The bridge to a global middle class : development, trade, and international finance / edited by Walter Russell Mead and Sherle R. Schwenninger.

Format:

Book

Contributor:

Mead, Walter Russell.

Schwenninger, Sherle R.

Series:

Milken Institute series on financial innovation and economic growth ; 4.

The Milken Institute series on financial innovation and economic growth ; 4.

Language:

English

Subjects (All):

Economic development.

International finance.

Middle class.

Physical Description:

xiv, 665 pages : illustrations ; 24 cm.

Place of Publication:

Boston : Kluwer Academic Publishers, [2003]

Contents:

Chapter 1 A Financial Architecture for Middle-Class-Oriented Development (Mead and Schwenninger) 1

The Case for Middle-Class-Oriented Development 8

Obstacles to Middle-Class-Oriented Development 25

Toward a New International Financial Architecture 46

Conclusion: The Politics of International Financial Architecture 75

Appendix Making Dollarization Work 81

Chapter 2 Private Capital Flows, Emerging Economies, and International Financial Architecture (Yago) 85

Contagion as Metaphor 94

The Integration of Global Capital Markets 100

Deconstructing Global Financial Architecture Proposals 107

Chapter 3 Building the Financial Infrastructure for Middle Class Emerging Economies (D'Arista) 125

Building on Past Structures and Programs 129

Building on Existing Structures and Trends 138

Structuring Pension Funds in Emerging Economies for Growth and Development 145

Reforming the International Monetary and Financial Architecture to Promote Domestic Demand-Driven Growth in Emerging Economies 156

Chapter 4 Capital Flows and the International Financial Architecture (Eatwell and Taylor) 169

Capital Flows and the International Financial Architecture 171

Liberal Capital Markets in History 174

The Breakdown of Financial Regulation 178

Actual and Potential Problems in Industrialized Economies 180

The Performance of the Private Sector 183

The Performance of the Public Sector 185

Governments in Search of Credibility 186

The Position of the United States 188

The American Predicament 191

External Dangers? 194

Developing and Transition Economies 196

Exchange Rates 199

Dealing with the Problems At Hand 204

Bands 206

Capital Controls 208

Managing Global Financial Risk 210

A World Financial Authority 211

Macroeconomic Regulation and Risk Management 212

Microeconomic Regulation and Risk Management 214

The Way Forward 215

Chapter 5 Solving the Currency Conundrum (Eichengreen) 219

Going to Extremes 223

The Backlash 231

Which Alternative? 235

Monetary Union 242

Achieving Greater Flexibility in Emerging Markets 246

G-3 Target Zones 253

How the International Monetary System Will Look in Twenty Years 257

Chapter 6 The Diminishing Returns to Export-Led Growth (Blecker) 259

Prologue: The Sudden Collapse of the Export-Led Economies 261

The Hypothesis: Statement and Qualifications 267

Literature Survey: Studies of Exports, Growth, and the Fallacy of Composition 275

Empirical Plausibility: A Preliminary Look at Export Growth Trends 289

Policy Implications: Which Way Out of the Dilemma? 295

Chapter 7 The American Stock Market as a Financial Risk: A Discussion of Historic and Demographic Risks (Dugger, McNally and Medley) 299

Trade, Development, and the Post-Cold War Transition 306

Household Balance Sheets and Generational Deleveraging 326

Macroeconomic Forecasts Including a Major Market Decline 334

Chapter 8 Reforming and Deepening Mexico's Financial Markets (Lopez-de-Silanes) 361

Legal Protection for Investors 367

Enforcement of Laws 376

Consequences of Investor Protection 378

Reforms for Deepening Mexico's Financial Markets 387

Conclusion and Policy Implications 407

Chapter 9 Economic Crisis and Corporate Reform in East Asia (Woo-Cumings) 439

Economic Crisis and Corporate Reform in East Asia 441

Northeast and Southeast Asia between the State and the "Sib-Fetters" of the Economy 448

Corporate Governance in Korea 457

Concentration and Diversification in the Korean Chaebol 468

Family Governance, Trust and Rule by Regulation 473

Family Governance: Part of the Problem or Part of the Solution? 479

Efforts at Corporate Reform in Korea 483

The Politics of Ethnicity and Corporate Governance in Southeast Asia 490

Chapter 10 Cultural Contradictions of Post-Communism: Why Liberal Reforms Did Not Succeed in Russia (Khrushcheva) 513

Russia's Bottom: The Culture of Envy 524

Russia's Top: Privatization Russian Style 539

Russia's Middle: Voices of Reason 548

Chapter 11 Korea's Comeback: The Government's Predicament (Root) 563

Financial System Reform 568

Business Reform 578

Labor Reform 588

Chapter 12 Sustainable Development and the Open-door Policy in China (Galbraith and Lu) 601

Budget Deficits and Cultural Revolution 605

Bottlenecks and Heavy Industry 607

The Agricultural Reform 609

Auxiliary Reforms in Light Industry and Commerce 611

The Second Phase: Urban Economic Reform 1984-88 612

The Transitory Period (1988-91): Adjustment and Crisis 614

The Third Round of Reforms: 1992-97 615

The Open Door Policy - What Was It? 619

The Role of the Open Door Policy 621

The Crisis of the 1990s 623

The Outlook and What is Required? 627

Chapter 13 The Paradox of Free Market Democracy: Indonesia and the Problems Facing Neoliberal Reform (Chua) 639

Indonesia 647

Policy Implications 656.

Notes:

"A Council on Foreign Relations book."

Includes bibliographical references.

ISBN:

1402073291

OCLC:

50958905