H. (1999) ‘Can Asia keep it up? Asian markets are enjoying a bull run, but more needs to be done if the good news is to be sustained’, Far Eastern Economic Review 162(27): 30–2.
57. Sun, M. (2000) ‘Another financial crisis unlikely’, New Straits Times, 2 October, p. 26.
58. Thompson, E. R. (2000a) ‘Hong Kong as a regional strategic hub for manufacturing multinationals’, in A. E. Andersson (ed.) World Gateway Regions, Cheltenham: Edward Elgar, pp. 169–89.
59. Thompson, E. R. (2000b) ‘The future of Hong Kong’s currency peg: the basis of business confi-dence or cause of competitive concern? Evidence from manufacturing firms’, American Journal of Chinese Studies 7(1): 37–60.
60. Thompson, E. R. and Poon, J. P. H. (1998) ‘Determinants of US, UK and Japanese foreign direct investment in East and Southeast Asia’, Journal of Asian Business 14(3): 15–39.
61. Vatikiotis, M. (1998) ‘The reform tango: the Asian economic crisis has forced governments to heed demand for political reform – up to a point’, Far Eastern Economic Review 161(45): 10–13.
62. Walker, S. (1998) ‘Debt “culture” Asian insolvency regimes feel strain: diverse bankruptcy systems in the region are suddenly forced to deal with a huge debt crisis’, National Law Journal 20, C3–C4.
63. Wang, H. (1999) ‘The Asian financial crisis and financial reform in China’, Pacific Review 12(4): 537–56.