Anton Hemerijck and Martin Schludi
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199240883
- eISBN:
- 9780191600173
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199240884.003.0003
- Subject:
- Political Science, Comparative Politics
The chapter examines the dynamics of policy responses and their ultimate effectiveness. It identifies typical sequences of policy failures, caused by the misfit between new problems and existing ...
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The chapter examines the dynamics of policy responses and their ultimate effectiveness. It identifies typical sequences of policy failures, caused by the misfit between new problems and existing policy legacies, which may generate processes of policy learning that ultimately produce effective solutions; but it also points to instances in which policy learning is blocked by conflicts of interest or by divergent cognitive orientations in multi‐actor institutional settings. Of equal importance are sequences of lateral spillovers, where the solutions to problems in one policy area generate new problems that subsequently must be dealt with in adjacent policy areas. In the 1970s and 1980s, these spillovers were most important in countries where the rise of open unemployment was mitigated by resort to early retirement and disability pensions. In analysing these sequences of policy failure, learning, and problem displacement, the chapter also compares and assesses the greater or lesser effectiveness of the policy responses actually adopted and identifies successful countries that were able to adjust to the challenges of the open economy without abandoning their welfare‐state goals.Less
The chapter examines the dynamics of policy responses and their ultimate effectiveness. It identifies typical sequences of policy failures, caused by the misfit between new problems and existing policy legacies, which may generate processes of policy learning that ultimately produce effective solutions; but it also points to instances in which policy learning is blocked by conflicts of interest or by divergent cognitive orientations in multi‐actor institutional settings. Of equal importance are sequences of lateral spillovers, where the solutions to problems in one policy area generate new problems that subsequently must be dealt with in adjacent policy areas. In the 1970s and 1980s, these spillovers were most important in countries where the rise of open unemployment was mitigated by resort to early retirement and disability pensions. In analysing these sequences of policy failure, learning, and problem displacement, the chapter also compares and assesses the greater or lesser effectiveness of the policy responses actually adopted and identifies successful countries that were able to adjust to the challenges of the open economy without abandoning their welfare‐state goals.
Vivien A. Schmidt
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199253685
- eISBN:
- 9780191600210
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253684.003.0003
- Subject:
- Political Science, Comparative Politics
Whatever the convergent pressures of globalization and Europeanization, countries have manifested divergent policy responses, depending upon a number of significant variables. This chapter identifies ...
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Whatever the convergent pressures of globalization and Europeanization, countries have manifested divergent policy responses, depending upon a number of significant variables. This chapter identifies five mediating factors that shed light on the dynamics of policy adjustment—economic vulnerability, political institutional capacity, policy legacies, policy preferences, and discourse—to elucidate the different sequencing of responses of Britain, Germany, and France in monetary, industrial, labour, and social policy. It then adds the EU‐specific institutional constraints—the decisions that may provide more or less specified rules, suggested rules, or no rules at all—to help explain the mechanics of policy adjustment in such sectors as European monetary integration, financial services, telecommunications, electricity, and transport.Less
Whatever the convergent pressures of globalization and Europeanization, countries have manifested divergent policy responses, depending upon a number of significant variables. This chapter identifies five mediating factors that shed light on the dynamics of policy adjustment—economic vulnerability, political institutional capacity, policy legacies, policy preferences, and discourse—to elucidate the different sequencing of responses of Britain, Germany, and France in monetary, industrial, labour, and social policy. It then adds the EU‐specific institutional constraints—the decisions that may provide more or less specified rules, suggested rules, or no rules at all—to help explain the mechanics of policy adjustment in such sectors as European monetary integration, financial services, telecommunications, electricity, and transport.
Stephany Griffith-Jones, Manuel F. Montes, and Anwar Nasution
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
Because of technological advances in terms of communications, and because of the liberalization of capital accounts, private capital flows experienced rapid growth at the end of the 20th century ...
