Description:
"...In 2004 Burma?s economy was convulsed in a monetary crisis. A crisis triggered by the
collapse of the country?s nascent private banking system the previous year, the latest
drama has deeper roots in, and to some extent disguises, the longer-term malaise that has
characterised Burma?s economy for four decades.
Burma?s economic stagnation, not readily identifiable from its official statistics, has a
myriad of causes, including a policy-making process that is erratic, arbitrary and usually
counter-productive. Over and above policy, however, Burma lacks the fundamental
institutions that history tells us are necessary for a functioning market economy. Principal
amongst these institutional absentees is a regime of enforceable property rights.
In the following chapter, the state of Burma?s economy in 2004 will be assessed. The
chapter begins, Part II, with an exploration of some relevant numbers? ? data that
highlights the damage wrought by Burma?s latest monetary crisis, and data that casts
doubt on the narrative of economic success suggested by the country?s official statistics.
In Part III we look for some of the ostensible causes of the latest crisis, highlighting
macroeconomic and other policy failures. In Part IV, however, we suggest these are but
symptoms of a more profound malaise which is founded in the failure in Burma to
establish a credible regime of private property rights. The absence of these rights presents
the principal obstacle to private capital formation in Burma, not least as a consequence of
the extent to which money? itself is compromised. Part V concludes..."
Source/publisher:
Burma Economic Watch/Burma Update Conference, ANU
Date of Publication:
2004-11-19
Date of entry:
2006-04-26
Grouping:
- Individual Documents
Category:
Language:
English