The Political Economy of the Asian Financial CrisisColumbia University Press, 1 µ.¤. 2010 - 304 ˹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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˹éÒ xii
... Mahathir. The imposition of capital controls was designed to regain some macroeconomic policy autonomy. But the move also had political roots in Prime Minister Mahathir's campaign against the ''speculators'' in the fall of 1997, a ...
... Mahathir. The imposition of capital controls was designed to regain some macroeconomic policy autonomy. But the move also had political roots in Prime Minister Mahathir's campaign against the ''speculators'' in the fall of 1997, a ...
˹éÒ 5
... halved, and Indonesia shows up as slightly undervalued (see Furman and Stiglitz 1998). INTRODUCTION 5 4. Malaysian Prime Minister Mahathir's imposition of capital controls fed Institute for International Economics | http://www.iie.com.
... halved, and Indonesia shows up as slightly undervalued (see Furman and Stiglitz 1998). INTRODUCTION 5 4. Malaysian Prime Minister Mahathir's imposition of capital controls fed Institute for International Economics | http://www.iie.com.
˹éÒ 6
... Mahathir's imposition of capital controls fed directly into this debate about the weight of external influences (Krugman 1998d, 1999; Montes 1998; Wade and Veneroso 1998). If short-term capital movements were the proximate cause of the ...
... Mahathir's imposition of capital controls fed directly into this debate about the weight of external influences (Krugman 1998d, 1999; Montes 1998; Wade and Veneroso 1998). If short-term capital movements were the proximate cause of the ...
˹éÒ 10
... Mahathir in Malaysia, and Suharto in Indonesia. Political uncertainty was implicated in the onset of the crisis, but political factors were even more important in shaping the subsequent adjustment process. One source of difficulty was ...
... Mahathir in Malaysia, and Suharto in Indonesia. Political uncertainty was implicated in the onset of the crisis, but political factors were even more important in shaping the subsequent adjustment process. One source of difficulty was ...
˹éÒ 11
... Mahathir was able to use the advantages of office and a hierarchical political party to gain reelection. The result, however, was that the crisis did not generate the extent of reform visible in the democracies. In Indonesia, the crisis ...
... Mahathir was able to use the advantages of office and a hierarchical political party to gain reelection. The result, however, was that the crisis did not generate the extent of reform visible in the democracies. In Indonesia, the crisis ...
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1 | |
15 | |
Ch
2 Incumbent Governments and the Politics of Crisis Management | 47 |
Ch 3 Crisis Political Change and Economic Reform | 86 |
Ch 4 The Politics of Financial and Corporate Restructuring | 139 |
Safety Nets and Recrafting the Social Contract | 183 |
A New Asian Miracle | 217 |
References | 239 |
Index | 255 |
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administrative Anwar Asia ASIAN FINANCIAL CRISIS assets authoritarian banking sector bankruptcy billion bumiputra business-government relations capital central bank chaebol chapter Chinese Chuan CLOB coalition controls corporate governance corporate restructuring corruption countries country’s crises CRISIS MANAGEMENT Danaharta debt democracies democratic Development Eastern Economic Review ECONOMIC REFORM effects efforts elections electoral finance companies financial and corporate financial institutions financial sector firms fiscal foreign funds Golkar government’s groups growth Habibie Hanbo IBRA important incentives increase INCUMBENT GOVERNMENTS Indonesia industrial initial interest investment investors issues Jomo Kim Dae Jung Kim Young Kim Young Sam labor legislative liberalization Mahathir Malaysia ment moral hazard National opposition particularly party percent Philippines POLITICAL CHANGE POLITICAL ECONOMY president private sector problems recapitalization region regulatory Renong ringgit risk role rule share social contract South Korea state-owned strategy substantial Suharto Table Thai Thailand tion transparency UMNO urban vulnerable World Bank