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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... fact that it was largely unanticipated and the substantial overshooting of exchange rate adjustments that followed its onset ( Radelet and Sachs 1998a , 1998b ) . When such crises start in one country , there are a variety of channels ...
... fact implemented ; it attributes adverse economic developments to policy , when markets were responding directly to political developments ; and it bases its critique on a counterfactual world in which the government enjoys the capacity ...
... fact such government involvement remains a central theme of the opposition . Indonesia Of the four countries discussed here , the challenges of financial and corpo- rate restructuring are clearly the most daunting in Indonesia . The ...
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BusinessGovernment Relations and Economic Vulnerability | 15 |
Incumbent Governments and the Politics of Crisis Management | 47 |
Crisis Political Change and Economic Reform | 87 |
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