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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... Kim Dae Jung's victory did not appear particularly auspicious for effective crisis management . Kim's margin of victory against ruling party candidate Lee Hoi Chang was extremely narrow ( 40.3 vs. 38.7 percent ) , and he was elected ...
... Kim Dae Jung reshuffled the cabinet in May 1999 to support a second round of administrative reforms ( B - K . Kim 1999 ) . But a series of corruption scandals broke in the middle of the year , and the opposition GNP capitalized on ...
Stephan Haggard. the losses to Kim Dae Jung's coalition came not from his party - which actually gained seats — but from his smaller UDL coalition partner . Kim Dae Jung's new Millennium Democratic Party enjoyed the political bene- fits ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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