Forthcoming : Journal of Applied Corporate Finance WHICH CAPITALISM ? LESSONS FROM THE EAST ASIAN CRISIS
Forthcoming : Journal of Applied Corporate Finance WHICH CAPITALISM ? LESSONS FROM THE EAST ASIAN CRISIS
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发表时间：
1998
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影响因子：
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通讯作者：
Raghu Rajan;Luigi Zingales
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作者：
Raghu Rajan;Luigi Zingales
由于亚洲危机，以关系为基础的制度现在因效率低下和腐败而受到攻击。然而，直到最近，他们被提议作为一种替代形式的资本主义的手臂的距离盎格鲁撒克逊制度。哪里出了问题？本文认为，基于关系的系统工作时，合同执行不力，资本稀缺。权力关系取代了合同，并且可以比原始的合同制度取得更好的结果。但是，基于关系的系统会抑制价格系统及其提供的信号。因此，当出现大量外部资本流入时，基于关系的系统可能会错误分配资本。由于外部资本来自于通常在关系系统中几乎没有合同权利或权力的独立投资者，而且由于这些投资者理性地意识到错误分配的可能性，他们通过保持短期索赔来保持他们的粉末干燥。因此，这两个系统之间的联系形成了一个脆弱的混合体，虽然在正常时期对关系借款人和正常投资者互利，但过于容易受到冲击。该文件表明，虽然这些经济体恢复到纯粹的关系为基础的系统可能会有一些短期利益，但从长远来看，除非他们有更大的披露，合同执行和公平竞争的系统，否则他们将受到阻碍。目前的亚洲危机可能是这些经济体实现制度之间过渡的最佳时机。
As a result of the Asian crisis, relationship-based systems are now under attack for being inefficient and corrupt. Yet, till recently, they were proposed as an alternative form of capitalism to the arm’s length Anglo-Saxon system. What went wrong? This paper suggests that relationship-based systems work well when contracts are poorly enforced and capital scarce. Power relationships substitute for contracts, and can achieve better outcomes than a primitive contractual system. But a relationship-based system suppresses the price system and the signals it provides. As a result, relationship-based systems can misallocate capital when presented with large external capital inflows. Since the external capital comes from arm’s length investors who typically have little contractual rights or power in a relationship system, and since these investors are rationally aware of the potential for misallocation, they keep their powder dry by keeping their claims short term. Thus, the contact between the two systems creates a fragile hybrid, which while mutually beneficial to relationship borrowers and arm’s length investors in normal times, is excessively prone to shocks. The paper suggests that while there may be some short term benefits for these economies to revert to the pure relationship-based system, in the long run they will be held back unless they have the greater disclosure, contract enforcement, and competition of the arm’s length system. The current Asian crisis may be the most opportune moment for these economies to effect the transition between systems.