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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... effects on the servicing costs of foreign debt ( Fischer 1998 ) . The evidence for perverse exchange rate effects is mixed at best ( Goldfajn and Baig 1998 ; Dekle , Hsiao , and Wang 1998 ) , and the IMF did in fact move- albeit perhaps ...
... effect that 1 - month offshore ringgit deposits were yielding up to 40 percent - in comparison with only 11 percent onshore ... effects of the controls on interest rates and the stock market . Interest rates fell swiftly following the ...
... effect on crisis management , 50-51 business nationalism , 89 " buy British last " policy , 79 CAHB . See Commerce ... effects , 74-75 , 75t elements , 73-74 financial support , 83-85 , 84t foreign policy of , 79-85 political economy ...
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Acknowledgments | 1 |
BusinessGovernment Relations and Economic Vulnerability | 15 |
The Government | 24 |
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