Global Instability: The Political Economy of World Economic by John Grieve-Smith, Jonathan Michie

By John Grieve-Smith, Jonathan Michie

It is a reliable booklet introducing the worldwide economics

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Especially in the Southeast Asian cases, much was made of the seemingly newly discovered— yet deeply rooted—patterns of corruption, unsustainable real estate speculation, wasteful government spending, and misguided government policies (IMF Survey, 2/9/98; Safire, 1998). In the Russian case, exceptionalist explanations focused on the problems of corruption, tax evasion and governmental mismanagement (WSJ, 11/3/97; DP, 12/6/97). In the Brazilian case, exceptionalist explanations centered on investors’ fears that the government would be unable to withstand political pressure to repudiate the neoliberal program it was pursuing (NYT, 11/11/97).

For a fuller discussion, see Amsden and Singh (1994). Krugman reports that in the case of South Korea, the price of its corporations to foreign buyers essentially fell by 70 per cent during 1997. Thus, the stock market value of Korean Air Lines with a fleet of more than 100 aircraft at the end of 1997 was only $240 million. This is approximately the price of two Boeing 747s. However, any acquirer would also have to take on the Korean Air Lines debt of $5 billion. See for example Calvo and Mendoza (1996), Sachs, Tornell and Velasco (1996), Cole and Kehoe (1996), Krugman (1998).

1 Countries involved in the crisis of 1997–1998: net private capital flows (US $ billions) and annual % change in the stock market index, 1980–1996 Sources: PI, DFI and LOAN data are from Global Development Finance, 1998, vol. 1, World Bank, Washington, DC, 1998; stock index data are from the Emerging Stock Markets Factbook, 1997, International Finance Corporation, Washington, DC, 1997. Notes: PI=net portfolio equity flows; DFI=net foreign direct investment; Loans=net flow long-term debt (excluding, IMF loans).

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