The East Asian Miracle, Crisis And Recovery

Since World War II finishes, the economy of East Asia experienced three historical periods: East Asian miracle, crisis and recovery. This is the basic historical background of East Asian economy research. How to make the reasonable explanation to the long-term economic performance of these three history particular periods, and sums up the experience of the East Asian economy lesson and finds the road of the future, this is one of the basic problem in East Asian economy research. Therefore we should answer the questions: what deep levels reason and mechanism that East Asian miracle and crisis occur are? Is the East Asian crisis the shock of short-term in the history long river, or be beginning that East Asian economy enters the long-term low growth, the economic miracle exists the composition that cannot go on, and the coming growth foreground is how, and to recover a high speed growth as before the crisis? Does the appearance of three periods have no joint thing taking the effect? If having, what is? Whether makes one with the explanation passing through it?On the foundation summing up the document of East Asia research, this paper think, the key of the riddle of "2M"--East Asian miracle (Miracle) and the East Asian finance crisis (Meltdown)—depends on "institution", and East Asian economy moving towards to sustained growth also depends on "institution". Therefore this paper is attempted to from the angle of institutional analysis, comes to answer "2M'"s question, and analyses to the East Asian institutional reformation. At the aspect of the institutional analysis, this paper is put forward a theory frame from the angle of interaction structure and use this theory frame to explaining the East Asia problem, and achieves the double purpose of explaining reality and developing theory. Certainly, East Asia has a lot resemblance with China in the institution, and the research of East Asia institution is undoubtedly as for possessing the important reference meaning to the reformation of China.For the research method of East Asia economy problem, this paper is persisted in in accordance with traditions of Smith, Mill, Marshall and Coase, combining the deductive method with the history inductive method. Following from induction to deduction, from theory to test in studying East Asian economy, firstly will carry on first levels abstracts, and concludes the characteristic that has appeared the elephant; then carry on second levels abstracts, and is seeking the logic relation and theory system of characteristic behind. This is to move upward to theory from the appearance, then puts theory specialization to history or the practice again and tests. Method that this paper persisted in is having a foothold in the positive, and rather than puts forward some norm to East Asia economy; have a foothold in the economy explanation, and carefully speech measure. Stride across the great question of three periods, and puts forward one with theory explanation passing through it with a viewpoint. Therefore the train of thought which study spreading out is according to appearance--document-- argumentation--demonstrate--application.This paper to the research of the riddle of "2M" of East Asian economy is embodying three times to know deepening. The first time deepening is going deep into to the institutional layer from the surface, and our knowledge is from the economy appearance to economic explanation, from the external cause to the internal cause. In the internal cause, no matter being the argument of government influence and development strategy in explaining miracle, or the argument of technological progress, the question of his deep levels can be summed up for the institutional question; No matter also being the finance panic and the moral risk to explain crisis, the substance is the argument in the institutional question. Therefore the institution is important; the institutional analysis is an important research direction.Second time deepening is going deep into the microeconomic institutional layer from the macroeconomic institutional layer, and this is major content and the conclusion of document commentary part. Putting the document of institutional analysis in order, the research has recently beyond the viewpoint of regards the government macroscopic institution as a whole, and is going deep into the microcosmic institutional analysis concerning the relation question. The trend of East Asia institutional research changes from macroeconomic institution to the microeconomic institution, and the microcosmic institutional analysis is concentrated in relational viewpoint, and uses the new theories of institutional economics to analyse microeconomic mechanism, such as incentive theory, game theory, contract theory as well as transaction cost economics etc, and shows the clear superiority. But we find again further, in concerning the relation question in East Asia, there are a lot of difference in research angle and the frame question, and are short of the unified theory foundation, therefore to construct to theory still is a difficult problem of microcosmic institutional analysis.Third time deepening is going deep into the layer of transaction from the microeconomic institutional layer, and this is the major intention of theory part. Highly see the question from the general theory, and beyond the eye to East Asia, and puts the scope to economy in world that when the relation question is come to study in the viewpoint which from economic development and transition, we can find, and the transaction relation is the essence of question. Therefore the return to the tradition of Smith's labor division and exchange and start the research relation question with transaction, and construct the corresponding general theory, is the feasible method of finding the solution the riddle of "2M" in East Asia.This paper is started with from transaction, and attempts to construct a transaction structure theory. Firstly the hypothesis is that