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Governance, Regulation, and Privatization in the Asia-Pacific Region

Takatoshi Ito Anne O. Krueger

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English
University of Chicago Press
12 March 2004
Over the last twenty-five years, there has been an acceleration in the move from government regulation towards privatization. Governance, Regulation, and Privatization in the Asia-Pacific Region is the first thoroughgoing account of the relative success of the different approaches to privatization as undertaken in Korea, China, Australia, and Japan.

In most contexts, privatization is expected to yield greater efficiency and cost effectiveness while avoiding the corruption and bloated budgets of government regulation or monopoly control. But broad-scale privatization, if ill designed, has also yielded its share of difficulties in East Asia. Privatization sometimes has created a vacuum in corporate governance for some of the region's most important industries and in some cases merely reinstated the monopoly-like configurations. The papers presented in this book discuss the experiences of privatization in several industries, including railroad and telecom, corporate governance problems, accounting issues, and challenges for the future in East Asian countries.

The first section is theoretical in nature and proposes boundaries among government protection, market freedom, and shareholder expectations. The second part is constituted by country case studies, beginning with an analysis of both the Korean financial crisis that followed its 1997 law to privatize large, public sector corporations and the new ways Korean corporations finance themselves. Following is an evaluation of China's approach to privatization, with an in-depth look at the financial transitions of companies slated for initial public offering.

Providing provocative examples of the methods of privatization in the Asia-Pacific region specifically, these papers will be of huge import to any economist or policymaker interested in transposing those successes for their own region.
Edited by:   ,
Imprint:   University of Chicago Press
Country of Publication:   United States
Dimensions:   Height: 24mm,  Width: 16mm,  Spine: 3mm
Weight:   765g
ISBN:   9780226386799
ISBN 10:   0226386791
Series:   (NBER) National Bureau of Economic Research East Asia Seminar on Economics
Pages:   480
Publication Date:  
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active

Takatoshi Ito is professor of economics at the University of Tokyo and a research associate of the NBER. Anne O. Krueger is first deputy managing director of the International Monetary Fund and a research associate of the NBER. Together they have edited the eleven previous volumes in this series.

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