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Additional info for Global Instability: The Political Economy of World Economic Governance
4 The misdiagnosis of the crisis by the IMF (that it has been due to the dirigiste model of the Asian capitalism rather than being caused by internal and external financial liberalisation) has had serious adverse short as well as long term consequences for the affected countries. ), panicked foreign investors still further, and thereby worsened the crisis (Feldstein, 1998a, 1998b). 5 As the evidence outlined earlier (the strong fundamentals, the large inflows of private capital from abroad and IMF’s own seal of approval for economic management of these countries until the eve of the crisis), suggests the East Asian crisis was originally one of liquidity rather than solvency.
2, pp. 187–197. Maizels, A. 1963. Industrial Growth and World Trade. Cambridge: Cambridge University Press. Nolan, P. 1995. ‘Large Firms and Industrial Reform in Former Planned Economies: The Case of China’, DAE Working Papers, Amalgamated Series no. 9516. University of Cambridge, Department of Applied Economics. I. 1989. Between MITI and the Market. Palo Alto, California: Stanford University Press. Ros, J. 1997. ‘Employment, Structural Adjustment and Sustainable Growth in Mexico’, Employment and Training Papers 6.
Restoring the Asian Miracle’, Wall Street Journal, Europe (3 February 1998, p. 4). Although China has a different political system, there is evidence that during the last two decades of the relative liberalisation and marketisation of the economy, the country has attempted to emulate the East Asian model. See further, Nolan (1995) and Singh (1996a). The significance of this contribution is discussed in Singh (1995a). As late as 1978, long after Japan had become a member of the OECD and had greatly reduced or abolished most formal import restrictions of the earlier era, its manufactured imports were only 2 per cent of GDP.