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Because of technological advances in terms of communications, and because of the liberalization of capital accounts, private capital flows experienced rapid growth at the end of the 20th century across developing economies. This final chapter looks into the differences between the capital flows to Asia and Latin America that seem to have gained much importance during the earlier years of this study rather than in 1990s. Analyzing the scale and the prominent characteristics of global private capital flows aids in identifying the key elements involved in managing capital flows and policy making procedures especially in developing countries. Also, this chapter attempts to provide a comparison of the various policy responses implemented by different developing countries in addressing such issues.Less
Because of technological advances in terms of communications, and because of the liberalization of capital accounts, private capital flows experienced rapid growth at the end of the 20th century across developing economies. This final chapter looks into the differences between the capital flows to Asia and Latin America that seem to have gained much importance during the earlier years of this study rather than in 1990s. Analyzing the scale and the prominent characteristics of global private capital flows aids in identifying the key elements involved in managing capital flows and policy making procedures especially in developing countries. Also, this chapter attempts to provide a comparison of the various policy responses implemented by different developing countries in addressing such issues.
Mark Mason
- Published in print:
- 1997
- Published Online:
- October 2011
- ISBN:
- 9780198292647
- eISBN:
- 9780191684937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198292647.003.0006
- Subject:
- Business and Management, International Business, Political Economy
Japan directly invested enormous sums of capital in Europe beginning in the late 1980s. Historically, the recipient of only limited inflows of such FDI, European officials debated appropriate policy ...
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Japan directly invested enormous sums of capital in Europe beginning in the late 1980s. Historically, the recipient of only limited inflows of such FDI, European officials debated appropriate policy responses to this suddenly exclusive growth. The ultimate character of those responses was largely consistent across critically affected sectors examined in this chapter, yet differed greatly from analogous American policy responses. This record points to the operation of a more general European policy model towards the Japanese Challenge. Moreover, comparing this European record with an analogous Japanese one as well as American responses offers fresh insights into ongoing debates over the notion of convergence of capitalist systems across the entire Triad of advanced industrialized countries.Less
Japan directly invested enormous sums of capital in Europe beginning in the late 1980s. Historically, the recipient of only limited inflows of such FDI, European officials debated appropriate policy responses to this suddenly exclusive growth. The ultimate character of those responses was largely consistent across critically affected sectors examined in this chapter, yet differed greatly from analogous American policy responses. This record points to the operation of a more general European policy model towards the Japanese Challenge. Moreover, comparing this European record with an analogous Japanese one as well as American responses offers fresh insights into ongoing debates over the notion of convergence of capitalist systems across the entire Triad of advanced industrialized countries.
Peter Montiel and Carmen M. Reinhart
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
The growing collection of literature on the rise of capital flows in several countries across Eastern Europe, Latin America, Asia, and even in the former Soviet Union during the 1990s mainly takes on ...
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The growing collection of literature on the rise of capital flows in several countries across Eastern Europe, Latin America, Asia, and even in the former Soviet Union during the 1990s mainly takes on issues on whether domestic factors like structural reforms and plans on stabilizing inflation or external factors like international interest rates have a significant role in bringing about increased financial flows in developing market economies. While the macroeconomic ‘countercyclical’ policies implemented to address the rising inflows are often analyzed, few studies have attempted to examine the link between the two matters and discuss how the form of capital flows are shaped by the financial sector and the domestic capital market. As such, this chapter aims to study the changing dynamics involved in cross-border capital movements while specifically evaluating the role of policy response through direct intervention and a monetary-foreign exchange ‘policy mix’.Less
The growing collection of literature on the rise of capital flows in several countries across Eastern Europe, Latin America, Asia, and even in the former Soviet Union during the 1990s mainly takes on issues on whether domestic factors like structural reforms and plans on stabilizing inflation or external factors like international interest rates have a significant role in bringing about increased financial flows in developing market economies. While the macroeconomic ‘countercyclical’ policies implemented to address the rising inflows are often analyzed, few studies have attempted to examine the link between the two matters and discuss how the form of capital flows are shaped by the financial sector and the domestic capital market. As such, this chapter aims to study the changing dynamics involved in cross-border capital movements while specifically evaluating the role of policy response through direct intervention and a monetary-foreign exchange ‘policy mix’.
Anwar Nasution
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
The composition of capital flows into Indonesia has undergone significant changes since the early 1990s and this is evident by how capital inflows reached a level of about $14.7 billion in 1994. ...
