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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... companies ( Pakorn 1994 ; Yos and Pakorn 1999 ; Alba , Hernandez , and Klingebiel 1999 ; Overholt 2000 ) .5 On 5 Febru- ary 1997 , the first Thai company ( Somprasong Land ) defaulted on a foreign loan repayment . Late in the month , it ...
... companies would be closed , and that the government would guarantee the closed finance companies loans and deposits . Both measures had profound implications for the FIDF , to which the remaining finance companies increasingly turned ...
... companies to fulfil social and foreign policy objectives . But others appear to stem from political and even family connections to recently privatized companies . Projects initiated directly by the government and state - owned enter ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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