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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... extent of overvaluation was certainly not profound . However , the fixed rate regime nonetheless encouraged excessive risk - taking because it was perceived 2. However , there arguably were massive budget deficits associated with the ...
... extent of corporate leveraging in the 1990s . Moreover , the combination of high spreads between lending and deposit rates and the notoriously low profit- ability of Korean banks was a clear sign of extensive nonperforming loans ...
... extent ( Park 1998 ) . Contrary to the argument that the South Korean labor market showed major rigidities , rising unem- ployment was accompanied by sharply falling real wages , 12.5 percent from mid - 1997 until the end of 1998 ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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