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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... result , the election results did not provide straightforward information on support for the government or the reform process . Some analysis suggested that reformers and candi- dates with links to civil society groups had done better ...
... result was simply not vulnerable to the rapid withdrawal of foreign funds and exhaustion of reserves that were the defining moment of the crisis else- where . However , this explanation begs the deeper question of why Taiwan has pursued ...
... result of sheer factor accumulation , that is , high rates of savings and investment rather than growth of total factor productivity ( Young 1995 ; Krugman 1994 ) , households nonetheless enjoyed steady and reliable increases in real ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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