The stabilizing state: State capitalism as a response to financial globalization in one-party regimes

REFERENCES

• Acemoglu, D. and Johnson, S. (2005) ‘Unbundling Institutions’, Journal of Political Economy, 113(5): 949–995.
   Web of Science ®Google Scholar
• Allen, D. and Gale, F. (2000). Comparing Financial Systems, Cambridge, Mass: MIT Press.
   Google Scholar
• Amsden, A. (1989) Asia's Next Giant: South Korea and Late Industrialization, New York: Oxford University Press.
   Google Scholar
• Bach, D. and Newman, A. (2010) ‘Transgovernmental Networks and Domestic Policy Convergence: Evidence from Insider Trading Regulation’, International Organization, 64: 505–28.
   Web of Science ®Google Scholar
• Bluedorn, J., Duttagupta, J.G. and Topalova, P. (2013) ‘Capital Flows are Fickle: Anytime, Anywhere’, IMF Working Paper, 13/183.
   Google Scholar
• Boardman, A.E. and Vining, A.R. (1989) ‘Ownership and performance in competitive environments: a comparison of the performance of private, mixed, and state-owned enterprise’, Journal of Law and Economics, 32: 1–33.
   Web of Science ®Google Scholar
• Bremmer, I. (2010) The end of the free market: who wins the war between states and corporations? New York: Portfolio/Penguin.
   Google Scholar
• Brownlee, J. (2007) Authoritarianism in an Age of Democratization, Cambridge, UK: Cambridge University Press.
   Google Scholar
• Bruck, N. (1998) ‘The role of development banks in the Twenty-First Century’, Journal of Emerging Markets, 3: 39–67.
   Google Scholar
• Bueno de Mesquita, B., Smith, A., Siverson, RM. and Morrow, J.D. (2003) The Logic of Political Survival, Cambridge, MA: MIT Press.
   Google Scholar
• Büthe, T. and Mattli, W. (2010) The New Global Rulers: The Privatization in the World Economy, Princeton, NJ: Princeton University Press.
   Google Scholar
• Calomiris, C. and Haber, S. (2014). Fragile by Design: The Political Origins of Banking Crises and Scarce Credit, Princeton, NJ: Princeton University Press.
   Google Scholar
• Canis, B. and Webel, B. (2013) ‘The Role of TARP Assistance in the Restructuring of General Motors’, Congressional Research Service, 7–5700.
   Google Scholar
• Carney, M. and Andriesse, E. (2013) ‘Malaysia’, in M. Witt and G. Redding (Eds.) Oxford Handbook of Asian Business Systems, New York: Oxford University Press.
   Google Scholar
• Claessens, S, Djankov, S. and Lang, L. (2000) ‘The Separation of Ownership and Control in East Asian Corporations’, Journal of Financial Economics, 58(1–2): 81–112.
   Web of Science ®Google Scholar
• Claessens, S., Feijen, E. and Laeven, L. (2008) ‘Political connections and preferential access to finance: the role of campaign contributions’, Journal of Financial Economics, 88: 554–580.
   Web of Science ®Google Scholar
• Clark, G., Dixon, A. and Monk, A. (2013) Sovereign Wealth Funds: Legitimacy, Governance, and Global Power, Princeton, NJ: Princeton University Press.
   Google Scholar
• Doner, R., Ritchie, B. and Slater, D. (2005) ‘Systemic Vulnerability and the Origins of Developmental States: Northeast and Southeast Asia in Comparative Perspective’, International Organization, 59(2): 327–61.
   Web of Science ®Google Scholar
• Elkins, Z. and Simmons, B. (2004) ‘The Globalization of Liberalization: Policy Diffusion in the International Political Economy’, American Political Science Review, 98(1): 171–89.
   Web of Science ®Google Scholar
• Elton, E., Gruber, M. and Blake, C. (1996) ‘Survivorship Bias and Mutual Fund Performance’, Review of Financial Studies, 9(4): 1097–1120.
   Web of Science ®Google Scholar
• Evans, P. (1995) Embedded Autonomy: States and Industrial Transformation, Princeton, NJ: Princeton, NJ.
   Google Scholar
• Faccio, M. (2006) ‘Politically Connected Firms’, American Economic Review, 96(1): 369–386.
   Web of Science ®Google Scholar
• Falck, O., Gollier, C. and Woessmann, L. (2011) ‘Arguments for and against policies to promote national champions’, in O. Falck C. Gollier and L. Woessmann (Eds.) Industrial policy for national champions: 3-9, Cambridge: MIT Press.
