Institutions For Economic Reform In Asia

In the same way that no economy starts out with the best set of economic policies, no economy starts out with the best institutions to support the policy-making process. Instead, they inherit institutions that reflect their own unique culture and history. The task of structural reform has to be addressed, therefore, in the context of domestic economic and political institutions and processes. Examining the nature of structural economic reform and the institutional circumstances in which it succeeds or is inhibited, this volume is less about the content of structural reform and more about how to get there. The chapters develop principles governing the types of institutions that are likely to assist the structural reform process, and then examine the application of those principles within a number of case studies. Finally, the volume presents some ideas about how regional cooperation could help to build and support those institutions that in turn support domestic structural reforms. Consisting of theoretical chapters and country specific case studies, this book draws on experience with structural reform across a range of Asian economies at different stages of economic development. As such it will be of interest to students and scholars of Asian Economics and Development Economics.

Economic Reform in Asia compares and analyzes the reform and development patterns of China, India, and Japan from both historical and developmental perspectives. Sara Hsu specifically focuses on China’s reform and opening-up in 1979, India’s accelerated liberalization in 1991, and the outset of the Meiji Restoration in Japan in 1878. This detailed overview of growth patterns in Asia’s largest economies is invaluable, especially in its determination to understand which development policies work, what role institutions play in development, and what issues may arise during said development. The book first provides an overview of the countries’ development trajectories and introduces the theoretical constructs associated with them. The text focuses on key aspects of development for comparison, such as poverty and inequality, rural to urban migration, human capital, and the impact of development on the environment, trade, and economic future of these three countries. The relative success of reforms and their political and economic effects are also discussed. This comprehensive book will be of interest to students, as it provides an impressive overview of three Asian countries’ development, as well as for scholars in the field who are looking for a thoughtful and complex discussion of reform from different perspectives.

The countries of Central Asia are increasingly the focus of intense international attention due to their geopolitical and economic importance as well as their unsettled transition processes. The region faced enormous challenges when the Soviet Union disintegrated, and this book focuses on the reforms of the institutional environment that have been largely neglected. Through an interdisciplinary approach, the book explores key aspects of institution building as well as economic and political governance in Central Asia. Contributors from a variety of disciplines, such as economics, political economy, political science, sociology, law, and ethnology, investigate the challenges of institutional transition in a non-democratic region. The book discusses how the lack of effective institution building as well as rule enforcement in the economic and political realms represents one of the key weaknesses and drawbacks of transition, and goes on to look at how crafting market institutions will be of utmost importance in the years ahead. Making an important contribution to understanding of political-economic developments in Central Asia, this book is of interest to students and scholars of political economy, comparative economics, development studies and Central Asian studies.

Institutional Change in Southeast Asiaexamines the institutional changes taking place in, and challenges facing, the region since 1997. The book focuses on determinants to the adjustments and on implementations of the reforms. It also describes various differences in the reform process between countries in the region. Southeast Asia's economic development over the last decades has been impressive. Most of the region achieved consistently high growth rates accompanied by significant structural transformation and industrialization, poverty alleviation and improvements in their overall standard of living as indicated by such social indicators as greater longevity, more widespread delivery of basic education and lower infant mortality rates. However, the crisis that struck Southeast Asia in 1997 had severe economic, social and political consequences in the region. It also threw into doubt the future economic prosperity of the countries in Southeast Asia and raised intriguing questions about the quality of their institutions and their approach to economic development. Sjöholm and Tongzon argue that the economies of Southeast Asia need to reform their institutions if the previous rapid development is to continue. The institutional weaknesses have been addressed to different degrees and with different success in the affected countries. Against the backdrop of Southeast Asia's importance in the world economy, it is hardly possible to overestimate the need to understand this process of change.

Jumpstarting South Asia focuses on the slowing pace of economic growth and makes the case for a two-pronged strategy to jumpstart South Asian economies. South Asian countries should complete the economic reform process that they had begun in the 1980s and the early 1990s and implement the more microeconomic reforms, namely, the sectoral, and governance and institutional reforms to enhance competition and improve the operation of markets. They should also implement the second round of ‘Look East’ policies or LEP2 to link themselves to production networks in East Asia, their fastest-growing market, and develop production networks in manufacturing and services within their region. This book argues that the proposed strategy will lead to a win-win situation for all countries in South Asia and East Asia, and also reinvigorate economic integration within South Asia. The book identifies the remaining policy agenda for each South Asian country.

This book explores the role of institutions in economic growth, looking in particular at specific Asian countries and at particular cities within those countries. It considers a wide range of factors besides institutions, including the law, cultural factors and overall government arrangements. The differences between the countries studied are highlighted, and the impact of these differences assessed: the impact of English common law on arrangements in Hong Kong, Singapore and Malaysia; sharia law in Malaysia; the differing lengths of time of colonial rule; the extent to which Chinese family businesses control an economy. Also studied are the degree to which the law is effectively applied, and a range of other social, economic and cultural factors. The book’s conclusions as to which factors have the greatest impact will be of considerable interest to economists of Asia and those interested in economic growth more widely.

While South Asia’s economic reform initiatives of the last two decades were often born in crisis, this alone does not account for their occurrence. This book looks at the processes and institutional arrangements behind these reforms, and analyses what lessons can be learnt about how South Asia can improve its policy efficiency. The book develops ideas about how to overcome the political restraints to reform by drawing on recent theories of political economy and policy learning. It tests these ideas against authoritative case studies of actual reform initiatives in South Asia, which illustrate processes and institutional arrangements that have helped South Asian governments to sustain reform efforts, even in the absence of a strong political base. This offers valuable lessons for the global economy as it moves into a phase of rebalancing, with the structural adjustments that this will require. The book goes on to identify weaknesses that could be addressed by South Asian national governments and regional forums. It is an important contribution to studies on South Asian Politics and International Political Economy

Examines the dramatic transformation of Asian communist countries-China in particular-to vigorous market economies