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The composition of capital flows into Indonesia has undergone significant changes since the early 1990s and this is evident by how capital inflows reached a level of about $14.7 billion in 1994. Initially, during the 1970s, inflows commonly entered in the form of official development assistance (ODA) from bilateral sources. Because of the developments brought on by the broad-based economic reform, the composition of capital inflows leaned towards more private sources, which was further amplified as private financing shifted to non-bank sources such as portfolio investments and foreign direct investments. Such changes have relegated the state’s role in such matters, caused reforms in the financial system, and increased the openness of the Indonesian economy. This chapter analyzes how the changing composition of capital flows into Indonesia during the 1990s has affected macroeconomic management through looking into development financing, the broad-based economic adjustment programmes, and other such policy responses.Less
The composition of capital flows into Indonesia has undergone significant changes since the early 1990s and this is evident by how capital inflows reached a level of about $14.7 billion in 1994. Initially, during the 1970s, inflows commonly entered in the form of official development assistance (ODA) from bilateral sources. Because of the developments brought on by the broad-based economic reform, the composition of capital inflows leaned towards more private sources, which was further amplified as private financing shifted to non-bank sources such as portfolio investments and foreign direct investments. Such changes have relegated the state’s role in such matters, caused reforms in the financial system, and increased the openness of the Indonesian economy. This chapter analyzes how the changing composition of capital flows into Indonesia during the 1990s has affected macroeconomic management through looking into development financing, the broad-based economic adjustment programmes, and other such policy responses.
Won-Am Park
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
Although Korea is believed to have attained economic growth through utilizing the export-oriented growth strategy, examining the country’s development processes reveal that such strategies are not ...
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Although Korea is believed to have attained economic growth through utilizing the export-oriented growth strategy, examining the country’s development processes reveal that such strategies are not without import substitution and a certain degree of government intervention. The role of the government in facilitating industrial development was made evident particularly during the Big Push which occurred over the period between 1974 and 1979. Like the overcapacity experienced by the petrochemical industry and other such industries, the Big Push brought about a wide variety of distortions to the economy that threatened Korea’s potential for experiencing growth. Despite such events, Korean policy makers were able to learn from the mistakes of this period that furthered interventionist and export-oriented policies. Through examining various economic reforms and identifying macroeconomic issues and policy responses, this chapter attempts to study how Korea managed capital inflows during the 1990s.Less
Although Korea is believed to have attained economic growth through utilizing the export-oriented growth strategy, examining the country’s development processes reveal that such strategies are not without import substitution and a certain degree of government intervention. The role of the government in facilitating industrial development was made evident particularly during the Big Push which occurred over the period between 1974 and 1979. Like the overcapacity experienced by the petrochemical industry and other such industries, the Big Push brought about a wide variety of distortions to the economy that threatened Korea’s potential for experiencing growth. Despite such events, Korean policy makers were able to learn from the mistakes of this period that furthered interventionist and export-oriented policies. Through examining various economic reforms and identifying macroeconomic issues and policy responses, this chapter attempts to study how Korea managed capital inflows during the 1990s.
Shane Bryan
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780198718574
- eISBN:
- 9780191788017
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198718574.003.0003
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Phenomenal increases in food prices over 2007–8 caused governments around the globe to panic. During the chaos which ensued, most developing countries responded to the crisis with a convoluted array ...
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Phenomenal increases in food prices over 2007–8 caused governments around the globe to panic. During the chaos which ensued, most developing countries responded to the crisis with a convoluted array of policies intended to stabilize domestic markets, placate consumers and other stakeholders, protect the vulnerable and, occasionally, address long-term food security concerns. However, there was a great deal of variation in the extent of intervention and the types of policies selected. Even among particular policy types, there was tremendous heterogeneity in timing, scale, implementation mechanisms, and other features. Utilizing a newly compiled sample of country-level case studies, this chapter assimilates available evidence to compare the specifics of crisis responses. In this regard it differs from other policy response studies which focus more on policy types and titles, ignoring the details.Less
Phenomenal increases in food prices over 2007–8 caused governments around the globe to panic. During the chaos which ensued, most developing countries responded to the crisis with a convoluted array of policies intended to stabilize domestic markets, placate consumers and other stakeholders, protect the vulnerable and, occasionally, address long-term food security concerns. However, there was a great deal of variation in the extent of intervention and the types of policies selected. Even among particular policy types, there was tremendous heterogeneity in timing, scale, implementation mechanisms, and other features. Utilizing a newly compiled sample of country-level case studies, this chapter assimilates available evidence to compare the specifics of crisis responses. In this regard it differs from other policy response studies which focus more on policy types and titles, ignoring the details.
