What Progress on International Financial Reform? Why so Limited? Stephany Griffith-Jones & Jose Antonio Ocampo

Progress on international financial reform has been uneven and asymmetrical. While most progress has been achieved in areas implemented nationally by developing countries (e.g. strengthening macroeconomic policies), least progress has been realized in the equally if not more important international measures (e.g. provision of sufficient development finance, transparency and regulation of international financial markets, etc.) due to the lack of consistent developed country support for the reform process. According to the authors, one of the best ways to support progress on an international financial reform that is more supportive of growth, development and poverty reduction is to strengthen the voice…

Nationalism and Southeast Asia’s Ersatz Miracle Jomo K. S.

Nationalism in Southeast Asia has been used to refer to a variety of phenomena ranging from anti-colonialism to ethno-populism and beyond. This article critically examines claims that rapid economic growth in the second-tier Southeast Asian newly industrializing countries can be attributed to economic liberalization and that the vestiges of nationalist Japanese-style financial systems can be held responsible for the currency and financial meltdowns since mid-1997. It suggests that economic nationalism has been crucial to late industrialization in East Asia while acknowledging the problematic weaknesses of state intervention in Southeast Asia. ersatz_miracle (Download the full text in PDF format)

Globalisation for Whom? A World for All Jomo K.S.

Some issues about globalisation and how it affects developing countries in general, and Southeast Asian economies in particular, namely Malaysia, Indonesia, and Thailand. globalisation_whom (Download the full text in PDF format) (Jomo K.S. raises some issues about globalisation and how it affects developing countries in general, and Southeast Asian economies in particular, namely Malaysia, Indonesia, and Thailand.)

Argentine President Bows to IMF and Banks

On May 30, 2002, the Argentine senate voted to repeal the 1974 economic subversion law criminalising bad business decisions and capital flight in an effort to meet conditions set by the International Monetary Fund (IMF) for issuing new loans to the debt-ridden nation. Senate President Juan Carlos Maqueda broke a 34-34 tie to pass the repeal after weeks of procrastination. Charges pending under the law against several bankers – including one currently in jail – will now be dropped. Those in support of the removal of the law said other existing laws were adequate to protect the bankrupt country against…

Asset Prices, Liquidity Preference and the Business Cycle Korkut A. Erturk

The role Keynes’ treatment of investment in the General Theory played in weakening his liquidity preference argument has been little recognized. This paper goes back to the original argument in the Treatise and shows that its reconsideration can greatly enhance the Keynesian analysis of the business cycle. asset_prices (Download the full text in PDF format)