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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... regulation in 1991 and strengthened the regulation of the stock exchange over the first half of the 1990s . But the complicated nature of banking regulations , competition between the Ministry of Finance and central bank , and the lack ...
... regulation . This outcome can be achieved in part by the strategic use of the market , but it also involves a variety of institutional and ultimately political capacities . These problems can be introduced by considering several ...
... regulatory process , particularly with respect to the core agencies for financial regulation and the oversight of monopolistic and collusive practices . The formal independence of these entities is no doubt important . In South Korea ...
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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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