Data/hora: 09/06/2024 06:15:28

Provedor de dados: | 31
País: | United States
Título: | THE END OF THE DEVELOPMENTAL STATE? A GENERAL EQUILIBRIUM INVESTIGATION ON THE SOURCES OF THE ASIAN CRISIS WITHIN A MULTI-REGION, INTER-TEMPORAL CGE MODEL
Autores: | Adelman,   Irma; Yeldan,   A. Erinc.
Data: | 1999-06-22
Ano: | 1999
Palavras-chave: | Financial Economics; International Development.
Resumo: | The Asian financial crisis had a profound impact on the global economy.  Growth is expected to be slower; risks are higher; and the international flows of capital have been dislocated.  Above all, it has set out forces of new conditionality surrounding the developmental state, constraining its ability in designing an independent strategy of industrialization and foreign trade.  With the aid of an inter-temporal, multi-region CGE model, we regard the crisis to be the result of a fundamental incompatibility between an independent financial policy with unregulated capital markets.  We model the increased financial fragility surrounding the unregulated, short-term speculative capital flows as a sudden and unexpected rise in the domestic risk premium.  Employing the CGE apparatus, we further document how global financial markets preclude governments from having independent exchange and interest policies to promote industrialization; and demonstrate the serious threats that the international capital flows pose to economic stability and development
Tipo: | Working or Discussion Paper
Idioma: | Inglês

Identificador:

1557

http://purl.umn.edu/25063

Editor: | AgEcon Search

Relação:

University of California, Berkeley&gt;Department of Agricultural and Resource Economics&gt;CUDARE Working Papers

Working Paper 888

Formato:

21

application/pdf