Index

ADB datafile 7 ADB Member Country (DMC) 7 AFTA 162 American Civil War 29,48 Anti-Unfair Competition Law 5 1 Argentina 20 ASEAN 146, 167 Asia Pacific Economic Cooperation Forum

(APEC) 3 Asian Development Bank (ADB) 6,147,164,

Australian Financial Review 8, 10 175, 177,202,235-6

bailing in 25 bandwagon effects 20 Bank Central Asia (BCA) 185 Bank Indonesia 188 Bank Niagra 185 Bangkok International Banking Facilities

(BIBF) 87 Bank of Korea 1 17-9 bankruptcy 25, 160 ‘best practices’ 43 big bang 30,44 ‘Big Deals’ 129-3 1 ‘bird cage’ 49 Bolshevik’s Revolution 47 Britain 43 borderless commerce 4

capital adequacy ratio 181, 196 Central Bank Law 185, 193 central planning 30 chaebols 128-32, 140

China 6, 146, 169, 175,221 city-state 4 civil liberties 46 commercialisation 39 Commercial Papers (CPs) 134 Committee on Banking Disclosures 236

CHELEM-CEPII 172-3,22 1

Committee on Singapore’s Competitiveness

constitutional constraint 52-3 constitutional rules 29 constitutional transition 43,45, 72 constructive ambiguity 19 contagion 3, 17,23 Contingent Credit Line (CCL) 17-8 contract responsibility system (CRS) 59,63 contraction 90, 108, 114 ‘cooperative culture’ 56 coordination 39 Corporate Restructuring Vehicles (CRVs) 130 Corporate Restructuring Task Force (CRTF)

corruption 45,63 crisis 1,44, 86, 122, 135, 147, 153, 188 crisis assistance 19 crisis management 167-8, 180,238-9 cross-debt 129 cross-guarantee 129 cross-subsidiary 129 Cultural Revolution 39 current account 104, 134, 186 ‘curse of the latecomer’ 37

235

200

Daewoo 9, 1 17, 132 debt equity swap 13 1 debt servicing 1, 108 decentralisation 3940, 55 deflationary policies 18 demand management 11 demand stimulus 149, 157-8 Deng’s socialist market system 32 Deng Xiaoping 60 Devine 49 division of labour 3 I , 39,66 Doi Moi 147 dynamic decisions 34

East Asia 8, 13, 56, 86, 108,204 economic indicators 139

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244 Economic Crisis Management: Policy, Practice, Outcomes and Prospects

Ecuador 2 Enterprise Law 158 equilibrium 71 eguitisation 155-6 Euro countries 23-4 euro exchange rate 13 European Central Bank 12,23 European Monetary System 22 excess demand 70-1 exchange rate fixity 20 exchange rate policy 1 I3 exchange rates 19,2 1 exports-oriented 4 external debt 90, 186

fair competition 36, 140 Fair Trade Commission 13 1 federalism 40,42 financial crisis 14, 112 financial institutions 126 financial restructuring 127 Financial Supervisory Commission (FSC) 123 fiscal impulse indicator 12 1 fiscal policy 120, 141, 178 five-year plans 37 foreign currency funding 124 Foreign Exchange Control Act 134 Foreign Exchange Transactions Act I34 foreign investment 136, 150 France 48 free association 36 French Revolution 30

G7 8 General Arrangements to Borrow (GAB) 22,

Gini coefficient 64 globalisation 164,235 governance 1 , 13 1,207,214,216 government bonds 12 1 government debt 12 government deficits 15 government securities 24 gradualism 28 Great Depression 242 Great Leap Forward 39 Great Reforms 47

25

If0 12 IMF 8, 12, 15-7, 21, 23, 91, 97, 107, 112,

164, 179, 184,212 Independence War 29-30,48 India 6,43 Indonesia 8-9, 175, 183 Indonesian Debt Restructuring Agency

Indonesian Banking Restructuring Agency (TNDRA) 200

(TBRA) 190, 196,198-9 203,214

industrialisation 3,40-2, 52 inflation 11 6, 120 ‘informal privatisation’ 58 international trade 164, 1 8 1,24 1 ’iron rice bowl’ 38 investment trust companies (ITC) I28 investor confidence 185,2 13 ‘inward-looking’ economic policies 8

Jakarta Stock Market (JSX) 192 Japan 10-1 1,16,40,87,168,242 joint stock commercial banks (JSCB) 161

Kim Dae-jung 140-4 1 KKN (cormption, cronyism and nepotism)

