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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... sector . On the eve of the crisis , the Philippine financial sector was in relatively strong shape , and the corporate sector less heavily leveraged . In sum , the Philippines ' overall vulnerability to crisis was reduced by a ...
... sector to devise a more coherent strategy . Why does the Thai recovery strategy look very different than Korea's— less decisive and more prone to forbearance toward the private sector ? The answers can be found in the political ...
... sector ( -32 percent ) , where the boom had been concentrated , and to a much lesser degree in commerce ( -3 percent ) and manufacturing ( -2.4 percent ) ; by contrast , employment in the service sector grew by 5.6 per- cent ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Tables | 16 |
4 The concentration of private economic power | 22 |
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