Sustainable recovery in Asia : mobilising resources for development.
- Mandaluyong City, Philippines : Asian Development Bank; Paris, France: Development Centre of the Organisation for Economic Co-operation and Development, 2000.
- 190 pages : illustrations ; 23 cm.
- Development centre seminars .
Papers presented at the 6th International Forum on Asian Perspectives, held in Paris, July 3-4, 2000.
Part 1: Financial Resources for Development -- Post-Crisis Policy Agenda for Reforming the Financial Sector in Asia -- Fiscal Outcomes and the East Asian Economic Crisis -- The Need for Foreign Savings in Post-Crisis Asia -- Best Practices for Promoting Private Sector Investment in Infrastructure -- Part 2: Putting Policies into Practice -- Inaugural Address -- Welcoming Remarks -- Keynote Address -- Post-Crisis Asia: Resource Mobilisation through Capital Markets, IFIs and the Private Sector -- Towards Sustainable Growth of the Asian Economy -- Complacency is Out of Place -- Public Expenditure Reform -- Risk-Informed Capital Flows - A Global VaR Approach -- Foreign Direct Investment in Korea: The Role of the Ombudsman -- Lessons from the Asian Crisis
Two-thirds of the world's poor live in Asia. the major objective for the region, therefore, must be to reduce poverty. It has become clear in the wake of the crisis that the public sector can no longer shoulder the burden of financing pro-poor growth alone. At the same time, it is also clear that official aid flows throughout the world, and particularly in Asia, have been declining since the middle of the 1990s. Therefore, the private sector must be encouraged to provide at least part of the financing. This is the major message of the book. Two ways of achieving this are proposed. One is to attract more foreign direct investment and portfolio investment, rather than to rely on borrowing , to reduce financial vulnerability. The other is to promote partnerships between the state and the private sector, rather than simply to privatise the more lucrative branches of publicly owned and operated services.