A comparative analysis of the impact of the 1997 Asian crisis and the contemporary global economic crisis on the Korean political economy

The 1997 Asian crisis created a political space for neo-liberal reformers within the Korean state to advance a set of policies that had previously been frustrated. This agenda is widely seen to have stalled following an initial burst of neo-liberal reform in the post-crisis period. Several scholars have argued that a partial reconstruction of an economy dominated by a closed nexus between the state and leading domestic firms is taking place in contemporary Korea. Compared to the 1997 crisis the macroeconomic impact of the contemporary crisis on Korea has been limited. However, Korea initiated the largest fiscal stimulus (in relation to GDP) in the Organisation for Economic Co-operation and Development. In terms of the policy environment the impact of the contemporary crisis has been considerable. This paper argues that key aspects of the Korean state's response to the crisis represent a selective limited retreat from neo-liberalism, the significance of which should not be overstated.     

The impact of the financial sector on economic development: Some cross-section evidence

Conclusion This paper has attempted to analyze the effect of the development of the financial sector, as reflected by the extent of financial deepening, in the economic development of countries. The Theoretical framework integrating financial growth to real growth is basically an adaptation of the Gurley-Shaw theory of finance in the development context, but with emphasis placed upon the supply-leading role of the financial sector. The empirical results of this study although not conclusive, indicate that financial deepening leads to a higher rate of capital accumulation and a higher level of per capita income. The lack of definitiveness of our evidence in support of the financial theory of economic development is due to a lack of comparable data on financial institutions, other than banks, for the different countries. Thus, although our study lends support to the supply-leading thesis, further judgement of the thesis must await more detailed empirical analyses.     

The political economy of development: An empirical analysis of the effects of the institutional framework on economic development

Researchers suggest that societies characterized by high levels of political freedom are expected to exhibit significantly higher rates of economic growth than those in which civil liberties and political rights are abridged. In the present study, four sets of national-level data and panel regression analysis are used to examine the relationship between the institutional framework and various measures of economic development. While the results from the full sample support the hypothesis that political freedom enhances economic development, the results obtained from the disaggregated models cast doubts on this conclusion. An important lesson to be learned from the present study is that there is yet no single empirical model of economic development that can be applied to all societies. John Mukum Mbaku, PhD, is professor in the department of economics at Weber State University. He received the Ph.D. degree in economics from the University of Georgia in 1985. His research interests are in public choice, economic development, property rights, and Africa. He has published articles in such journals asPublic Choice, Cato Journal, Applied Economics (UK),Konjunkturpolitik (Germany),International Review of Economics and Business (Italy),Indian Journal of Social Science, Asian and African Studies, Journal of Economic Development, The Review of Black Political Economy. He is associate editor (Africa) ofJournal of Third World Studies. Recent publications include Markets and the economic origins of apartheid in South Africa,Indian Journal of Social Science, vol. 6, no. 2 (1993); Foreign aid and economic growth in Cameroon,Applied Economics (UK), vol. 25, no. 10 (1993); Rent seeking and institutional stability in developing countries, (with Mwangi S. Kimenyi),Public Choice, vol. 77, no. 2 (1993); and Institutional instability and economic growth in sub-Saharan Africa,International Review of Economics and Business (Italy), vol. 40, no. 9 (1993). He is currently researching the determinants of institutional instability in Africa.     

Surplus labour and economic efficiency in the traditional sector of a dual economy: The Guatemalan case

In this paper we present empirical evidence on two closely related and widely discussed theoretical issues in development economics:

(A) the sign and the magnitude of the marginal productivity of labour—as they relate to the existence of surplus labour in the traditional sector of dual economies, and

(B) the economic efficiency of farmers in traditional agriculture. With regard to (A) we found the marginal productivity of labour in the traditional sector of Guatemalan agriculture to be positive, but considerably lower than the average wage rate that prevails in the area. Regarding (B) our estimated indexes of efficiency indicate that farmers in the traditional sector of Guatemalan agriculture make inefficient use of their economic resources.     

The economic impact on Colusa county of a cut in the supply of water to the glenn Colusa irrigation district

This study estimates the economic impact of a court ordered cut in water supply resulting from environmental regulations. The objective of the court order was to save the Chinook Salmon which get caught in the pump that is used to distribute the water to farm land. Since the cut would cause major decreases in agriculture production, we used IMPLAN, an input-output model, to measure the multiplier effects on one county's economy due to resulting crop losses. The study estimates total losses in income and jobs when no irrigation water is available from July 15 through November 30 during a typical year.     

