Fashioning a new Korean model out of the crisis: the rebuilding of institutional capabilities

Article Abstract:

The twin International Monetary Fund agreements of Dec 1997 have played a key role in allowing the construction of a new version of a 'Korean model.' In this way, the East Asian financial crisis has been made to work to South Korea's benefit by making necessary changes to the country's political-economic structures. The key element in the reform of the Korean model has been the restructuring of the financial sector, and especially changes to the regulatory and supervisory processes. However, it must be recognized that South Korea does not intend to move fully towards an Anglo-American style non-interventionist economy.

South Korea

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Japan's crisis: evolution and implications

Article Abstract:

Many of Japan's current economic difficulties have their origins in the country's programme of liberalization and policy errors in the 1980s. The institutional characteristics of the 'Japanese system' have caused further problems, as have uncertainty and failure to take decisive action. There is no concerted shift away from the traditional Japanese economic model, but many employers and policymakers are now looking to find a 'third way' to reform. In the longer term, Japan will hope to establish a more significant regional role for the yen through financial deregulation.

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Asian crisis and the future of the Japanese model

Article Abstract:

It is hard to ascertain whether Japan's current economic difficulties are merely the manifestation of a cyclical downturn, or whether there are deep structural problems. Similarly, it is difficult to establish how far the downturn, if this is the case, will accelerate structural developments which were taking place in any case. The future of the 'Japanese model' seems uncertain. There is a high level of institutional interplay, and this means that change in one institution has consequences for many others.

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