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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... faced a more complex set of political constraints than in South Korea ( see table 3.1 ) . The government faced more diverse social protests and had to contend with business opposition to the government's ( and the IMF's ) macroeconomic ...
... faced strong resistance from conservative forces , who argued that such programs were costly to business and undermined the roots of past economic success . Governments in Indonesia , South Korea , and Thailand all faced various forms ...
... faced a particular dilemma : On the one hand , the unemployment problem in South Korea was serious - the most serious of the four countries - with fewer opportu- nities for the rural and informal sectors to absorb displaced workers from ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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