External Liberalization in Asia, Post-Socialist Europe, and Brazil

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Overview

This book reviews the experience of 14 countries with external liberalization and related policies, based on papers written by national authors following a common 0000oeconomic methodology. The methodology, the papers' main results, and policy implications are summarized in the introductory chapter.

The book reports on a follow-on project to the country studies presented in Lance Taylor (ed.), External Liberalization, Economic Performance, and Social Policy, OUP, 2001. The new project represents a significant extension of the earlier work in that it focuses principally on formerly socialist European economies (Hungary, Poland, Russia), Asian economies (consistently growing China, India, Singapore, and Vietnam; the 1997-98 crisis victims Indonesia, Korea, Malaysia, and Thailand; and cyclically stagnant Philippines and Turkey). Brazil is also included as an important comparator. Macroeconomics has traditionally been less actively pursued in Asia and the transition economies than, say, in Latin America. The 1997-98 crisis awoke the Asians to the importance of macro, and the present book is in part a response to the development.

A distinguishing feature of the book is the common methodology, which focuses on the mechanisms via which effective demand is generated and the interactions of labor productivity, employment growth, and income distribution. The country papers show clearly how trade and capital account liberalization along with changes in the real exchange rate affected demand, productivity, and employment at the country level. They also trace through shifts in the overall income distribution and the incidence of poverty. The authors of the papers bring a wealth of insight into their thick descriptions à la Clifford Geertz's famous Balinese cockfight about how diverse economies responded to rather similar reform packages and offer lessons about ongoing institutional change. They also suggest policy shifts that may help make economic performance better in the future than it has been in the past.

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Product Details

  • ISBN-13: 9780195189322
  • Publisher: Oxford University Press, USA
  • Publication date: 2/2/2006
  • Pages: 528
  • Product dimensions: 9.90 (w) x 7.30 (h) x 1.80 (d)

Meet the Author

Lance Taylor is the Arnhold Professor of International Cooperation and Development and Director of the Center for Economic Policy Analysis at the New School University. He received a BS degree with honors in mathematics from the California Institute of Technology in 1962 and a Ph.D. in economics from Harvard University in 1968. He then became a professor in the economics departments at Harvard and the Massachusetts Institute of Technology, as well as being a visiting professor at the University of Minnesota, the Universidade da Brasilia, Delhi University, and the Stockholm School of Economics. He moved to the New School in 1993.

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Table of Contents

1 External liberalization in Asia, post-socialist Europe, and Brazil 1
2 Belindia goes to Washington : the Brazilian economy after the reforms 42
3 External liberalization, growth, and distribution in China 65
4 Opening up the Hungarian economy : conditions and consequences of liberalizing trade and capital flows in Hungary 101
5 A decade of reforms : the Indian economy in the 1990s 139
6 Indonesia's external liberalization : policy dynamics and socio-economic impact 180
7 The long and winding road to liberalization : the South Korean experience 207
8 External liberalization, economic performance, and distribution in Malaysia 232
9 External liberalization, growth, and distribution in the Philippines 267
10 External liberalization, growth, and distribution : the Polish experience 311
11 The Russian way of adjustment : mechanisms of economic growth in 1999-2001 and patterns of poverty and income distribution 346
12 External liberalization and economic growth : the case of Singapore 368
13 The distributive and macroeconomic impact of liberalization in Thailand 388
14 Turkey, 1980-2000 : financial liberalization, macroeconomic (in)stability, and patterns of distribution 417
15 Vietnam : external liberalization, structural change, economic growth, and income distribution 456
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