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Introduction The IMF prescriptions attached to the rescue loans agreed with Indonesia, South Korea, and Thailand during 1997 involved substantial and immediate liberalization, particular]y of controls over foreign ownership, reform of corporate governance and privatization of state-owned enterprises. This was a marked departure from earlier conditions under which liberalization and reforms of these types were seen as part of longer-term development. For many commentators, the demands for such rapid liberalization indicated that the IMF had not only exceeded its remit, but was serving the interests of Western and Japanese business that had long been demanding access to markets and ownership in the stricken economies. (1) However, the IMF policies have been justified in terms of increased foreign participation being necessary for the "cleaning up" and restructuring that neither domestic business communities nor governments were capable of undertaking. (2) Foreign investment in sectors that had previously been effectively domestic monopolies was expected to bring modern business practice, improved corporate governance and increased efficiency, as well as raise productivity and increase competition. (3) The World Bank laid particular emphasis on the importance of corporate reform to sustained economic recovery. (4) Overall, there were views that increased foreign market penetration and ownership would accelerate the recovery of the distressed Asia Pacific economies and the reform of corporate governance. (5)

GENRE
Politics & Current Events
RELEASED
2004
April 1
LANGUAGE
EN
English
LENGTH
50
Pages
PUBLISHER
Institute of Southeast Asian Studies (ISEAS)
SELLER
The Gale Group, Inc., a Delaware corporation and an affiliate of Cengage Learning, Inc.
SIZE
331.1
KB

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