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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... ( Bank Negara Annual Report 1997 , 111-12 ) . Anwar also signaled to the banking community that firms facing ... central bank to restrain interest rates . Anwar did not control monetary policy , but he defended the central bank and warned ...
... central bank , Sudrajat Djiwandono . Given that these were close family members , their actions naturally raised questions about Suharto's intentions . The decision to close the banks was ultimately confirmed , but Bambang was able to ...
... central bank law in 1993 that substantially increased the institution's independence and regulatory reach . The reforms of the central bank coincided almost exactly with the relaxation of foreign exchange controls ( Satyanath 1999 ) and ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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