Suchergebnisse

The key to eradicating the deflation bias lies in establishing an efficient financial intermediation mechanism

Woo comments on Yu-Shan Wu's (2002) article, "Chinese Economic Reform in a Comparative Perspective: Asia vs. Europe," in which Wu theorizes on why the People's Republic of China & Russia have had such different outcomes in the transition from command to market economies. Wu concludes that the institutional approach that emphasizes differences in reform philosophy, speed of reform, & property rights restructuring have brought better results from China's economic reform. Woo argues that there are three fundamental problems with Wu's paper: (1) flawed methodology; (2) analytically vacuous central concepts; & (3) politically naive & factually incomplete historical analysis. Woo concludes that China's economic success stems more from its economic structure than its economic strategies & also from its small SOE structure, while Russia's failures stem from, among other things, limited applicability of the double-track transition strategy & entrenched interests in the ruling structure. L. A. Hoffman

"Die ostasiatische Finanzkrise der Jahre 1997 und 1998 war keineswegs nur hausgemacht, sondern ist auch im Lichte nachteiliger Strukturen der globalen Finanzmärkte sowie, dies vor allem, deutlicher Fehlentscheidungen des IWF zu sehen, dessen Strategie einer gründlichen Reform bedarf." (Autorenreferat)