By Pradeep Agrawal
This ebook presents a comparative photograph of the restructuring reports of 5 Asian economies: South Korea, Singapore, Indonesia, Thailand and India. with regards to Indonesia and Thailand, the point of interest is on short-run structural adjustment measures, and on the subject of South Korea and Singapore, the emphasis is on long term business, alternate, labour and monetary quarter rules. The bankruptcy on India perspectives the country's fiscal improvement within the gentle of the above research. The political economic system of the policy-making approach is tested in each one case.
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Extra info for Economic Restructuring in East Asia and India: Perspectives on Policy Reform
The won/dollar exchange rate was pegged in during the 1970s, but depreciated sharply in the 19805 as the dollar peg was replaced by a basket of currencies. In later years, the value of the won has moved in tandem with the balance of trade. e. there are restrictions on currency transactions on the capital account. Money growth rates were very high during the 1970s, mainly as a consequence of the large credit allocations under HCI, but slowed down Subir V. 6 Source: Park (1989). after the stabilization package was enacted.
In the 1982-86 period, there is a spurt of TLA in the food processing and textile industries, the first probably Subir V. Gokarn 31 the result of changing consumer preferences; the second, probably due to quality upgradation in the quest for higher-priced market segments. What emerges is that while the Korean industrial transformation of the 1970s generally dissociated technology acquisition from capital acquisition, there was a niche left for DFI, which could logically be defined by a lack of indigenous technological capabilities.
This sector coexisted with an informal financial sector that was out of the government's control, in which interest rates were determined by market forces, and were typically higher than organized sector rates. The informal sector proved an attractive alternative for depositors, so the government's ability to mobilize private savings through the organized sector was hindered. The combination of this disintermediation of the organized sector, and the termination of sector-oriented industrial policy in the late 1970s led to the need for financial sector reform.