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The Proliferation of Post-Neoclassical Procurement Methods

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Final Exam Notes

Lecture 1

=> Asia has 32% share of the global economy (in PPP terms that suggest that their currencies are undervalued), is the fastest growing region, and makes significant contribution to global GDP growth

=> Once a key contributor to GDP, China lost footing to the west due to technological efficiency in the US, UK, and Europe

=> The four tigers (HK, SG, KR, TW) had 8% growth rates from 1970-1997 due to high saving/investment rates, strong education, stable macro environment, and few downturns

=> Success of East Asia as a whole due to the aforementioned factors as well as limited price distortions, agricultural development, foreign tech, directed credit, selective industrial promotion, and export push policies

=> Key weaknesses prior to the 1997 crisis were a lack of increase in output efficiency, poor banking regulations and poor legal frameworks

Asian Crisis of 1997 => 1) western investors loaned money to east Asian banks (believing growth would continue and that the IMF would bailout if needed) 2) money was funneled into projects with cheap credit and no collateral 3) projects didn’t have good returns and currency speculators started to sell east Asian currencies 4) triggered drop in baht value leading to overall concern => TH, ID, KR, MY, and lesser extent PH were hammered by the crisis => SG and HK survived due to high reserves and strong economic fundamentals
=> other countries escaped either because their currencies were not convertible or because they weren’t exposes to foreign portfolio flows
=> ‘sudden stop’ due to 1) liquidity crisis (bank run) and panic-selling and 2) vulnerabilities due to risky relationship lending, expected bailouts, and pegged exchange rates
=> post-crisis risk aversion reduced corporate loans, investment, and growth => Country vulnerabilities to

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