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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... assets , particularly to foreigners , and guaranteeing that foreclosure and bankruptcy processes are functioning can involve the same conflicts with debtors as do more active strategies of asset management . Comparisons of national ...
... assets held by state - owned and nationalized banks , 8/1999 Financial assets held by state - owned and nationalized banks as share of GDP ( 8/1999 ) Asset resolution 58 percent 45 percent 18 percent 78 percent 124 percent 127 percent ...
... assets . The nationalization list was also controversial.45 Nationalization was justified on the grounds that closure of the banks would have adverse effects on the payments system , and it implied that owners would lose control over ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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