186,209,212 knowledge-based economy 235 Korea 9 Korea Asset Management Corporation

Korea Deposit Insurance Corporation (KDTC)

Korea First Bank 124

(KAMCO) 123

123

labour management 133 Labour Standards Act 133 Latin America 6, 13, 178,238 law-based transactions 47 Law on Fiscal Balance 208 Law on Regional Autonomy 208 Law on VAT 149,154 lay-offs 131, 133, 160 lender-of-last-resort 17 lending interest rates 15 1 Lenin 36 liberalisation 28, 57, 87, 123, 128, 134-5 Long-Term Credit Management 24

Ho Chi Minh City 220 Hong Kong 40,236 Machiavelli’s The Prince 43

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Index 245

macroeconomic model 91 macroeconomic performance I 87 macroeconomic stability 3, 193 macroeconomic mix theory 239 Malay Peninsula 22 1 Malaysia 169, 175, 190 Mao’s socialist system 32, 37 market failures 57 market liquidity I2 1 Mexico 6 Mindanao crisis 9 monetary balance 153 monetary policy 16, 95, 105, I 1 3, 119, 122,

141,152, 178 moral hazard 17, 65, 71 Myanmar 6

Napoleonic Codes 30 national accounts 148 Negative List System 134 neo-Keynesian 12 network effects 65 network size 28 New Arrangements to Borrow (NAB)

New Enterprise Law 163 New Order 183 Newly Industrialised Countries (NICs) 169 Newly Industrialised Economies (NTEs) 169,

non-collective TVEs 57 non-performing loans 159-60, 180

22,25

171-2,221-3,239

195-6

OECD 60 OPEC 11, 172,221 orthodox policies 242

Pakistan 6 Philippines 167, 190 Phillips Curve 182 plant closures 13 1 Positive List System I34 poverty 2 10- 1,242 price liberalisation 59 private sector borrowing 15 privatisation 33,48, 134, 155

protectionist policies 19 prudential supervision 140 public bonds 12 1

185,209,214

public sector I25

quasi -government I 3 3

Radelet and Sachs approach 99 rational expectations 109 recapitalisation 195, 197-8 recovery 5,86, 106, 185, 190,2 12 ‘red caps’ 58 reform 3 1,40,45-6, 5 1, 129

Renaissance 43 reserve requirement ratio 15 1 residential registration 56 restructuring 132, 195,201-2 ‘rule by laws’ 48 Rural and Agricultural Bank 1 5 1 rural reform 5 1 Russia 8,42 Russian Central Bank 45 Russian Constitution 46 Russian Orthodox Church 47

132-3, 181,217

Saigon 220 sensitivity parameters 70 Seoul Bank 124 shocks 95, 100, 107 shock therapy 48 simulation I01 Singapore 6,220 Singapore Trade Development Board 10,232,

slow-down 87, 112, 114, 175 small and medium-size enterprises

social experiment 30 social unrest 56,208 social welfare 15, 62 socialist orientation 163 Socioeconomic Development Strategy 162 Soviet style economic system 35 ‘spontaneous appropriation’ 6 1 Srivijaya 220 stabilisation 45 Standard & Poor 10 State Bank 151, 161 state budget 148-9 state firm reform 59 State General Corporation (SGC) 154-5 state monopoly 50, 71 state opportunism 3,29

234

3,38, 120

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246 Economic Crisis Management: Policy, Practice, Outcomes and Prospects

state-owned banking system 57 state-owned-enterprises (SOE) 3,59-63, 133,

state-owned property 33 Statement of Development Policy 188 steady state 104 stock prices 117 Supplemental Reserve Facility (SRF) 17 sustainability 21 5

150, 152, 154-7, 162,214

Taiwan 6, 172,237 Thailand 8, 175, 190 The Straits Times 8 Tobin’s q 94 total factor productivity 59 trade balance 104-5 trade-offs 65,67 transaction costs 28 transition 28, 3 I , 43 transition economies 6 ,3 1,38 transparency 133, 140, 180,208 Transparency International 64

Tripartite Commission 132 Turkey 8 turmoil 3 townshipvillage-enterprise (TVE) 38,53-8

United Nations Development Program

US bilateral trade agreement (USBTA) 162 US Commerce Department 12 US Federal Reserve Board 11 USSR 172,221

(UNDP) 147

V-shape recovery 1 16-7, 141 Vietnam 44, 146, 169

wage stabilisation 132 Western Europe 43 World Bank 12,40, 147, 164, 169, 192,207,

World Trade Organization (WTO) 3,163,237 2 10,232

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