Advertisement

Infrastructure and Productivity in Asia

  • Ranjit Ajit Singh
  • Eng Chye Phuah
  • Harveen Kaur

Abstract

The Asian financial crisis in the late 1990s was triggered by a sudden sharp reversal in the direction of global portfolio flows. The massive outflows within a short period of time led to a severe liquidity squeeze, which resulted in severe balance sheet stress. The combination of this with a steep correction in Asian exchange rates saw aggregate demand fall and operating costs rise overnight, undermining the viability of many Asian corporations. Productivity suffered as a result of the implicit sharp jump in the cost of capital, adversely affecting investment and consequentially confidence in these economies. Asia met the challenge head-on by directly rectifying weaknesses through macroeconomic policy and undertaking broad-based reform of the financial sector and quickly engineering a restoration of financial stability and a recovery of its economic growth rates.

Keywords

Corporate Governance Institutional Investor Good Governance Minority Shareholder Market Discipline 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Asian Roundtable on Corporate Governance (2001) White Paper on Corporate Governance in Asia, Paris: Organisation for Economic Co-operation and Development Securities Commission.Google Scholar
  2. Berg, A. (2003) Corporate Governance Reform in Emerging Markets — Implications for Financial Sector Regulators, Private Sector Advisory Services, The World Bank.Google Scholar
  3. Business Environment Group, Responding to the Global Financial Crisis, The Business Environment and Corporate Governance, Strengthening Incentives for Private Sector Performance, Private Sector Development Department, The World Bank Group.Google Scholar
  4. Davies, H. (2002) ‘Financial Services Authority, Corporate Governance and the Developments of Global Capital Markets’, Balance Sheet, 10(3), 14–18.CrossRefGoogle Scholar
  5. Emerging Markets Committee (1999) Causes, Effects and Regulatory Implications of Financial and Economic Turbulence in Emerging Markets, The International Organization of Securities Commission.Google Scholar
  6. Gill, A. (2002) ‘Corporate Governance and Performance’, Corporate Governance International, 5(3), 28–49.Google Scholar
  7. High Level Finance Committee on Corporate Governance February (1999) Finance Committee on Corporate Governance: Report on Corporate Governance, Malaysia.Google Scholar
  8. Kadir, A. A. (2000) ‘Can Corporate Governance Lead the Way to Global Competitiveness’, Closing address at the International Conference on Corporate Governance in Asia: Corporate Governance and Global Competitiveness, Securities Commission, Malaysia.Google Scholar
  9. Securities Commission (2001) Capital Market Masterplan, Malaysia.Google Scholar
  10. Zarinah, A. (2003) ‘Towards a World Class Regulatory Framework: Enhanced Transparency and Governance’, Keynote address at the First Meeting of CPA Australia’s International Board of Directors, Securities Commission, Malaysia.Google Scholar

Copyright information

© Ranjit Ajit Singh, Eng Chye Phuah and Harveen Kaur 2005

Authors and Affiliations

  • Ranjit Ajit Singh
  • Eng Chye Phuah
  • Harveen Kaur

There are no affiliations available

Personalised recommendations