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East Asias Dynamic Development Model And Teh Republic Of Koreas Experiences
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Book Synopsis East Asia's Dynamic Development Model and Teh Republic of Korea's Experiences by : Ho-chʻŏl Yi
Download or read book East Asia's Dynamic Development Model and Teh Republic of Korea's Experiences written by Ho-chʻŏl Yi and published by World Bank Publications. This book was released on 2003 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: No region has been more dynamic in recent years than East Asia. Despite its successful economic development, evaluations of the East Asian development model have often been capricious, shifting from "miracle" to "cronyism." How can we explain East Asia's ups and downs consistently? To respond to this challenge, it is necessary to study the progress of East Asian development and to trace the influence of Asian cultural values. This study mainly focuses on cultural aspects of economic progress and analyzes East Asia's philosophical and historical backgrounds to explain the dynamic process. East Asians believe that balance between opposite but complementary forces, Yin and Yang, will ensure social stability and progress. Through repeated rebalancing to maintain harmony, the society comes to maturity. In traditional East Asian societies, a balance was maintained between Confucianism (Yang) and Taoism, Buddhism, and other philosophies (Yin). In modern societies, the challenge is to balance traditional systems (Yang) and Western style capitalism (Yin). This East Asian development model explains the Republic of Korea's rise, fall, and recovery. Korea was a poor country until the early 1960s, during the time when spiritualism (Yang) dominated. From the 1960s through the 1980s, Korea achieved rapid growth by finding a new balance and moving toward materialism (Yin) from spiritualism (Yang). But the failure to maintain a harmonious balance between cooperatism and collectivism (Yang) and individualism (Yin) led to major weaknesses in labor and financial markets that contributed significantly to the financial crisis in 1997. As Korea arrived at a new balance by instituting reform programs, the venture-oriented information and communication technology (ICT) industry blossomed and led to a rapid economic recovery. Since 2000, domestic financial scandals and political corruption have emerged as new social issues. Korea's next challenge is to find a new harmonization between moralism (Yang) and legalism (Yin). This paper-a product of the Office of the Senior Vice President and Chief Economist, Development Economics-is part of a larger effort in the Bank to examine institutional and cultural foundations of development across regions and countries.
Book Synopsis East Asia's Dynamic Development Model and the Republic of Korea's Experiences by : Ho-Chul Lee
Download or read book East Asia's Dynamic Development Model and the Republic of Korea's Experiences written by Ho-Chul Lee and published by . This book was released on 2016 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: No region has been more dynamic in recent years than East Asia. Despite its successful economic development, evaluations of the East Asian development model have often been capricious, shifting from quot;miraclequot; to quot;cronyism.quot; How can we explain East Asia's ups and downs consistently? To respond to this challenge, it is necessary to study the progress of East Asian development and to trace the influence of Asian cultural values. This study mainly focuses on cultural aspects of economic progress and analyzes East Asia's philosophical and historical backgrounds to explain the dynamic process.East Asians believe that balance between opposite but complementary forces, Yin and Yang, will ensure social stability and progress. Through repeated rebalancing to maintain harmony, the society comes to maturity. In traditional East Asian societies, a balance was maintained between Confucianism (Yang) and Taoism, Buddhism, and other philosophies (Yin). In modern societies, the challenge is to balance traditional systems (Yang) and Western style capitalism (Yin).This East Asian development model explains the Republic of Korea's rise, fall, and recovery. Korea was a poor country until the early 1960s, during the time when spiritualism (Yang) dominated. From the 1960s through the 1980s, Korea achieved rapid growth by finding a new balance and moving toward materialism (Yin) from spiritualism (Yang). But the failure to maintain a harmonious balance between cooperatism and collectivism (Yang) and individualism (Yin) led to major weaknesses in labor and financial markets that contributed significantly to the financial crisis in 1997. As Korea arrived at a new balance by instituting reform programs, the venture-oriented information and communication technology (ICT) industry blossomed and led to a rapid economic recovery. Since 2000, domestic financial scandals and political corruption have emerged as new social issues. Korea's next challenge is to find a new harmonization between moralism (Yang) and legalism (Yin).This paper - a product of the Office of the Senior Vice President and Chief Economist, Development Economics - is part of a larger effort in the Bank to examine institutional and cultural foundations of development across regions and countries.
