Description
The 1990s saw lower- and middle-income countries throughout the world come under pressure to open their domestic markets to international trade and investment. Despite the progressive implementation of market-friendly policies, many emerging market countries experienced financial market volatility, exchange rate collapse, and slumps in output. These problems profoundly affected two of the worlds largest middle-income industrialized countriesBrazil and South Korea. Despite superficial similarities, prior to the onset of crisis both countries had very different models of industrialization and had adopted contrasting approaches to trade and market reform. This collection analyzes the factors underlying the economic crises in South Korea and Brazil, pointing out areas of similarity and divergence. It also reviews the paths of recovery taken by both economies, examining the role of policy and variations in structural characteristics. Contributors include Andr Averburg (United Nations Development Programme/ Banco Nacional de Desenvolvimento Econmico e Social, Brazil), Fabio Giambiagi (Banco Nacional de Desenvolvimento Econmico e Social), Andrea Goldstein (OECD Development Centre), Louise Haagh (Department of Politics, University of York), Tat Yan Kong (School of Oriental and African Studies, University of London), Jos Ricardo Ramalho (Federal University of Rio de Janeiro, Brazil), Ben Ross Schneider (Center for International and Comparative Studies, Northwestern University), and Jaang-Sup Shin (Department of Economics, National University of Singapore).
