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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... Philippines . Neither country completely escaped regional contagion ; Taiwan's growth slowed from 6.8 percent in 1997 to 4.8 percent in 1998 , whereas in the Philippines growth ground to a halt in 1998 , falling from 5.2 percent in 1997 ...
... Philippines opened their capital accounts at roughly the same time . Although the Philippines ' success in attracting capital was somewhat less than Thailand's , the country did experience real apprecia- tion and a modest slowdown in ...
... Philippines ' prior debt problems delayed and limited the country's reentry into international financial markets ... Philippines ' postwar history under the banner of " Philippines 2000. " Ramos explicitly underscored the importance of ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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