transaction can be divided, and can divide the basic transaction according to dividable nature and the standard which divided of transaction from nature transaction. Secondly, it can form the various transactions between the basic transaction, such as the cause and effect relation and jointly settle accounts relation etc, and then forming the relational transaction; in contrary, not having the interrelated circumstances between the basic transactions is the discrete transaction. Thirdly, the complicated relation between the basic transactions can form the various transaction structures, and then forming the nature transaction. It can be regarded discrete transaction, relational transaction and hierarchical organization as a light spectrum of transaction integration, discrete transaction and hierarchical organization is two extremes, and relational transaction is one kind of middle state. The critical variable of this integration course is the level that the relation is strong between the transactions. Dynamically see that the transaction way changes among discrete transaction, relational transaction and hierarchical organization, and can appear the course of integration and dispersedization of relations between the transactions. The history of mankind's economy development is the evolution of transaction way along with market scope, technological progress and specialization division.Relationship is which lays in the transaction participator's individual information (sincere degree and ability of skill level, product quality and transaction channel etc.), and lying in partly deserves of income, and still promise of (tacit) paying to. The essence of this appearance still is the relation question between the transactions, gave rise to the relational rent between the transactions, and the rent is one kind of interest that can gain. The cause of which the relation transaction exists t is still to save transaction cost.To analysis the reason of East Asian miracle from the transaction structure viewpoint, The first is dispersedization of transaction that the government positively pushed on under the background of relational transaction, and formed the stronger organizational ability; The second is firms effectively avoided the imperfect of market economy with the relational transaction, and created the space growing up to oneself; The third is relational transaction of the government, the bank and the firm form of the community, in addition the government positively pushes on dispersedization of transaction in policy and mechanism, makes the execution of policy effectively, achieved the function that matches the disposition resources in market.To analysis the reason of East Asian crisis from the transaction structure viewpoint, The first is that the relation of government, firm as well as between governments, bank and firm is hard to resist the permeate of relationship and strengthen oneself under the institution background of relational transaction. The second is that the transaction relation is closed, and can create that the internal soft budget constraint and unequal of the outer chance, and is not of advantage to the development of innovation enterprise. The third is that the standards of resource distribution became the close or distant, and far or near of the relationship, rather than price signal of market, and finance organization and medium organizations which help to bring about price signal is the very hard to growth, therefore not being of advantage to the growth of market economy. The Forth is very hard to contact with the big market of globalization and marketization, and when the arm's length system came into contact with the relation system, can create the short-term action of investor, and brewed the finance crisis.After the East Asian crisis, the universal recognize of East Asia district is the importance and the protracted of institutional reformation. The direction of reformation is pushes on the relational transaction to dispersedization, and reforms spreading out step by step, and the institution is gaining the substantive progress. The East Asia district is recovery in the difficult institutional reformation with steady steps.The innovation of this paper chiefly embodies at three aspects. It firstly is the innovation to study the angle of view. East Asia economy is studied in the angle of view of relation between the transaction and transaction structure belongs the head example, and is the macroeconomic question of the three history stages in the East Asia were analysed in the angle of view with a microcosmic, and this does not as if have the precedent yet.The second is innovation to the institutional economics theory. To study the East Asia relational society, we should analysis and explain the essence of the relationship, this paper answer this question from the angle of the relation between the transaction, and construct transaction structure theory beyond the contract theory, and applies this theory among the explanation of East Asia question. It thirdly is the innovation to the field of vision to study. Not only studied East Asia question in East Asia, but also put to a big field of vision of economic development and transition to analysis the rule of East Asia economy. By way of this kind of research field of vision, can connect development and transition of East Asia with development and transition of China on the foundation of general theory, provides the enlightenment of meaning to the reformation of China.This paper is hard to avoid existing a lot of shortcomings. Be the confinement to the language, it is a blind spot in the document of Japanese and Korean, that placed restrictions on full document; Secondly count the reason with measuring tool shortcoming, and placing restrictions on the application that the built the mathematics model and economitric test; It thirdly is applying only being confined to East Asia, and are short of the analysis to transition economy. These are all need to strength in later research.