Sheena Asthana and Joyce Halliday
- Published in print:
- 2006
- Published Online:
- March 2012
- ISBN:
- 9781861346742
- eISBN:
- 9781447304258
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781861346742.003.0003
- Subject:
- Public Health and Epidemiology, Public Health
This chapter traces the evolution of policy responses to health inequalities research in Great Britain. It explores the government's response to the recommendations of the Acheson Report and analyses ...
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This chapter traces the evolution of policy responses to health inequalities research in Great Britain. It explores the government's response to the recommendations of the Acheson Report and analyses what might be referred to as mid-stream policies in the form of area-based initiatives (ABIs). It also highlights how commitments to evidence-based policy have shaped the policy response and particularly the relative emphasis placed on downstream interventions.Less
This chapter traces the evolution of policy responses to health inequalities research in Great Britain. It explores the government's response to the recommendations of the Acheson Report and analyses what might be referred to as mid-stream policies in the form of area-based initiatives (ABIs). It also highlights how commitments to evidence-based policy have shaped the policy response and particularly the relative emphasis placed on downstream interventions.
Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0001
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter discusses the motivation of this book and provides an overview of the issues. Section 1.2 reviews the background of the recent global financial and economic crisis, including the ...
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This chapter discusses the motivation of this book and provides an overview of the issues. Section 1.2 reviews the background of the recent global financial and economic crisis, including the possible contribution to the global imbalance. Section 1.3 analyzes the impact of the crisis on Asian economies, tracing out the financial, trade and exchange rate channels, and identifying the factors that determined the variation of impacts across those economies. Section 1.4 reviews the fiscal, monetary policy and other responses of both advanced economies and emerging Asian economies to the crisis, including examining their effectiveness and sustainability. Section 1.5 summarizes the lessons from the global financial and economic crisis, focusing on the need for Asian economies to reduce both their vulnerability to financial crises Section 1.6 suggests some policy measures that can help achieve this end. Section 1.7 the regional and global impacts of Japan's triple disasters. Section 1.8 concludes.Less
This chapter discusses the motivation of this book and provides an overview of the issues. Section 1.2 reviews the background of the recent global financial and economic crisis, including the possible contribution to the global imbalance. Section 1.3 analyzes the impact of the crisis on Asian economies, tracing out the financial, trade and exchange rate channels, and identifying the factors that determined the variation of impacts across those economies. Section 1.4 reviews the fiscal, monetary policy and other responses of both advanced economies and emerging Asian economies to the crisis, including examining their effectiveness and sustainability. Section 1.5 summarizes the lessons from the global financial and economic crisis, focusing on the need for Asian economies to reduce both their vulnerability to financial crises Section 1.6 suggests some policy measures that can help achieve this end. Section 1.7 the regional and global impacts of Japan's triple disasters. Section 1.8 concludes.
Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park (eds)
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.001.0001
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This book aims to analyse the impact of the global financial crisis of 2007–09 on Asian economies, to assess the policy responses to the crisis in terms of their effectiveness and sustainability, and ...