Book Synopsis East Asian Development Model by : Shiping Hua
Download or read book East Asian Development Model written by Shiping Hua and published by Routledge. This book was released on 2014-12-17 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the impressive growth in East Asia after World War II, initially led by Japan, the region's development models have been scrutinized since the 1980s. The shared Confucian cultural heritage, strong government guidance, and export led economies were often cited as contributors to the impressive growth. However, major changes have taken place in Asia on and around the turn of the century: Japan experienced two decades of economic slow-down, while World Bank figures reveal that China is poised to become the largest economy in the world in 2014, overtaking the United States. Bearing this in mind, is it even possible to formulate an East Asian development model in the context of a shifting twenty-first century? And if so, what is it? This book addresses this issue by looking at the economic, political and cultural perspectives of China, Japan and South Korea, focusing on dynamism and potential consensus regarding an East Asian development model. The chapters offer a historical background to the East Asian development model, as well as in-depth case studies of each of the countries concerned to show that whilst the East Asian development model does have distinct characteristics as compared with other areas, and other countries may draw some insights from the East Asian experience, it is not a panacea that fits all circumstances and fits all times. This book will be welcomed by students and scholars of Asian economics, Asian politics, international political economy and development studies.
Book Synopsis Rich World, Poor World by : Ali A. Allawi
Download or read book Rich World, Poor World written by Ali A. Allawi and published by Yale University Press. This book was released on 2024-04-23 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: A landmark history of the world economic order, exploring how developing countries have fought to escape impoverishment Over the past two decades, experiments in neoliberal economics have opened up a chasm of inequality between the Global South and the West. Development advice from richer nations has led to social upheaval, political unrest, environmental degradation--and even the creation of a new underclass. Brutal extremes of wealth and poverty are now commonplace. Ali A. Allawi traces the evolution of the world economic order from the late imperial era to the present day. Shedding light on continuing controversies, Allawi shows how the process of development has been hindered at every turn, from poor leadership and lost opportunities to widespread corruption. In doing so, he argues that the current neoliberal consensus is only the most recent of a series of failed policy imperatives. Covering issues in the Global South as well as failures in the West, this definitive account offers an impassioned and authoritative call for change.
Book Synopsis Fragile Finance by : A. Nesvetailova
Download or read book Fragile Finance written by A. Nesvetailova and published by Springer. This book was released on 2007-10-17 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fragile Finance examines financial crisis in the era of global credit. Drawing on the work of Hyman Minsky, the book discusses the global financial system over the past decade, suggesting that financial fragility stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures.
Book Synopsis An Introduction to Financial and Economic Modeling for Ultity Regulators by : Antonio Estache
Download or read book An Introduction to Financial and Economic Modeling for Ultity Regulators written by Antonio Estache and published by World Bank Publications. This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most effective regulators in developing countries are following remarkably similar approaches. The main common element across "best practice" countries is the use of relatively simple quantitative models of operators' behavior and constraints to measure the impact of regulatory decisions on some key financial and economic indicators of concern to the operators, the users, and the government. The authors provide an introduction to the design and use of these models. They draw on lessons from international experience in industrial and developing countries in ordinary or extraordinary revisions and in the context of contract renegotiations. Simplifying somewhat, these models force regulators to recognize that, in the long run, private operators need to at least cover their opportunity cost of capital, including the various types of risks specific to the country, the sector, or the projects with which they are involved. Because these variables change over time, scheduled revisions are needed to allow for adjustments in the key determinants of the rate of return of the operator. These revisions are a recognition of the fact that all these determinants-tariffs, subsidies, quality, investments, and other service obligations-are interrelated and jointly determine the rate of return. At every revision, the rules of the game for the regulator are exactly the same: to figure out the changes in the cost of capital and to adjust the variables driving the rate of return to ensure that it continues to be consistent with the cost of capital. If they can draw on reasonable data, these models do everything any financial model would do for the day-to-day management of a company but take a longer term view and include an explicit identification of the key regulatory instruments. They can monitor the consistency between cash flow generated by the business on the one hand and debt service and operational expense needs on the other to address the main concerns of the operators. They can also account for a large number of key policy factors including access and affordability concerns for various types of consumers. They generally account for the sensitivity of operators and users to various regulatory design options.
Book Synopsis Institutions, Trade, and Growth by : David Dollar
Download or read book Institutions, Trade, and Growth written by David Dollar and published by World Bank Publications. This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several recent papers have attempted to identify the partial effects of trade integration and institutional quality on long-run growth using the geographical determinants of trade and the historical determinants of institutions as instruments. The authors show that many of the specifications in these papers are weakly identified despite the apparently good performance of the instruments in first-stage regressions. Consequently, they argue that the cross-country variation in institutions, trade, and their geographical and historical determinants is not very informative about the partial effects of these variables on long-run growth.
