1 - La libéralisation financière internationale et la crise du développement est-asiatique
Africa Development,
Vol. 25 No. 1-2 (2000): Africa Development
Abstract
This article critically explores the roots of the financial crisis of 1997 that tormented the East-Asian region and devalued the currencies and economic power of the second generation newly industrialised countries. It argues that despite the existence of such crisis in the same region in the past, the appropriate response to current problem lies elsewhere. Given that the market, which has become more and more self governing, lacks memory and the capacity to be naturally immuned, the onus is on the actors to elaborate policies to establish the necessary institutions and reconsider and restructure the institutional mechanisms for the management of public affairs.
Je tiens à témoigner ma reconnaissance à Jan Kregel, Al Alim Ibrahim, Din Merican et Warren Bailey pour m'avoir formulé des observations critiques utiles, qui ne les engagent toutefois en aucune façon. Les principales causes et conséquences des récentes crises monétaires et financières en Asie du Sud-Est, surtout en Malaisie, continuent de susciter un débat considérable. Le présent essai se veut polémique, puisqu'il n'existe à l'évidence aucun consensus sur les diverses questions controversées en jeu. Autant que faire se peut, le langage utilisé n'est pas technique, de manière à être accessible à un lectorat aussi vaste que possible. Puisque la situation continue d'évoluer, ces réflexions sont sujettes à révision au fil du temps, des événements et des tendances. Les critiques et suggestions sont donc particulièrement appréciées.
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- Bello, Walden, 1997, «Addicted to Capital: The Ten-year High and Present day Withdrawal Trauma of Southeast Asia's Economies», Issues and Letters, Philippine Center for Policy Studies, September-December.
- hin Kok Fay and Jomo K .S., (n.d.), «Financial Liberalisation and Intermediation in Malaysia».
- hossudowsky, Michel, 1998, « The IMF Korea Bailout », Third World Resurgence, 89, January.
- laessens Stijn and Thomas Glaessner, 1997, Are Financial Sector Weaknesses Undermining the East
- Asian Miracle?, IBRD/World Bank, Washington, D.C., 1997.
- Daim, Zainuddin, 1997, «I Was Taken By Surprise,» Asiaweek, 7/11/97. Eatwell, John, 1997, «International Financial Liberalisation: The Impact on World Development», Selected extracts in John Eatwell, International Journal ofTechnical
- Cooperation, 3(2), Winter 1997:157-162.
- Eatwell, John, 1997, International Financial Libe ralisation: The Impact on World Development, Discussion Paper Series, Office of Development Studies, United Nations Development Programme, New York, May.
- Fischer, Stanley, 1997, «IMF - The Right Stuff», Financial Times, 17 December Gomez, E. T. and Jomo K. S., 1997, Malaysia 's Political Economy: Politics, Patronage and Profits,
- Cambridge University Press, Cambridge, 2nd edn., 1999.
- Iwan, J. Azis, 1997, «Currency Crisis in Southeast Asia: The Bubble Finally Bursts», paper presented at the 45th Annual Conference on the Economie Outlook, organised by Research Seminar in Quantitative Economies (RSQE), University of Michigan, USA, 20-21 November.
- Jomo, K. S. (ed.) 1998, Tigers in Trouble: Financial Governance, Liberalisation and Crises in East Asia, Zed Books, London.
- Jomo, K. S. et al., 1997, Southeast Asia 's Misunderstood Miracle: Industrial Policy and Economie Development in Thailand, Malaysia and Indonesia, Westview, Boulder, 1997.
- Krugman, Paul, 1997, «Bahtulism», Slate Magazine, 14 August. Krugman, Paul, 1997, «Currency Crises», prepared for NBER Conference, October.
- Krugman, Paul, 1997, «Whatever Happened to the Asian Miracle?» Fortune, 18 August.
- Krugman, Paul, 1998, «What Happened to Asia?», prepared for a conference in Japan, January.
- Long, Simon, 1997, «The Limits to Golf: Regional Implications of the Southeast Asian Currency Depreciations of 1997», paper presented at the IISS/CSIS Conference on Political Change and Regional Security in Southeast Asia, Bali, 7-lODecember.
- Malhotra, Kamal, (n.d.) «Globalisation, Trade and Financial Integration: The Case of Thailand», paper presented at the Social Research Institute, Chulalongkorn University, Bangkok.
- Malhotra, Kamal, 1997, «Celebration of 'Miracle' Turns Into Damage Control byIMF», Focus on the Global South, 3 October.
- Montes, Manuel, F., 1998, The Currency Crisis in Southeast Asia, Institute of Southeast Asian Studies (ISEAS), Singapore.
- Raghavan, Chakravarthi, 1998, Third World Economies, 16-31 January.
- Sachs, Jeffrey, 1997, «Secretive Workings of the IMF Call for Reassessment»,New Straits Times, 23/12/97.