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This book aims to analyse the impact of the global financial crisis of 2007–09 on Asian economies, to assess the policy responses to the crisis in terms of their effectiveness and sustainability, and to draw lessons about how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in future, and thereby create a basis for sustainable and inclusive growth. The book is organized into four parts. Part 1 discusses the motivation of the book, provides an overview of the major issues, and presents some policy recommendations. Part 2 includes two chapters that review the crisis in the US and its transmission to Europe. Part 3 focuses on the impacts of the global financial crisis on Asian economies, policy responses and growth strategies. And finally, Part 4 deals with lessons of the crisis for emerging markets. The main inference of the book is that Asian economies have recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, Asia as a whole needs to transform itself into a large consumer market while maintaining its competitiveness, by rebalancing sources of growth away from excessive dependence on extra-regional to domestic and regional demand. This growth rebalancing effort requires closer policy coordination in Asia in order to pursue structural adjustment, integration of regional markets, and socially inclusive and environmentally sustainable growth.Less
This book aims to analyse the impact of the global financial crisis of 2007–09 on Asian economies, to assess the policy responses to the crisis in terms of their effectiveness and sustainability, and to draw lessons about how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in future, and thereby create a basis for sustainable and inclusive growth. The book is organized into four parts. Part 1 discusses the motivation of the book, provides an overview of the major issues, and presents some policy recommendations. Part 2 includes two chapters that review the crisis in the US and its transmission to Europe. Part 3 focuses on the impacts of the global financial crisis on Asian economies, policy responses and growth strategies. And finally, Part 4 deals with lessons of the crisis for emerging markets. The main inference of the book is that Asian economies have recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, Asia as a whole needs to transform itself into a large consumer market while maintaining its competitiveness, by rebalancing sources of growth away from excessive dependence on extra-regional to domestic and regional demand. This growth rebalancing effort requires closer policy coordination in Asia in order to pursue structural adjustment, integration of regional markets, and socially inclusive and environmentally sustainable growth.
Manuel R. Agosin and Ricardo Ffrench-Davis
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
As private capital inflows resurged in Latin America during the later part of the 1980s, Chile was one of the first countries to attract such foreign capital flows and was also the one to attract the ...
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As private capital inflows resurged in Latin America during the later part of the 1980s, Chile was one of the first countries to attract such foreign capital flows and was also the one to attract the largest supply. Although the reemergence of such was in a way embraced because it relaxed the foreign exchange constraint, the composition and the large amount of new capital flows posed certain problems for the unprepared recipient countries. Such countries were faced with problems of domestic absorption since capital inflows are supposed to result in increases in the investment rate. Policy makers were also faced with dilemmas since the absence of regulations causes the real exchange rate to appreciate but intervention would lead to an increased money supply and inflation control. This chapter examines how massive capital inflows were dealt with in Chile during the 1990s, the policy responses, and the effects that were imposed on the domestic economy.Less
As private capital inflows resurged in Latin America during the later part of the 1980s, Chile was one of the first countries to attract such foreign capital flows and was also the one to attract the largest supply. Although the reemergence of such was in a way embraced because it relaxed the foreign exchange constraint, the composition and the large amount of new capital flows posed certain problems for the unprepared recipient countries. Such countries were faced with problems of domestic absorption since capital inflows are supposed to result in increases in the investment rate. Policy makers were also faced with dilemmas since the absence of regulations causes the real exchange rate to appreciate but intervention would lead to an increased money supply and inflation control. This chapter examines how massive capital inflows were dealt with in Chile during the 1990s, the policy responses, and the effects that were imposed on the domestic economy.
Rajiv Kumar and Pankaj Vashisht
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0008
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
India's financial sector is not deeply integrated with the global financial system, which spared it the first round adverse effects of the global financial and economic crisis and left Indian banks ...
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India's financial sector is not deeply integrated with the global financial system, which spared it the first round adverse effects of the global financial and economic crisis and left Indian banks mostly unaffected. However, as the financial crisis morphed in to a full-blown global economic downturn, India could not escape the second round effects. The chapter discusses how the global crisis has affected India through three distinct channels: financial markets, trade flows, and exchange rates and identifies policy measures to restore the Indian gross domestic product growth back to its potential rate of 8–9% per year.Less
India's financial sector is not deeply integrated with the global financial system, which spared it the first round adverse effects of the global financial and economic crisis and left Indian banks mostly unaffected. However, as the financial crisis morphed in to a full-blown global economic downturn, India could not escape the second round effects. The chapter discusses how the global crisis has affected India through three distinct channels: financial markets, trade flows, and exchange rates and identifies policy measures to restore the Indian gross domestic product growth back to its potential rate of 8–9% per year.
Dongchul Cho
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0009
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter argues that the Republic of Korea is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general ...
