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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... substantial difference as a tool for crisis management . The controls also had a neglected political and foreign policy dimension . The controls followed a long - standing pattern of Prime Minister Mahathir using a nationalist foreign ...
... substantial strengthening of the government's regulatory capacity . When the government did face prob- lems in the banking sector , as in the case of the failure of the Orient Bank , the central bank was firm that bailouts were not in ...
... substantial cost to the government . The FSC also used its powers to impose international standards with respect to capital adequacy , as well as high standards of transparency and disclo- sure and increasingly stringent loan ...
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Acknowledgments | 1 |
BusinessGovernment Relations and Economic Vulnerability | 15 |
The Government | 24 |
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