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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... role in the transition to democratic rule as well ( Haggard and Kaufman 1995 ) . And whereas the transition from socialism ultimately had international politi- cal roots in the transformation of the Soviet Union , the economic crisis of ...
... role in pushing corporate debt restruc- turing and linking it to operational restructuring and reforms of corporate governance . Indeed , the question in Korea was whether the government had become too activist and directive in leading ...
... role of politics and financial crises require further testing against a wider array of cases , and some statistical work along those lines has begun ( Fisman 1998 ; Leblang 1999 ; Mei 1999 ) . However , even within the small number of ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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