The Political Economy of the Asian Financial CrisisInstitute for International Economics, 2000 - 272 ˹éÒ The Asian crisis has sparked a thoroughgoing reappraisal of current international financial norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the existing financial architecture. To draw proper policy conclusions from the crisis, it is necessary to understand exactly what happened and why from both a political and an economic perspective. In this study, renowned political scientist Stephan Haggard examines the political aspects of the crisis in the countries most affected--Korea, Thailand, Malaysia, and Indonesia. Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, as well as the politics of crisis management and the political fallout that ensued. He looks at the degree to which each government has rewoven the social safety net and discusses corporate and financial restructuring and greater transparency in business-government relations. Professor Haggard provides a counterpoint to the analysis by examining why Singapore, Taiwan, and the Philippines escaped financial calamity. |
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... bumiputra or govern- ment companies ( Gomez and Jomo 1997 , 60-66 ; Searle 1999 , 75 ) . The second largest bank , Bank Bumiputra , was established by the government in 1965 to help ethnic Malays ; problems of moral hazard were ...
... Bumiputra's financial problems provides a second example of the dilemmas governments face in dealing with loss- making state - owned enterprises . " Bank Bumi " started in 1965 to help ethnic Malays and was bailed out in 1984 and again ...
... bumiputra , 22 , 23n banking sector , 27 corporate restructuring , 22 , 23n , 168 , 170 ethnic redistribution , 62 financial crises ( 1985-87 ) , 27 financial market liberalization , 36 stock market , 28 Bumiputra Commerce Bank Bhd ...
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Acknowledgments | 1 |
BusinessGovernment Relations and Economic Vulnerability | 15 |
The Government | 24 |
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