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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¼Å¡Òäé¹ËÒ 1 - 5 ¨Ò¡ 66
˹éÒ xii
... region, but rather the role of the government in the financial system. Direct state intervention in the allocation of financial resources generated various well-known risks, including that of moral hazard. But efforts to liberalize the ...
... region, but rather the role of the government in the financial system. Direct state intervention in the allocation of financial resources generated various well-known risks, including that of moral hazard. But efforts to liberalize the ...
˹éÒ xiii
... region. Finally, Haggard addresses the social fallout of the crisis. He finds that the extent of backlash was limited by the presence of reformers who saw both political and social gains from more market-oriented reform. However, he ...
... region. Finally, Haggard addresses the social fallout of the crisis. He finds that the extent of backlash was limited by the presence of reformers who saw both political and social gains from more market-oriented reform. However, he ...
˹éÒ xviii
... region. Shu Fan provided outstanding research assistance, as did Jessie Zhou. I also owe a great debt to members of the class I taught on the Asian financial crisis in the spring of 1999, who forced me to organize my thoughts on these ...
... region. Shu Fan provided outstanding research assistance, as did Jessie Zhou. I also owe a great debt to members of the class I taught on the Asian financial crisis in the spring of 1999, who forced me to organize my thoughts on these ...
˹éÒ 1
... region's postwar economic history. Adverse external shocks had struck the developing countries of East and Southeast Asia in the past, most notably the oil price increases of the 1970s and early 1980s. Individual countries had also ...
... region's postwar economic history. Adverse external shocks had struck the developing countries of East and Southeast Asia in the past, most notably the oil price increases of the 1970s and early 1980s. Individual countries had also ...
˹éÒ 3
... region. But a deepening of financial, corporate, and social reforms will also require a parallel process of deepening democracy by enhancing the accountability and transparency of government and by reducing the influence of ...
... region. But a deepening of financial, corporate, and social reforms will also require a parallel process of deepening democracy by enhancing the accountability and transparency of government and by reducing the influence of ...
à¹×éÍËÒ
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