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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... percent ) 4 commercial banks ( 25 percent ) strategies Financial Restructuring Agency , 10/1997 ( Finance companies only ) ; Financial Restructuring Advisory Committee 1 of 15 closed ( 2 percent ) 57 of 91 finance companies closed ( 11 ...
... percent + 4 percent 16 percent + 8 percent 4 percent + 6 percent 11 percent + 48 percent Share of financial assets held by state - owned and nationalized banks , 8/1999 Financial assets held by state - owned and nationalized banks as ...
... percent in 1997 to a peak of about 5 percent in May 1998 , before the seasonal demand for labor lowered unemployment in August 1998 to 3.4 percent ( although a year earlier , August unemployment was under 1 percent ) . The greatest ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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