Regional inequalities,economic growth and liberalisation: A study of the Indian economy

In this article we examine the pattern of regional inequalities in India during 1970–92. Trend analysis shows that inter‐state inequality is rising in India in almost every sphere of economic activity, particularly in the unorganised industry.     

The impact of suicide on the family

Little research has examined the consequences of a suicide for social or family networks. Because suicide occurs within families, the focus on the aftermath of suicide within families is an important next step to determine exactly how to help survivors. In this article, we review and summarize the research on the impact of suicide on individuals within families and on family and social networks. We begin with a discussion of family changes following suicide. Next, we discuss the effects of suicide on social networks overall and responses of children and the elderly to a suicide in the family. Finally, we identify key issues that remain to be resolved in family survivor research and make recommendations for future studies.     

Assessing the impact of a corporate headquarters relocation in a metropolitan region: the case of J.C. Penney

The objective of this paper is to analyze the impact resulting from the recent move of the J. C. Penney Corporation to the Dallas-Fort Worth metropolitan area and the resulting implications of this move on the local communities. This impact is analyzed in a spatially disaggregated manner to identify the location of the impact inside the area, particularly in regard to location of generated service employment and population, and the fiscal effects that they will have in the cities and counties of the region. The metropolitan area is divided into several hundred appropriate geographical zones, and the impacts are studied for these zones. Such disaggregated studies, as opposed to conventional total impact studies, would be more helpful to public and private sectors in their decision making process in regard to developmental issues. Furthermore, the fiscal effects of such development on the regional municipalities also will be studied.     

The economic perspective on public administration

Public administration as a body of thought and field of study is changing from a paradigm dominated by political science to an eclectic array of theoretical contributions from all of the social sciences, particularly economics. Basic education and training in economics is essential to an effective contemporary public administration. Without a fundamental understanding of economics the “do-it-yourself-economics” which is practiced in policy-making contributes to basic errors in policy.

As the size and significance of the public sector has grown, increased attention has been paid to the discipline of public administration. What began as a structured way of describing the operation and structure of public management and public organizations has evolved into a discipline that has a much broader scope—the analysis of policy making in the public and not-for-profit sectors. In addition, employment in the public administration profession is more likely to be viewed as a vocation rather than as an avocation, in contrast to the past.

Once the repository of generalists in the areas of public management and organizational behavior, public administration has become a hodgepodge of individuals with varied backgrounds and training. This has resulted in a discipline that has notable strengths and weaknesses. A major weakness, and source of criticism from outsiders, is the discipline's lack of a paradigm—there is no easily identifiable intellectual structure. Its strength lies in the diverse theoretical, conceptual, and methodological contributions borrowed from other disciplines.

The most prominent contributor has been political science, where the discipline of public administration had its origins. Political science's influence on public administration still is evident: numerous public administration programs are located in political science departments; a large number of faculty in public administration programs are political scientists by training; and public administration professional societies and publications are dominated by political scientists.

Economics has made forays into public administration and established garrisons in some of the larger and more prominent programs. But, economics has failed to have a distinct impact on everyday public policy making. This is evident in many policy decisions that lack much semblance of basic economic understanding on the part of decision makers. Recent examples include the handling of the federal deficit, solutions to airway and airport congestion, the war on poverty, housing programs, dealings with international trading partners, proposed solutions to the third world debt crisis, resolution of the acid rain problem, and so forth.

Although other explanations can be offered for the absence of good economic reasoning in many policy decisions, a lot of the blame lies with public administration's failure to adequately integrate economics. Economics does not wield substantial influence in either the discipline's curricular matter or administrative structure. This failure partially can be attributed to a lack of understanding of what economics has to offer the discipline and partially can be attributed to the insolent demeanor of many economists.

This paper proposes to discuss what role economics can and should play in public administration. First, the relationship between public administration and economics is discussed. Second, deficiencies within the economics discipline that keep it from becoming an integral component of everyday policy making are discussed. Finally, ways to better blend economics into public policy making are proposed.     

Evaluating the economic impact of a special credit programme: KIK/KMKP in Indonesia

This article discusses a study of the economic impact of Indonesia's KIK/KMKP programme of special credits for small‐scale enterprises. Our major focus is on how to measure economic impact. It discusses the concept of ‘impact’, the survey design, the statistical framework, and the practical problems of implementation, and briefly summarises the findings. We believe that our methodology generated reasonably reliable data and fundamentally sound estimates of the credit programme's direct impact on employment, output and income.