   Google Scholar
• Fama, E.F. and French, K.R. (1993) ‘Common risk factors in the returns on stocks and bonds’, Journal of Financial Economics, 33: 3–56.
   Web of Science ®Google Scholar
• Fan, J., Wei, J. and Xu, X. (2011) ‘Corporate Finance and Governance in Emerging Markets: A Selective Review and an Agenda for Future Research’, Journal of Corporate Finance, 17: 207–214.
   Web of Science ®Google Scholar
• Ferreira, M. and Laux, P. (2007) ‘Corporate Governance, Idiosyncratic Risk, and Information Flow’, Journal of Finance, 62(2): 951–990.
   Web of Science ®Google Scholar
• Gandhi, J. (2008) Political Institutions under Dictatorship, Cambridge, UK: Cambridge University Press.
   Google Scholar
• Geddes, B. (1999) ‘What do we Know about Democratization after Twenty Years?’, Annual Review of Political Science, 2: 115–144.
   Web of Science ®Google Scholar
• Geddes, B. (2003) Paradigms and Sand Castles: Theory Building and Research Design in Comparative Politics, Ann Arbor: University of Michigan Press.
   Google Scholar
• Geddes, B. (2009) ‘Strategic Party Creation in Dictatorships’, Paper presented at the 2009 Western Political Science Association Annual Meeting “Ideas, Interests and Institutions”, Hyatt Regency Vancouver, BC Canada.
   Google Scholar
• Gerschenkron, A. (1962) Economic Backwardness in Historical Perspective, a book of essays, Cambridge, Mass: Belknap Press of Harvard University Press.
   Google Scholar
• Goldstein, A. and Pananond, P. (2008) ‘Singapore Inc. goes shopping abroad: profits and pitfalls’, Journal of Contemporary Asia, 38(3): 417–438.
   Web of Science ®Google Scholar
• Gomez, E.T. and Jomo, K.S. (1997) Malaysia's political Economy: Politics, patronage, and profits, Cambridge, UK: Cambridge University Press.
   Google Scholar
• Gomez, E.T. (2006) ‘Malaysian Business Groups: The State and Capital Development in the Post-Currency Crisis period’, in Chang Sea-Jin (ed.) Business Groups in East Asia: Financial Crisis, Restructuring, and New Growth, Oxford: Oxford University Press, pp. 119–46.
   Google Scholar
• Gomez, E.T. (2009) ‘The Rise and Fall of Capital: Corporate Malaysia in Historical Perspective’, Journal of Contemporary Asia, 39(3): 345–381.
   Web of Science ®Google Scholar
• Haber, S. (2002) Crony Capitalism and Economic Growth in Latin America: Theory and Evidence, Palo Alto, CA: Hoover Press.
   Google Scholar
• Haggard, S. (1990) Pathways from the Periphery: The Politics of Growth in the Newly Industrializing Countries, Ithaca: Cornell University Press.
   Google Scholar
• Haggard, S. (2000) The Political Economy of the Asian Financial Crisis, Washington, DC: Institute for International Economics.
   Google Scholar
• Hamilton-Hart, N. (2002) Asian States, Asian Bankers: Central Banking in Southeast Asia, Ithaca, NY: Cornell University Press.
   Google Scholar
• Harvie, Charles. and Oh, Junggun. (2004) The Korean Economy: Post-Crisis Policies, Issues and Prospects, Cheltenham, UK: Edward Elgar.
   Google Scholar
• Hirschman, A.O. (1982) Shifting involvements: private interest and public action, Princeton: Princeton University Press.
   Google Scholar
• Huntington. S.P. (1991) The Third Wave: Democratization in the Late Twentieth Century, Norman: University of Oklahoma Press.
   Google Scholar
• Iversen, T. (2006) ‘Democracy and Capitalism’, in D. Wittman and B. Weingast (Eds.) Oxford Handbook of Political Economy, Oxford; New York: Oxford University Press.
   Google Scholar
• Johnson, C. (1982) Miti and the Japanese Miracle: The Growth of Industrial Policy: 1925-1975, Palo Alto, CA: Stanford University Press.
   Google Scholar
• Johnson, S., Lopez-de-Silanes, F. and Shleifer, A. (2000) ‘“Tunneling”’, American Economic Review, 90(2): 22–27.
   Web of Science ®Google Scholar
• Johnson, S. and Mitton, T. (2003) ‘Cronyism and capital controls: Evidence from Malaysia’, Journal of Financial Economics, 67: 351–382.
