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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... relations in the region . In West- ern commentary , these are frequently reduced to corruption , cronyism , and nepotism . In some instances , particularly in Indonesia , these problems were indeed acute . But the sources of ...
... relations and their effect on the policy environment in the period before the crisis . In the past , it was believed that the nature of business - government relations in Asia contributed to good policy , at least by developing ...
... Relations : The Benefits Before turning to how business - government relations might have contrib- uted to these problems , we first have to address how - and whether— countries in Asia had previously combined the advantages of close ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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