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 10
... regulated liberalization and privatization. These reforms are often seen as antidotes for rent seeking and corruption ... regulatory process. Underneath these discrete policy problems lie deeper political and institutional features of ...
... regulated liberalization and privatization. These reforms are often seen as antidotes for rent seeking and corruption ... regulatory process. Underneath these discrete policy problems lie deeper political and institutional features of ...
˹éÒ 12
... regulatory changes and liberalization measures governments adopted in response to the crisis. These changes include strengthened financial regulation and rules on corporate governance, improved bankruptcy procedures, and the ...
... regulatory changes and liberalization measures governments adopted in response to the crisis. These changes include strengthened financial regulation and rules on corporate governance, improved bankruptcy procedures, and the ...
˹éÒ 13
... regulatory environment and to place business-government relations and corporate governance on a more transINTRODUCTION 13 parent footing. It is doubtful that these policy changes will Institute for International Economics | http://www ...
... regulatory environment and to place business-government relations and corporate governance on a more transINTRODUCTION 13 parent footing. It is doubtful that these policy changes will Institute for International Economics | http://www ...
˹éÒ 14
... regulation and corporate governance has served both Asia and the world economy in the past, and will no doubt continue to do so. Finally, the crisis has shown the resilience of democratic forms, contributed to a remarkable political ...
... regulation and corporate governance has served both Asia and the world economy in the past, and will no doubt continue to do so. Finally, the crisis has shown the resilience of democratic forms, contributed to a remarkable political ...
˹éÒ 15
... regulatory agencies, and transparency in business-government relations. These conditions were frequently missing, and as a result the patterns of business-government relations that had evolved in the region carried with them certain ...
... regulatory agencies, and transparency in business-government relations. These conditions were frequently missing, and as a result the patterns of business-government relations that had evolved in the region carried with them certain ...
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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