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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... controls remained inconclusive . On the one hand , the controls gave the government some latitude with respect to macroeconomic and particularly interest rate policy . The coun- try's export sector enjoyed advantages from the fixing of ...
... controls , any ringgit outside the country after 30 September 1998 was no longer legal tender . The most immediate effect was to force firms and individuals holding ringgit to repatriate them . Complementing the capital controls , the ...
... controls is the fact that the government itself found them constraining and finally relaxed them . The Foreign Policy of Capital Controls More than any other Southeast Asian political leader , Mahathir has used foreign policy as an ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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