Book Synopsis Vouchers for Basic Education in Developing Countries by : Ayesha Vawda
Download or read book Vouchers for Basic Education in Developing Countries written by Ayesha Vawda and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Voucher programs consist of three simultaneous reforms: (1) allowing parents to choose schools, (2) creating intense incentives for schools to increase enrollment, and (3) granting schools management autonomy to respond to demand. As a result, voucher advocates and critics tend to talk past each other. A principal-agent framework clarifies the argument for education vouchers. Central findings from the literature, including issues related to variance in the performance measure, risk aversion, the productivity of more effort, multiple tasks, and the value of monitoring are found relevant for an analysis of vouchers. An assessment of findings on voucher programs in industrial countries, as well as a review of voucher or quasi-voucher experiences in Bangladesh, Chile, Colombia, Côte d'Ivoire, and the Czech Republic support the usefulness of the analytic framework. Gauri and Vawda conclude that vouchers for basic education in developing countries can enhance outcomes when they are limited to modest numbers of poor students in urban settings, particularly in conjunction with existing private schools with surplus capacity. The success of more ambitious voucher programs depends on an institutional infrastructure challenging to industrial and developing countries alike. This paper--a joint product of Public Services, Development Research Group, and the Education Team, Human Development Network--is a background paper for the 2004 World Development Report.
Book Synopsis The Investment Climate and the Firm by : Mary Hallward-Driemeier
Download or read book The Investment Climate and the Firm written by Mary Hallward-Driemeier and published by World Bank Publications. This book was released on 2003 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of a country's "investment climate" for economic growth has recently received much attention. Hallward-Driemeier, Wallsten, and Xu address the general lack of appropriate data for measuring the investment climate and its effects. The authors use a new survey of 1,500 Chinese enterprises in five cities to more precisely define and measure components of the investment climate, highlight the importance of firm-level data for rigorous analysis of the investment climate, and investigate empirically the effects of this comprehensive set of measures on firm performance in China. Overall, their firm-level analysis reveals that the main determinants of firm performance in China are international integration, entry and exit, labor market issues, technology use, and access to external finance. This paper--a product of Investment Climate, Development Research Group--is part of a larger effort in the group to understand the investment climate using firm-level datasets.
Book Synopsis Vulnerability in Consumption, Education, and Health by : Edmundo Murrugarra
Download or read book Vulnerability in Consumption, Education, and Health written by Edmundo Murrugarra and published by World Bank Publications. This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors analyze the widespread effects of the financial crisis in Russia to explore the vulnerabilities of households in Moldova. They show that the crisis had differential impacts on households, affecting most the urban and better-off. Households' decisions about education and health resulted in decreased utilization and expenditures. The enrollment of young children from better-off households did not improve while others did. Secondary school enrollment of children from better-off households decreased after the crisis, in part because of the need to release labor supply. Health utilization decreased mainly for primary health care (not for hospitals), both for better-off households and in rural areas. Some of these changes are due to limited household resources (health), decreased public spending (health and education) or the need to increase households' labor supply (education of teenagers). Social benefits played a very limited role in mitigating these effects, solely in health care use. Households' assets helped to offset some of the negative effects of declining incomes.
Book Synopsis Explaining Liberalization Commitments in Financial Services Trade by : Ludger Schuknecht
Download or read book Explaining Liberalization Commitments in Financial Services Trade written by Ludger Schuknecht and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the authors' model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.
Book Synopsis Renegotiation of Concession Contracts in Latin America by : J. Luis Guasch
Download or read book Renegotiation of Concession Contracts in Latin America written by J. Luis Guasch and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors construct a regulation model in which renegotiation occurs due to the imperfect enforcement of concession contracts. This enables the authors to provide theoretical predictions for the impact on the probability of renegotiation of a concession, regulatory institutions, institutional features, economic shocks, and the characteristics of the concession contracts. Then they use a data set of nearly 1,000 concessions awarded in Latin America and the Caribbean countries from 1989 to 2000 covering the sectors of telecommunications, energy, transport, and water to test these predictions. Finally, the authors derive some policy implications of their theoretical and empirical work.
