神戸大学附属図書館デジタルアーカイブ
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https://doi.org/10.24546/81000864
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2024-05-03
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81000864 (fulltext)
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81000864
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タイトル
アジア危機十年の法制改革の検証 : IMF・世銀コンディショナリティの帰結
アジア キキ 10ネン ノ ホウセイ カイカク ノ ケンショウ IMF セギン コンディショナリティ ノ キケツ
その他のタイトル
A Review of Economic Law Reforms in a Decade of Asian Crisis : outcomes of IMF-world Bank Conditionalities
著者
著者名
Kaneko, Yuka
金子, 由芳
カネコ, ユカ
所属機関名
神戸大学大学院国際協力研究科
収録物名
国際協力論集
巻(号)
16(2)
ページ
57-92
出版者
神戸大学大学院国際協力研究科
刊行日
2008-11
公開日
2009-02-04
抄録
The 10-year anniversary of the 1997 Asian crisis renewed debate in academiccircles over the validity of the post-crisis reform prescriptions offered by theInternational Monetary Fund (IMF) and the World Bank. Though these debateswere led largely by economists, lawyers should have been more involved in assessingthe results of conditionalities, many of which called for legal reforms, especiallythe restructuring of the corporate and financial sectors. Besides, moreattentions should have been paid to the model laws which were positively promotedby the IMF/World Bank in parallel with the conditionalities on suchmajor economic law areas as insolvency law, secured transaction, competition lawand corporate governance.This article first tries to identify a shift of policy stance of coditionalities andmodel laws: from rigorous liberalist reform to a deregulation or laissez-faire. Theinsolvency law models prepared by donor agencies is identified as a simple photocopyof the U.S. Federal Bankruptcy Code's Chapter 11 with its notorious debtorfriendlyapproach guaranteeing the interests of existing managers and newmoney providers at the expense of creditors' rights, which could be extremelyharmful for a long-term legal infrastructure in Asian economies based largely onthe indirect financing; Corporate governance model is also found as a copy ofU.S. standard such as hostile takeovers, independent directors and shareholdersderivative suits, together with fundamental limitations contained in the model asa result of deregulation; Competition law models also reflect the recent deregulationtrend making much of wide safe harbors and discretionary rooms ofexceptions based on the Chicago School-style definition of "efficiency."Next, the article reviews post-crisis legal reforms in Thailand, Indonesia, andKorea, in response to such conditionalities. Thailand provided the most faithfulresponse to the deregulation policy of the model laws, using the discretionaryframeworks as new tools for maintaining interventionist policies. In contrast,Indonesia rejected the simple transplantation of forced models in insolvency lawand corporate governance, ended up with partial or delayed amendments withinthe existing legal regime. Nevertheless, its efforts to enact and implement thecompetition law through an independent institutional mechanism seemed to reflectthe country's basic pro-reformist stance in pursuit of a shift from a controlledto a market-led economy within its own initiative. Korea, instead ofmerely copying or rejecting the model laws, improved upon them so that theyembodied the liberal aims envisioned before the deregulation trend distorted theoriginal legal designs.An implication is that the deregulation-oriented design of model laws can,when faithfully applied, often result in a compromise with the interventionistpolicy goals of recipient countries. Even if discretionary legal designs were originallyintended to ensure the autonomy of investors, they can easily be turnedinto tools of arbitrary governmental intervention. It is ironic that such neoliberalistlegal designs were the very choice of critics against Washington consensussuch as J. Stiglitz who called for more state roles in the post-crisis context.An implied picture is a dying liberalist legal reform pressed by the conspiracy ofthe new-liberalists' deregulation-oriented models and the reviving interventionismin the name of "post Washington consensus".
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国際協力研究科
国際協力論集
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16巻
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16巻2号(2008-11)
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資源タイプ
departmental bulletin paper
言語
Japanese (日本語)
ISSN
0919-8636
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AN10418744
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110006987676
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URI
http://www.research.kobe-u.ac.jp/gsics-publication/jics/
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