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From Crisis to Opportunity: Financial Globalization and East Asian Capitalism
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Shorenstein APARC, distributed by Brookings Institution Press, page(s): 152

January 2006

Since the mid-1990s, China, Japan, and Korea have come under severe pressure to restructure and reform their economic systems. Indeed, across East Asia, governments are attempting to address their structural problems with a variety of reform programs. It is still too early to declare the triumph of financial globalization, and East Asian financial and corporate systems continue to fall short of global standards in structure and performance. Yet now that the reform process has been under way for more than five years, old models have been discarded and new patterns are emerging.

This book identifies and accounts for empirical regularities across East Asian countries and sectors, which previous studies have left largely unexplained. In general, the distinguished contributors to this collection conclude that the interaction between financial globalization and domestic politics is the key to unlocking the reform process. In particular, the authors address issues important to the study of East Asian political economies—their receptivity to financial globalization, their financial integration, the convergence or divergence of their economic institutions, and the impact that their institutional transformations will have on national competitive advantage and the global economic system.

Examination copies: Shorenstein APARC books are distributed by the Brookings Institution Press. You can obtain information on obtaining an examination copy at their website.

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Excerpt - Introduction, by Jongryn Mo and Daniel I. Okimoto Download pdf
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