Book Synopsis Financial and Legal Institutions and Firm Size by : Thorsten Beck
Download or read book Financial and Legal Institutions and Firm Size written by Thorsten Beck and published by World Bank Publications. This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. Firm size is positively related to the size of the banking system and the efficiency of the legal system. Thus, the authors find no evidence that firms are larger in order to internalize the functions of the banking system or to compensate for the general inefficiency of the legal system. But they do find evidence that externally financed firms are smaller in countries that have strong creditor rights and efficient legal systems. This suggests that firms in countries with weak creditor protections are larger in order to internalize the protection of capital investment.
Book Synopsis Social Rights and Economics by : Varun Gauri
Download or read book Social Rights and Economics written by Varun Gauri and published by World Bank Publications. This book was released on 2003 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author analyzes contemporary rights-based and economic approaches to health care and education in developing countries. He assesses the foundations and uses of social rights in development, outlines an economic approach to improving health and education services, and then highlights the differences, similarities, and the hard questions that the economic critique poses for rights. The author argues that the policy consequences of rights overlap considerably with a modern economic approach. Both the rights-based and the economic approaches are skeptical that electoral politics and de facto market rules provide sufficient accountability for the effective and equitable provision of health and education services, and that further intrasectoral reforms in governance, particularly those that strengthen the hand of service recipients, are needed. There remain differences between the two approaches. Whether procedures for service delivery are ends in themselves, the degree of disaggregation at which outcomes should be assessed, the consequences of long-term deprivation, metrics used for making tradeoffs, and the behavioral distortions that result from subsidies are all areas where the approaches diverge. Even here, however, the differences are not irreconcilable, and advocates of the approaches need not regard each other as antagonists.
Book Synopsis The Impact of Urban Spatial Structure on Travel Demand in the United States by :
Download or read book The Impact of Urban Spatial Structure on Travel Demand in the United States written by and published by World Bank Publications. This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors combine measures of urban form and public transit supply for 114 urbanized areas with the 1990 Nationwide Personal Transportation Survey to address two questions: (1) How do measures of urban form, including city shape, road density, the spatial distribution of population, and jobs-housing balance affect the annual miles driven and commute mode choices of U.S. households? (2) How does the supply of public transportation (annual route miles supplied and availability of transit stops) affect miles driven and commute mode choice? The authors find that jobs-housing balance, population centrality, and rail miles supplied significantly reduce the probability of driving to work in cities with some rail transit. Population centrality and jobs-housing balance have a significant impact on annual household vehicle miles traveled (VMT), as do city shape, road density, and (in rail cities) annual rail route miles supplied. The elasticity of VMT with respect to each variable is small, on the order of 0.10-0.20 in absolute value. However, changing several measures of form simultaneously can reduce annual VMT significantly. Moving the sample households from a city with the characteristics of Atlanta to a city with the characteristics of Boston reduces annual VMT by 25 percent.
Book Synopsis Agriculture in the Doha Agenda by : Patrick A. Messerlin
Download or read book Agriculture in the Doha Agenda written by Patrick A. Messerlin and published by World Bank Publications. This book was released on 2003 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author looks at the OECD domestic political economy associated with ongoing WTO farm negotiations, focusing on the OECD-based coalitions which could be helpful for WTO negotiators. Support from individual final consumers and taxpayers is far from guaranteed because consumers are spending less and less on food, and because taxpayers support, more or less willingly, non-trade concerns, such as environment or food safety, that they tend (wrongly) to associate with domestic farmers. As a result, trade negotiators should look at other allies. A natural candidate is a powerful group of consumers-the agribusiness industries-for which a reduction of the still high protection of their products under the Doha Round requires a corresponding reduction of protection in their farm inputs. They should also talk to farmers, hence sharpen their arguments, in particular by focusing on the distinction between small and large farmers, the latter being by far the main beneficiaries of the current OECD farm protectionist policies.
Book Synopsis Technology, Computers, and Wages by : Chris N. Sakellariou
Download or read book Technology, Computers, and Wages written by Chris N. Sakellariou and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increasing returns to schooling and rising inequality are well documented for industrial countries and for some developing countries. The growing demand for skills is associated with recent technological developments. The authors argue that computers in the workplace represent one manifestation of these changes. Research in the United States and industrial countries documents a premium for computer use. But there is recent evidence suggesting that computer skills by themselves do not command a wage premium. The authors review the literature and use data from a survey of higher education graduates in Vietnam. The results support the unobserved heterogeneity explanation for computer wage premiums. They suggest that computers may make the productive workers even more productive. However, given the scarcity of computers in low-income countries, an operational strategy of increasing computer availability and skills would seem to offer considerable hope for increasing the incomes of the poor.
