Market or government failures?: An Asian perspective/
A.S. Bhalla
- Houndmills: Palgrave, 2001.
- 230 p.
The Old and the New Political Economy -- From the old to the new political economy -- Institutions and organizations -- Different types of state -- Different types of markets -- Interactions between state, organizations and markets -- Theories of Market and Government Failures -- Market failures -- Government failures -- Parallels between market and government failures -- The relevance of theories to East Asia -- Financial Crises: Cases of Market Failure -- Financial globalization -- Financial liberalization policies -- Financial crises in industrial and developing countries -- Why failures in financial markets? -- Lessons from financial crises -- The Asian Financial Crisis / A.S. Bhalla, D.M. Nachane -- Key features of the crisis -- Theoretical explanations -- Diagnosis of the crisis -- Role of the IMF in the crisis -- The impact of the crisis -- The Impact of the Asian Crisis on China and India / A.S. Bhalla, D.M. Nachane -- Vulnerability indicators -- Trade impact -- Impact on capital inflows -- Impact of domestic policies -- Impact on the future of reforms -- Need for financial reforms -- State Enterprises in China and India: A Case of Government Failure -- The soft-budget constraint -- Excess labour or overstaffing -- State enterprises in China and India -- The soft-budget constraint in Chinese state-owned enterprises (SOEs) -- The soft-budget constraint in Indian public-sector enterprises (PSEs) -- Conclusion: Implementation Failures -- Strategy/policy design -- Other implementation problems.