The Political Economy of the Asian Financial Crisis

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Peterson Institute, Jan 1, 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 & the adequacy of the existing financial architecture. To draw proper policy conclusions from the crisis, however, it is necessary to understand its domestic politics. In this study, political scientist Stephan Haggard focuses on the most seriously affected countries - Indonesia, Korea, Malaysia & Thailand - while also drawing lessons from those economies, such as Taiwan, that escaped the most severe distress. Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard & corruption, the politics of crisis management & the political consequences if severe economic downturn. Looking forward, he focuses on two critical policy issues: changes in social safety nets in the crisis countries & efforts at corporate & financial restructuring.
 

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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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