| Project/Area Number |
11694029
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済政策(含経済事情)
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| Research Institution | KYOTO UNIVERSITY |
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Principal Investigator |
HIKINO Takashi Graduate School of Economics, KYOTO UNIVERSITY, Associate Professor, 大学院・経済学研究科, 助教授 (50301825)
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| Project Period (FY) |
1999 – 2000
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| Project Status |
Completed (Fiscal Year 2000)
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| Budget Amount *help |
¥2,300,000 (Direct Cost: ¥2,300,000)
Fiscal Year 2000: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1999: ¥1,300,000 (Direct Cost: ¥1,300,000)
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| Keywords | Corporate governance / Corporate finance / Asian Financial Crises / East Asian Miracle / 企業統治 / 通貨危機 / 東アジアの経済的奇跡 / 経済のアメリカ化 / 企業の国際競争力 |
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| Research Abstract |
Against all the expectations of mainstream neo-classical economists the so-called Asian Financial Crises apparently have been resolved only after two years of disturbance. Particularly in terms of their macroeconomic effects some nations which were affected by the crises are actually achieving healthy economic performance. Although the once heralded East Asian Economic Miracle has become paled, economies such as Korea, Hong Kong, and Taiwan nevertheless hold the growth potential in the long-run.
One of the most significant reasons for the recovered growth is the institutional factors at the microeconomic level, which understandably have attracted intensive attention in recent years. Those factors such as corporate governance, which was the target of criticism by the World Bank and IMF organizations, are quickly changing their faces in East Asia such as Korea and Taiwan. In place of once-popular crony capitalism and relationship financing market-based equity and debt financing has become popular in those economies. As is the case of contemporary Japan all the significant corporate functions such as organizations, management and group affiliations are not changing in East Asia in general. This implies that the popular research on corporate governance is not adequate by itself unless it is supplemented by the integrated study which combines governance with managerial aspects of the firm.
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