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 4
... countries hit hardest by the crisis: Indonesia, Malaysia, South Korea, and Thailand—with a brief comparative look at two broadly comparable countries that escaped the worst of the crisis, the Philippines and Taiwan. This sequence of ...
... countries hit hardest by the crisis: Indonesia, Malaysia, South Korea, and Thailand—with a brief comparative look at two broadly comparable countries that escaped the worst of the crisis, the Philippines and Taiwan. This sequence of ...
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... countries in the region (with the notable exception of China and arguably Taiwan) had either opened their capital ... countries were budget deficits problematic, and a number of the countries in the region were even in surplus. However ...
... countries in the region (with the notable exception of China and arguably Taiwan) had either opened their capital ... countries were budget deficits problematic, and a number of the countries in the region were even in surplus. However ...
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... country, there are a variety of channels through which they can be propagated to other countries, including fears of competitive devaluation or financial linkages of various sorts (Calvo 1999, Masson 1999). As we have seen from the ...
... country, there are a variety of channels through which they can be propagated to other countries, including fears of competitive devaluation or financial linkages of various sorts (Calvo 1999, Masson 1999). As we have seen from the ...
˹éÒ 8
... countries examined here. Yet the debate has proceeded on the assumption that the consequences of a given monetary policy stance (or any other policy measure, for that matter) are independent of market assessments of government ...
... countries examined here. Yet the debate has proceeded on the assumption that the consequences of a given monetary policy stance (or any other policy measure, for that matter) are independent of market assessments of government ...
˹éÒ 9
... countries, the crisis was major political as well as economic news: Governments, and even regimes, fell as a result ... countries had pursued since the 1940s, particularly in Latin America. In a number of countries in that region and ...
... countries, the crisis was major political as well as economic news: Governments, and even regimes, fell as a result ... countries had pursued since the 1940s, particularly in Latin America. In a number of countries in that region and ...
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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