Abstract In the General Theory, Keynes was stringent in his criticism of the role of the stockmarket in relation to industrial investment and the real economy. In a famous passage, in chapter 12 he wrote:"As the organisation of investment markets improves, the risk of the predominance of...

Abstract The last decade has witnessed a very fast growth of foreign direct investment (FDI) - this both reflects and extends the globalization of production. Although the greater part of FDI is still carried out by multinationals of one advanced country investing in another, a significant and...

Abstract The purpose of this paper is to examine the implications of the Uruguay Round Agreements for domestic economic policy in developing countries, particularly those in the Asia Pacific region. Apart from trade liberalization these Agreements have also extended multilateral rules and...

Abstract The East Asian countries have achieved a spectacular average rate of economic growth over the last 30 to 40 years, with very substantial diversification and economic development. Korea, for example, managed to transform itself from being a largely agricultural society in 1960 to the...

Abstract Following closely my remit, this paper reviews and assesses Asian economic development in the recent post-1980 period, as well as over the somewhat longer time-span since WWII. Its chief purpose is to draw analytical and policy implications from this experience. This is a challenging...

This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive...

This paper explores the question of whether the institution of the stock market is likely to be helpful to developing countries in promoting their real economy and ensuring fast industrial growth. The case for and against the stock market inevitably involves a discussion of the important related...