Library of Congress Cataloging-in-Publication Data
Beyond adjustment: the Asian experience.
Proceedings of a conference sponsored by the Indian Council for Research on International Economic Relations and the International Monetary Fund.
1. Asia—Economic policy—Congresses. 2. Economic stabilization—Asia—Congresses. 3. Asia—Foreign economic relations—Congresses. 4. Economic stabilization—Congresses. I. Streeten, Paul. II. International Monetary Fund. III. Indian Council for Research on International Economic Relations.
International Monetary Fund, Washington, D.C. 20431
Telephone: (202) 623-7430
Introduction and Discussion Summary
R. N. Malhotra
1. Growth and Adjustment: Experiences of Selected Subcontinent Countries
Bijan B. Aghevli, Insu Kim, and Hubert Neiss
K. M. Matin
2. Alternative Growth and Adjustment Strategies of Newly Industrializing Countries in Southeast Asia
3. Contrasting External Debt Experience: Asia and Latin America
Azizali F. Mohammed
4. Trade Regimes and Export Strategies with Reference to South Asia
Wilhelm G. Ortaliz Charan D. Wadhva
5. Structural Adaptation and Public Enterprise Performance
V. V. Bhatt
Muzaffer Ahmad T.L. Sankar
6. Institutional Framework for Decision Making in Korean Public Enterprises: Some Implications for Developing Countries
7. The Asian Experience and the Role of Multilateral Institutions, Foreign Aid, and Other Financial Sources
8. Surpluses for a Capital-Hungry World
Seminar Participants and Observers
The following symbols have been used throughout this book:
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— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- between years or months (e.g., 1983-84 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1983/84) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Details may not add to totals shown because of rounding.
The term “country” as used in this book, does not in all cases refer to a territorial entity which is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.
I am delighted that the Indian Council for Research on International Economic Relations was able to join with the International Monetary Fund in sponsoring a seminar on Adjustment and Economic Growth: The Asian Experience. The seminar, which was held in Bombay in December 1986, was attended by economists from universities, central banks, governments, corporations, research institutions, and other organizations; other government officials; corporate executives; and journalists representing a broad spectrum of views on the issues discussed. Participants, who attended in a personal capacity, came from Bangladesh, India, Indonesia, the Republic of Korea, Malaysia, Maldives, Nepal, Pakistan, the Philippines, Sri Lanka, and Thailand. Staff members of the Fund and the World Bank also participated.
The relevance and immediacy of the topics discussed provided an opportunity to have a frank and constructive exchange of views and experiences which, I believe, has improved understanding of the issues and has helped to focus the search for appropriate solutions. This, of course, is a major objective of promoting a better understanding of the work of the Fund and of improving the Fund’s knowledge of thinking in academic, business, and other nongovernmental circles.
This book represents the continuation of the Fund’s effort to publish a wide variety of views about its role and activities in the developing world. While all the views expressed are not necessarily shared by the Fund, it is our hope that their dissemination can contribute to a more informed discussion of the issues.
International Monetary Fund
It is tempting to mistake enjoyment for achievement. In the case of the Bombay seminar on Adjustment and Growth: the Asian Experience, however, enjoyment and productivity went together. The seminar was jointly sponsored by the International Monetary Fund and the Indian Council for Research on International Economic Relations (ICRIER). Much of the success was due to the hard work put into organizing it by the Fund and ICRIER, and to the splendid setting of the Taj Mahal Intercontinental Hotel. Governor Malhotra of the Reserve Bank of India opened the proceedings with an inspiring speech, to whose themes we returned again and again in the subsequent days. Dr. K.B. Lall presided with just the right combination of firmness, gentleness, and wit, adding to our deliberations from the great store of his experience and wisdom. Azizali Mohammed and Ahmed Abushadi of the Fund not only contributed during the seminar, preventing us from going off the rails, but also put a vast amount of work into designing, planning, and organizing it.
The Fund does not always have a good press, and its critics abound. But the spirit of this seminar showed no trace of confrontation, acrimony, or hostility. The staff members of the Fund were entirely open-minded and willing to listen, which is sometimes more difficult to do than talking. And the participants voiced none of the ill-informed complaints and grudges so often heard and read. I am convinced that we all learned from each other. At a minimum, my criterion for a good seminar is to meet again one old friend and to make one new friend. This seminar exceeded vastly this minimum requirement, not only for me but for all participants, and not only in terms of old and new friendships but also in terms of clarification of the difficult issues of adjustment. I should like to express my particular thanks to Azizali Mohammed and Ahmed Abushadi for their continual support through the stages of planning the seminar and editing this book. Finally, I should like to thank Sylvia Holmes for typing several drafts and Paul Gleason and Jennie Lee Carter of the Editorial Division of the International Monetary Fund for seeing this volume through its final stages.