By Fredrik Sjöholm, José Tongzon
This booklet examines the institutional changes in Southeast Asia because the fiscal concern in 1997. It makes a speciality of the determinants of the changes, implementation of the adjustments and many of the variations among nations within the zone.
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Extra info for Institutional Change in Southeast Asia (European Institute of Japanese Studies East Asian Economics & Business Series.)
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PFOC (2000, 2001, 2002, 2003) White Paper on Management of Public Funds (in Korean), Seoul: Public Fund Oversight Committee, Ministry of Finance and Economy. -S. (2003) “Economic restructuring after the financial crisis: a comparison between South Korea and Malaysia”, in progress. -S. -J. : Financial Crisis, Corporate Reform, and Institutional Transition, London: Routledge. UNCTAD (2003) World Investment Report 2003, New York and Geneva: United Nations. Williamson, J. (1993) “Democracy and the ‘Washington Consensus’”, World Development, 21(8): 329–336.
On the other hand, Malaysians seem to spend many years in school, about the same number as their wealthier neighbors in Singapore and at an average OECD level. 4 The availability of teachers in Southeast Asia Teachers per 1,000 nonagricultural labor force 1990 1996 Singapore 18 Malaysia 41 Thailand 50 Philippines 38 Vietnam 55 Indonesia 65 Laos 78 Cambodia 53 Myanmar 38 Japan 25 Hong 20 Kong South 25 Korea China 55 Source: UNESCO (2001). 5 Literacy rates and mean years of schooling in Southeast Asia Country Singapore Malaysia Thailand Philippines Indonesia Vietnam Laos Cambodia Myanmar Japan Hong Kong South Korea China Developing countries (average) OECD (average) Source: UNDP (2001).
Countries have differing historical backgrounds and transition costs involved in their path changes will inevitably differ among them. Modeling idealized institutions or bestperforming institutions (in the real world), therefore, does not necessarily bring about better performance for individual countries. Economic transition cost: a comparison between Korea and Malaysia While Khan proposes the concept of transition cost mainly in relation to political costs involved in institutional change, I will add here an economic dimension to transition cost.