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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... interest - free loans and the trusts offered guaran- teed rates of return . As a result , the government came to have a particularly strong interest in the performance of the stock market , opening another window for moral hazard ...
... interest in both ethnic redistribution and supporting favored enterprises complicated other liberalizing reforms and created incentives for lax finan- cial regulation . The privatization program was envisioned as a new tool for ...
... interest rates . Anwar did not control monetary policy , but he defended the central bank and warned that interest rates would rise , as they did beginning in December 1997 . The 5 December program seemed to mark the ascent of a ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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