   Web of Science ®Google Scholar
• Jomo, K.S. and Tan, Wooi Syn. (2003) ‘Privatization and renationalization in Malaysia: A Survey’, 1–46. Accessed at http://www.jomoks.org/research/research.htm.
   Google Scholar
• Kang, D. (2002) Crony Capitalism, New York: Cambridge University Press.
   Google Scholar
• Katzenstein, P. (1984) Small States in World Markets, Ithaca, NY: Cornell University Press.
   Google Scholar
• Keefer, P. (2007) ‘Governance and economic growth in China and India’, in LAWinters S Yusuf (ed.) Dancing with Giants, Washington, DC: World Bank, pp. 211–42.
   Google Scholar
• Keefer, P. (2008) ‘Insurgency and credible commitment in autocracies and democracies’, World Bank Economic Review, 22(1): 33–61
   Web of Science ®Google Scholar
• Kikeri, S., Nellis, J.N. and Shirley, M.M. (1992) Privatization: the lessons of experience, Washington, D.C: World Bank.
   Google Scholar
• Kim, K. and Kim, P. (2001) ‘Restructuring, Management Innovation, and Privatization of State-Owned Enterprises in South Korea’, Korean Social Science Journal, 28(2): 61–86.
   Google Scholar
• Kim, S.H. (2008) ‘Korea's Conservatives Strike Back: An Uncertain Revolution’, Global Asia, 3(1): 78–85.
   Google Scholar
• Kornai, J. (1986) ‘The Soft Budget Constraint’, Kyklos, 39: 3–30.
   Web of Science ®Google Scholar
• Krugman, P. (1993) ‘The current case for industrial policy’, in D. Salvatores (ed.) Protectionism and world welfare: 160–179, Cambridge: Cambridge University Press.
   Google Scholar
• La Porta, R. and López-de-Silanes, F. (1999) ‘The benefits of privatization: evidence from Mexico’, Quarterly Journal of Economics, 114: 1193–1242.
   Web of Science ®Google Scholar
• La Porta, R., Lopez-de-Silanes, Shleifer. and Vishny. (1999) ‘Corporate Ownership Around the World’, Journal of Finance, 54(2): 471–517.
   Web of Science ®Google Scholar
• Lazarev V. (2005) ‘Economics of one-party state: promotion incentives and support for the Soviet regime’, Comparative Economic Studies, 47(2): 346–63.
   Google Scholar
• Lee Kuan Yew. (2006) ‘Keynote speech delivered to the GIC (Government of Singapore Investment Corporation)’, July 11, 2006. Available at http://www.gic.com.sg/newsroom/news/article/11-jul-2006
   Google Scholar
• Lee, Y.-K. (2011) Militants or Partisans: Labor Unions and Democratic Politics in Korea and Taiwan, Stanford, CA: Stanford University Press.
   Google Scholar
• Levine, R. (2005) ‘Finance and growth: theory and evidence’, in P. Aghion and S. Durlauf (Eds.) Handbook of economic growth, Vol. 1. Amsterdam: Elsevier, pp. 865–934.
   Google Scholar
• Lin, J.Y. and Tan, G. (1999) ‘Policy burdens, accountability, and the soft budget constraint’, The American Economic Review, 89(2): 426–431.
   Web of Science ®Google Scholar
• Lust-Okar, E. (2005) Structuring Conflict in the Arab World. Incumbents, Opponents, and Institutions, Cambridge, UK: Cambridge University Press.
   Google Scholar
• Magaloni, B. (2006) Voting for Autocracy: Hegemonic Party Survival and its Demise in Mexico, Cambridge, UK: Cambridge University Press.
   Google Scholar
• Magaloni, B. (2008) ‘Credible power-sharing and the longevity of authoritarian rule’, Comp. Polit. Stud, 41(4–5): 715–41.
   Web of Science ®Google Scholar
• Magaloni, B. and Kricheli, R. (2010) ‘Political Order and One-Party Rule’, Annual Review of Political Science, 13: 123–43.
   Web of Science ®Google Scholar
• Marshall. (1920) Principles of Economics, London: MacMillan.
   Google Scholar
• Megginson, W.L. and Netter, J.M. (2001) ‘From state to market: a survey of empircal studies of privatization’, Journal of Economic Literature, 39: 321–389.
   Web of Science ®Google Scholar
• Morck, R. (ed). (2005) A History of Corporate Governance around the World, Chicago, Ill: University of Chicago Press.
