Economic Restructuring in East Asia and India: Perspectives by Pradeep Agrawal

By Pradeep Agrawal

This booklet presents a comparative photograph of the restructuring reviews of 5 Asian economies: South Korea, Singapore, Indonesia, Thailand and India. in relation to Indonesia and Thailand, the point of interest is on short-run structural adjustment measures, and when it comes to South Korea and Singapore, the emphasis is on long run commercial, exchange, labour and monetary region rules. The bankruptcy on India perspectives the country's monetary improvement within the mild of the above research. The political economic climate of the policy-making method is tested in each one case.

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There may be benefits from soliciting DFI in core intermediate sectors catering to domestic users in order to increase the competitiveness of these producers. ) The evaluation of DFI can then be made on the basis of both direct and indirect exports, rather than just direct exports. The Korean experience with capital goods provides some lessons. To the extent that capital goods embody technological progreSs, a viable capital goods sector may be a requirement for long-term Korea: Industrial and Financial Restructuring 36 technological development.

To some extent, the strategy proved workable because of the easy borrowing conditions that Korea faced in the early 1970s But it also required significant efforts on the part of local industry to successfully assimilate foreign technology. As mentioned earlier, the importance of this issue is not so much in terms of how technology was acquired, but rather how effectively it was assimilated to enhance technological conditions in the domestic manufacturing sector. Success of Assimilation Efforts: The Japanese colonial government (Korea was a Japanese colony between 1910-1945) had established a fairly diversified industrial base.

DFI ap- Subir V. Gokarn 35 pears to be the more attractive option. DFI has the danger however of establishing enclaves, so that the spillover into the local industrial sector is minimal. A way has to be found to ensure that DFI leads to an overall upgradation of technology, so that any export growth is not confined to DFI sectors exclusively. The Korean experience suggests that a coordinated effort to acquire technologies and rapidly translate them into production capabilities is the key to maximizing the benefits from exports.

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