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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... continued to play a role in bank lending decisions ( Park 1999 ) . For example , the Kim Young Sam govern- ment made concerted efforts to press banks to channel credit to small and medium - sized enterprises . But in some cases ...
... continued , and the government remained com- mitted to certain other projects , such as the national car effort , despite the fact that it was nominally privatized . Indonesia , finally , is the case in which government involvement in ...
... continued a steady , and largely uninterrupted , fall . Given the relatively favorable starting point , why did Malaysia fare so poorly ? Although regional contagion clearly bears substantial responsibility for Malaysia's troubles , the ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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