Globalization and openness: Lessons from the recent crisis in Southeast Asia

Arbeitspapier

Up until the recent crisis, the Southeast Asian region had been regarded as one of the most dynamic regions in the global economy. Their industrial structures have undergone a process of adjustment into more capital-intensive and technologically sophisticated manufacturing sectors. These adjustments created intra-regional flows of foreign direct investment (FDI) followed by the expansion of capital and intermediate goods intrafirm and intra-industry trade among regional economies. The paper argues that globalization and openness are not entirely responsible for the recent Asian crisis. It can be argued, however, that financial and capital-account liberalization was too rapid because domestic institutional capacities were inadequate and unable to cope with the influx of capital. The broader issues raised by the experience of Southeast Asia pertain to lessons for other countries, and this in turn centres on the fundamental question: has globalization and liberalization gone too far?

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: WIDER Discussion Paper ; No. 2001/35

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Financial Institutions and Services: Other ; Macroeconomic Analyses of Economic Development ; Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance ; Economywide Country Studies: Asia including Middle East
• Thema: East-Asian crisis ; globalization ; lessons for other LDCs ; Wirtschaftswachstum ; Außenwirtschaft ; Außenhandelsliberalisierung ; Kapitalmarktliberalisierung ; Wirtschaftskrise ; Südostasien ; Finanzmarktkrise

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Chirathivat, Suthiphand ; Murshed, S. Mansoob
• Ereignis: Veröffentlichung
• (wer): The United Nations University World Institute for Development Economics Research (UNU-WIDER)
• (wo): Helsinki
• (wann): 2001

Weitere Informationen

• Handle: http://hdl.handle.net/10419/52857
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