The Political Economy of the Asian Financial Crisis

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Peterson Institute, 2000 - Business & Economics - 272 pages
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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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Contents

BusinessGovernment Relations and Economic Vulnerability
15
Incumbent Governments and the Politics of Crisis Management
47
Crisis Political Change and Economic Reform
87
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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About the author (2000)

Stephan Haggard, visiting fellow, is the Lawrence and Sallye Krause Distinguished Professor at the School of Global Policy and Strategy, University of California, San Diego. He has been a consultant to AID, the World Bank, the United Nations Conference on Trade and Development, and the OECD and is a member of the Council on Foreign Relations. He is the coauthor of Witness to Transformation: Refugee Insights into North Korea (2011) and Famine in North Korea: Markets, Aid, and Reform (Columbia University Press, 2007).

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