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ABSTRACT. It is often stated that globalization makes a “smaller” world by institutional convergence. Politico-economic orders become alike across the world. This article addresses institutional change triggered by the global financial crisis of 2008/2009 and by comparing developments in emerging market in Europe and Asia challenges the general conviction of worldwide convergence. The article starts from a “Variety of Capitalism” approach and argues that the emerging market economies in Europe are on the liberal side of the scale. On top of that, it perceives tentative convergence towards further liberal institutional design. With respect to emerging markets in Asia another development is observed. There is converging institutional change towards coordinated market economies characterized with strong state influence and an imperative bureaucracy. The convergence within the two groups of emerging market economies in Europe and Asia leads to the conviction of divergence between the groups. pp. 44–66
JEL codes: F02; P11; P21; P34; P52

Keywords: globalization; institutional economics; varieties of capitalism; emerging markets

How to cite: Hoen, Herman W. (2014), “Globalization and Institutional Change: Are Emerging Market Economies in Europe and Asia Converging?,” Economics, Management, and Financial Markets 9(4): 44–66.

HERMAN W. HOEN
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University of Groningen

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