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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... initial aftermath of currency and financial crises . A comparison of these four countries also allows us to isolate some differences in the initial response to the crisis . First , it is quite clear that Indonesia fared worse than other ...
... initial strategy did not directly address the underlying question of corporate debt restructuring , which had important implications for how losses were distributed . When the government did finally address the issue in June 1998 ...
... initial meetings of debtors and creditors , appointment of consultants , an initial review of the viability of the business , a formal standstill among creditors if the restructuring exercise proceeds , and oversight of restructuring ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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