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Economics

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Three and a half cycles of 'mania, panic, and (asymmetric) crash': East Asia and Latin America compared

Article Abstract:

The 1982 debt crisis, which took place mainly in Latin America, the 1994 Mexican crisis and its impact on the whole of Latin America and the crisis that began in East Asia in 1997 and still continues have a number of features in common. In each case, international financial institutions lent too much to developing countries. However, it is also possible to identify poorly regulated and over-liquid financial markets as significant factors. It is ironic that countries which undertook investment-led over-borrowing have been left with apparently worse crises than those which were involved in consumption-led over-borrowing.

Latin America

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Economic crisis in East Asia: the clash of capitalisms

Article Abstract:

It is very important to avoid making any hasty judgements about the causes of the economic crisis in East Asia. In particular, it must not be assumed that the Asian economic model has become obsolete or that the economic crisis is the result of 'crony capitalism.' The solutions to the economic crisis will depend on which explanation of its causes is favoured. It is clear that economic reform in countries such as South Korea is necessary, along with political reform in countries such as Indonesia. However, this will not be effective unless there is also reform and increased independence in Japan.

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Collective efficiency and increasing returns

Article Abstract:

Economic analysis shows that rapidly expanding entrepreneurial organizations in developing countries have a number of factors in common. They all depend on cooperation and joint action within the local business community. Other aspects of cluster trends, with respect to industrialization and external economies are discussed.

Analysis, Economic development

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