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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... increase in corporate leveraging . Korean companies have long sustained high debt - equity ratios , and saw them increase still further in the 1990s . Thailand also saw increases in leveraging , as did Malaysia , although from a lower ...
... increase on that date . The management of fuel and electricity prices was left less precise ; both were to increase gradually while allowing some differentials for rural and poor households . Yet quite inexplicably , the government ...
... increase in underemployment . That people were working does not mean they were necessarily doing well . Household per capita expenditures fell an alarming 33.9 percent in urban areas , in comparison with 17 percent in rural areas ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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