   Google Scholar
• Morrison, K. (2009) ‘Oil, non-tax revenue, and the redistributional foundations of regime stability’, International Organization, 63: 107–138,
   Web of Science ®Google Scholar
• Nam, I.C. (2004) ‘Recent Developments in the Public-Enterprise Sector of Korea’, in Takatoshi Ito and Anne O. Krueger (Eds.) Governance, Regulation, and Privatization in the Asia-Pacific Region, NBER East Asia Seminar on Economics, Vol. 12. Chicago: University of Chicago Press.
   Google Scholar
• North, D.C. (1993) ‘Institutions and Credible Commitment’, Journal of Institutional and Theoretical Economics, 149(1): 11–23.
   Web of Science ®Google Scholar
• Pepinsky, T.J. (2007) ‘Autocracy, elections, and fiscal policy: evidence from Malaysia’, Studies in Comparative International Development, 42(1–2): 136–63.
   Web of Science ®Google Scholar
• Pepinsky, T.J. (forthcoming) ‘The Institutional Turn in Comparative Authoritarianism’, British Journal of Political Science.
   Web of Science ®Google Scholar
• Rajan, R. and Zingales, L. (2003) ‘The Great Reversals: the politics of financial development in the twentieth century’, Journal of Financial Economics, 69, 5–50.
   Web of Science ®Google Scholar
• Rodrik, D. (2008) “The Disappointments of Financial Globalization,” in Bank of Thailand, Financial Globalization and Emerging Market Economies, Proceedings of an International Symposium, Bangkok, Thailand, November.
   Google Scholar
• Rodrik, D. and Subramanian, A. (2009) ‘Why Did Financial Globalization Disappoint? IMF Staff Papers’, Palgrave Macmillan, 56(1): 112–138.
   Google Scholar
• Saleh, A.S. and Ndubisi, N.O. (2006) ‘An Evaluation of SME Development in Malaysia’, International Review of Business Research Papers, 2(1): 1–14.
   Google Scholar
• Shih, V. (2008) Factions and Finance in China: Elite Conflict and Inflation, New York: Cambridge University Press.
   Google Scholar
• Shirley, M. and Nellis, J. (1991) Public enterprise reform: the lessons of experience, Washington, DC: Economic Development Institute of the World Bank.
   Google Scholar
• Shleifer, A. and Vishny, R.W. (1998) The Grabbing Hand: government pathologies and their cures, Cambridge: Harvard University Press.
   Google Scholar
• Siddiquee, N.A. (2010) ‘Managing for results: lessons from public management reform in Malaysia’, International Journal of Public Sector Management, 23(1): 38–53.
   Google Scholar
• Simmons, B., Dobbin, F. and Garrett, G. (2006) ‘The International Diffusion of Liberalism’, International Organization, 60(4): 781–810.
   Web of Science ®Google Scholar
• Smith, B. (2005) ‘Life of the Party: The Origins of Regime Breakdown and Persistence under Single-Party Rule’, World Politics, 57(3): 421–451.
   Web of Science ®Google Scholar
• Subramaniam, S. (2011) ‘Assessing Political Dynamics in Contemporary Malaysia: Implications for Democratic Change’, ASIANetwork Exchange, 19(1): 42–52.
   Google Scholar
• Tan, J. (2008) Privatization in Malaysia: Regulation, rent-seeking and policy failure, London and New York: Routledge.
   Google Scholar
• Tsebelis, G. (2002) Veto Players: How Political Institutions Work, Princeton, NJ: Princeton University Press.
   Google Scholar
• Tsui-Auch, L.S. and Yoshikawa, T. (2010) ‘Singaporean Business Groups: profiles and characteristics’, in A. Colpan T. Hikino and J. Lincoln (eds.) The Oxford handbook of Business Groups, New York: Oxford University Press, pp. 267–293.
   Google Scholar
• Wade, R. (1990) Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization, Princeton, NJ: Princeton University Press.
   Google Scholar
• Walter, A. (2008) Governing Finance: East Asia's Adoption of International Standards, Ithaca, NY: Cornell University Press.
   Google Scholar
• Wintrobe, R. (1998) The Political Economy of Dictatorship, Cambridge, UK: Cambridge University Press.
   Google Scholar
• Wright, J. (2008) ‘To invest or insure? How authoritarian time horizons impact foreign aid effectiveness’, Comparative Political Studies, 41(7): 971–1000.
   Web of Science ®Google Scholar
• Zhang, X. (2009) ‘From Banks to Markets: Malaysian and Taiwanese finance in transition’, Review of International Political Economy, 16(3): 382–408.
   Web of Science ®Google Scholar