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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... industrial policy ( Wolf 1998 ; The Economist , 15 November 1997 ) . Was industrial policy — in the specific sense of govern- ment targeting of particular industries - present in the crisis countries , and if so , was it pervasive ...
... industrial targeting . Indeed , it was the process of liberalization , rather than industrial policy , that was subject to some of the most damaging forms of political manipulation . The " Capture " of Liberalization If government ...
... industrial policy , 30-32 Investment Coordinating Board , 31 Islamic groups , 90 , 110n , 110-111 Japanese lending to , 79 , 84-85 labor market flexibility , 196 , 208-209 lending growth , 17t , 17-18 macroeconomic policy , 78-79 ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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