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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... response to external political pressures from the international financial institutions and the United States ( Wade and Veneroso 1998 ) . At least in some impor- tant policy areas , domestic groups were reaching surprisingly similar ...
... response to the plan was positive , and the stock market rallied sharply . However , beginning in July , Korean financial and foreign exchange markets entered a period of marked uncertainty , and the govern- ment's management of the Kia ...
... response of governments and the international financial institu- tions to the social dimensions of the crisis was to relax fiscal policies that were initially too tight and to protect public spending on education , health , and other ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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