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This chapter argues that the Republic of Korea is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general case either. It also emphasizes the differences between the current recession and the currency crisis period. The chapter discusses the prospects for the Korean economy, including the issue regarding exports vs. domestic demand and domestic savings rate. The analyses form the basis for discussing appropriate policies for Korea in the aftermath of the global financial crisis.Less
This chapter argues that the Republic of Korea is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general case either. It also emphasizes the differences between the current recession and the currency crisis period. The chapter discusses the prospects for the Korean economy, including the issue regarding exports vs. domestic demand and domestic savings rate. The analyses form the basis for discussing appropriate policies for Korea in the aftermath of the global financial crisis.
Shankaran Nambiar
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0011
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter argues that Malaysia, being a small open economy with a strong export-dependent manufacturing sector, was particularly vulnerable to the global financial crisis. This chapter discusses ...
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This chapter argues that Malaysia, being a small open economy with a strong export-dependent manufacturing sector, was particularly vulnerable to the global financial crisis. This chapter discusses the importance of trade to the economy and Malaysiafs reliance on demand generated by developed economies. The chapter analyzes the impact of the current crisis on the Malaysian economy and highlights the need to find new ways of thinking about how the country should re-position itself, since the crisis undermines the assumptions on which the countryfs growth strategy is based. It then suggests that Malaysia adopt a rebalancing strategy in response to the crisis.Less
This chapter argues that Malaysia, being a small open economy with a strong export-dependent manufacturing sector, was particularly vulnerable to the global financial crisis. This chapter discusses the importance of trade to the economy and Malaysiafs reliance on demand generated by developed economies. The chapter analyzes the impact of the current crisis on the Malaysian economy and highlights the need to find new ways of thinking about how the country should re-position itself, since the crisis undermines the assumptions on which the countryfs growth strategy is based. It then suggests that Malaysia adopt a rebalancing strategy in response to the crisis.
Patrick van Zwanenberg and Erik Millstone
- Published in print:
- 2005
- Published Online:
- September 2009
- ISBN:
- 9780198525813
- eISBN:
- 9780191723902
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198525813.003.0004
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
This chapter discusses the initial emergence of BSE as a novel veterinary disease in the UK, and the process by which it came to be acknowledged officially. The initial response from MAFF to the ...
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This chapter discusses the initial emergence of BSE as a novel veterinary disease in the UK, and the process by which it came to be acknowledged officially. The initial response from MAFF to the emergence of BSE, involving first secrecy and then reassurances that were not based on sound science. The political and scientific conditions under which expert scientific advice was initially recruited are outlined, emphasizing how the severe limitations of scientific knowledge about risks to human health and the policy dilemmas this raised, complicated the tensions between MAFF and the Department of Health (DoH).Less
This chapter discusses the initial emergence of BSE as a novel veterinary disease in the UK, and the process by which it came to be acknowledged officially. The initial response from MAFF to the emergence of BSE, involving first secrecy and then reassurances that were not based on sound science. The political and scientific conditions under which expert scientific advice was initially recruited are outlined, emphasizing how the severe limitations of scientific knowledge about risks to human health and the policy dilemmas this raised, complicated the tensions between MAFF and the Department of Health (DoH).
Somchai Jitsuchon and Chalongphob Sussangkarn
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0010
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter discusses the impacts of the global financial crisis on the Thai economy and the policy responses. Against the backdrop of a slowly growing global economy in the future, the chapter ...
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This chapter discusses the impacts of the global financial crisis on the Thai economy and the policy responses. Against the backdrop of a slowly growing global economy in the future, the chapter suggests that Thailand seriously re-think about rebalancing its economy so as to increase its resilience to external shocks. One option is to develop a strategy to increase domestic investment, which will have to be mainly public investment as the private sector has been considerably weakened by the crisis. Another option is to raise productivity by improving human capital rather than by relying on accumulating imported capital which has proven to be unsustainable in the long-term.Less
This chapter discusses the impacts of the global financial crisis on the Thai economy and the policy responses. Against the backdrop of a slowly growing global economy in the future, the chapter suggests that Thailand seriously re-think about rebalancing its economy so as to increase its resilience to external shocks. One option is to develop a strategy to increase domestic investment, which will have to be mainly public investment as the private sector has been considerably weakened by the crisis. Another option is to raise productivity by improving human capital rather than by relying on accumulating imported capital which has proven to be unsustainable in the long-term.