- Singh, Ajit, (n.d.), «Financial Liberalisation and Globalisation: Implications for Industrial and Industrialising Economies».
- Soros, George, 1997, «Avoiding a Breakdown», Financial Times, 31 December. Soros, George, 1998, «Toward a Global Open Society», The Atlantic Monthly,281(1): 20-32, January.
- Vadarajan, 1998, Times of India, 30-31 January.
- Wain, Barry, 1997, «Let's Not Bury Asian Values», Asian Wall Street Journal, 5- 6 December.
- Woo-Cumings, Meredith, 1997, «Bailing Out or Sinking In?: The IMF and the Korean Financial Crisis», paper presented at the Economie Strategy Institute, 2December.
References
Bello, Walden, 1997, «Addicted to Capital: The Ten-year High and Present day Withdrawal Trauma of Southeast Asia's Economies», Issues and Letters, Philippine Center for Policy Studies, September-December.
hin Kok Fay and Jomo K .S., (n.d.), «Financial Liberalisation and Intermediation in Malaysia».
hossudowsky, Michel, 1998, « The IMF Korea Bailout », Third World Resurgence, 89, January.
laessens Stijn and Thomas Glaessner, 1997, Are Financial Sector Weaknesses Undermining the East
Asian Miracle?, IBRD/World Bank, Washington, D.C., 1997.
Daim, Zainuddin, 1997, «I Was Taken By Surprise,» Asiaweek, 7/11/97. Eatwell, John, 1997, «International Financial Liberalisation: The Impact on World Development», Selected extracts in John Eatwell, International Journal ofTechnical
Cooperation, 3(2), Winter 1997:157-162.
Eatwell, John, 1997, International Financial Libe ralisation: The Impact on World Development, Discussion Paper Series, Office of Development Studies, United Nations Development Programme, New York, May.
Fischer, Stanley, 1997, «IMF - The Right Stuff», Financial Times, 17 December Gomez, E. T. and Jomo K. S., 1997, Malaysia 's Political Economy: Politics, Patronage and Profits,
Cambridge University Press, Cambridge, 2nd edn., 1999.
Iwan, J. Azis, 1997, «Currency Crisis in Southeast Asia: The Bubble Finally Bursts», paper presented at the 45th Annual Conference on the Economie Outlook, organised by Research Seminar in Quantitative Economies (RSQE), University of Michigan, USA, 20-21 November.
Jomo, K. S. (ed.) 1998, Tigers in Trouble: Financial Governance, Liberalisation and Crises in East Asia, Zed Books, London.
Jomo, K. S. et al., 1997, Southeast Asia 's Misunderstood Miracle: Industrial Policy and Economie Development in Thailand, Malaysia and Indonesia, Westview, Boulder, 1997.
Krugman, Paul, 1997, «Bahtulism», Slate Magazine, 14 August. Krugman, Paul, 1997, «Currency Crises», prepared for NBER Conference, October.
Krugman, Paul, 1997, «Whatever Happened to the Asian Miracle?» Fortune, 18 August.
Krugman, Paul, 1998, «What Happened to Asia?», prepared for a conference in Japan, January.
Long, Simon, 1997, «The Limits to Golf: Regional Implications of the Southeast Asian Currency Depreciations of 1997», paper presented at the IISS/CSIS Conference on Political Change and Regional Security in Southeast Asia, Bali, 7-lODecember.
Malhotra, Kamal, (n.d.) «Globalisation, Trade and Financial Integration: The Case of Thailand», paper presented at the Social Research Institute, Chulalongkorn University, Bangkok.
Malhotra, Kamal, 1997, «Celebration of 'Miracle' Turns Into Damage Control byIMF», Focus on the Global South, 3 October.
Montes, Manuel, F., 1998, The Currency Crisis in Southeast Asia, Institute of Southeast Asian Studies (ISEAS), Singapore.
Raghavan, Chakravarthi, 1998, Third World Economies, 16-31 January.
Sachs, Jeffrey, 1997, «Secretive Workings of the IMF Call for Reassessment»,New Straits Times, 23/12/97.
Singh, Ajit, (n.d.), «Financial Liberalisation and Globalisation: Implications for Industrial and Industrialising Economies».
Soros, George, 1997, «Avoiding a Breakdown», Financial Times, 31 December. Soros, George, 1998, «Toward a Global Open Society», The Atlantic Monthly,281(1): 20-32, January.
Vadarajan, 1998, Times of India, 30-31 January.
Wain, Barry, 1997, «Let's Not Bury Asian Values», Asian Wall Street Journal, 5- 6 December.
Woo-Cumings, Meredith, 1997, «Bailing Out or Sinking In?: The IMF and the Korean Financial Crisis», paper presented at the Economie Strategy Institute, 2December.