Titlebook: Market or Government Failures?; An Asian Perspective A. S. Bhalla Book 2001 Palgrave Macmillan, a division of Macmillan Publishers Limited

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The Impact of the Asian Crisis on China and India,ts possible spread. Policy makers in different countries have also been preoccupied with examining what measures could be taken to forestall a similar fate befalling their respective economies. This chapter addresses these issues with respect to the two Asian giants, India and China, which share cer

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Financial Crises: Cases of Market Failure,isms of control and supervision, poor-quality management, lack of accountability, absence of clear goals and strategy, and a failure to terminate an unsuccessful activity despite frequent warnings (equivalent to consumer response à la Wolf) — factors commonly attributed to non-market failures.

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Conclusion: Implementation Failures,ct with enforcement. Secondly, the cost of contract enforcement may be too high especially in developing countries char­acterized by the lack of adequate institutions or the existence of poorly functioning ones. In these countries, institutional imperfections may also be reflected in the misuse of legal instruments, rules and regula­tions.

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Book 2001in developing countries occurs either because rules and norms do not exist or they are poorly enforced. Emphasis on implementation problems highlights the importance of organizations and institutions.

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