Paul G. Harris (ed.)
- Published in print:
- 2011
- Published Online:
- March 2012
- ISBN:
- 9781847428134
- eISBN:
- 9781447301844
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781847428134.001.0001
- Subject:
- Sociology, Urban and Rural Studies
Drawing on practices and theories of environmental justice, this book describes China's contribution to global warming and analyses its policy responses. Contributors critically examine China's ...
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Drawing on practices and theories of environmental justice, this book describes China's contribution to global warming and analyses its policy responses. Contributors critically examine China's practical and ethical responsibilities to climate change from a variety of perspectives. They explore policies that could mitigate China's environmental impact while promoting its own interests and meeting the international community's expectations.Less
Drawing on practices and theories of environmental justice, this book describes China's contribution to global warming and analyses its policy responses. Contributors critically examine China's practical and ethical responsibilities to climate change from a variety of perspectives. They explore policies that could mitigate China's environmental impact while promoting its own interests and meeting the international community's expectations.
Prema-Chandra Athukorala and Archanun Kohpaiboon
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199660957
- eISBN:
- 9780191748981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199660957.003.0005
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter examines the export experience of East Asian economies in the aftermath of the crisis against the backdrop of a systematic analysis of pre-crisis trade patterns. The analysis is ...
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This chapter examines the export experience of East Asian economies in the aftermath of the crisis against the backdrop of a systematic analysis of pre-crisis trade patterns. The analysis is motivated by the “decoupling” thesis, which was a popular theme in Asian policy circles in the lead-up to the onset of the recent financial crisis, and aims to probe three key issues: Was the East Asian trade integration story that underpinned the decoupling thesis simply a statistical artefact or the massive export contraction caused by an overreaction of traders to the global economic crisis and/or by the drying up of trade credit, which overpowered the cushion provided by intra-regional trade? What are the new policy challenges faced by the East Asian economies? Is there room for an integrated policy response that marks a clear departure from the pre-crisis policy stance favouring export-oriented growth?Less
This chapter examines the export experience of East Asian economies in the aftermath of the crisis against the backdrop of a systematic analysis of pre-crisis trade patterns. The analysis is motivated by the “decoupling” thesis, which was a popular theme in Asian policy circles in the lead-up to the onset of the recent financial crisis, and aims to probe three key issues: Was the East Asian trade integration story that underpinned the decoupling thesis simply a statistical artefact or the massive export contraction caused by an overreaction of traders to the global economic crisis and/or by the drying up of trade credit, which overpowered the cushion provided by intra-regional trade? What are the new policy challenges faced by the East Asian economies? Is there room for an integrated policy response that marks a clear departure from the pre-crisis policy stance favouring export-oriented growth?
Per Pinstrup-Andersen
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780198718574
- eISBN:
- 9780191788017
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198718574.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
How do governments respond to abrupt food price changes and why do they respond as they do? Answers to these two questions are important to help us understand policy-making, to predict how policy ...
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How do governments respond to abrupt food price changes and why do they respond as they do? Answers to these two questions are important to help us understand policy-making, to predict how policy makers are likely to respond to future food price volatility and to support policy makers as they confront such volatility. Food price volatility since 2007 provides a natural experiment for the research. While much has been written about the nature, content and causes of food price fluctuations, little is known about the political processes that led to the policy responses and the relative power, behaviour, and influence of the participating stakeholder groups. Understanding how and why governments responded as they did will help enhance existing knowledge of the political economy of food price policy and assist governments in their policy-making in the future.Less
How do governments respond to abrupt food price changes and why do they respond as they do? Answers to these two questions are important to help us understand policy-making, to predict how policy makers are likely to respond to future food price volatility and to support policy makers as they confront such volatility. Food price volatility since 2007 provides a natural experiment for the research. While much has been written about the nature, content and causes of food price fluctuations, little is known about the political processes that led to the policy responses and the relative power, behaviour, and influence of the participating stakeholder groups. Understanding how and why governments responded as they did will help enhance existing knowledge of the political economy of food price policy and assist governments in their policy-making in the future.
