The Politics of the Asian Economic Crisis

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T. J. Pempel
Cornell University Press, 1999 - Business & Economics - 284 pages
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In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"—with serious repercussions for nations and markets around the world. While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 1997–98 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.
 

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Contents

Introduction
1
INTERNATIONAL AND REGIONAL CONTRIBUTIONS
15
or What Alan Greenspan
45
Regional Ups Regional Downs
62
The Determinants of Financial Crisis in Asia
79
Hong Kong Singapore and the Asian
101
The State Democracy and the Reform of the Corporate Sector in Korea
116
Political Institutions and the Economic Crisis in Thailand and Indonesia
143
Reforms and Crises in the Philippine
163
The Political Foundation
184
Domestic Restructuring and a New Role in Asia
203
Conclusion
224
Notes
239
References
253
Index
269
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Page 256 - Industrial Change and Developmental State in Two East Asian NICs: A Case Study of the Automotive Industries in South Korea and Taiwan', Proceedings of the National Science Council Part C: Humanities and Social Sciences, 3 (2), July, 203-23.

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About the author (1999)

T. J. Pempel is Jack M. Forcey Professor of Political Science at the University of California, Berkeley. He is the coeditor of Crisis as Catalyst: Asia's Dynamic Political Economy , also from Cornell, and Japan in Crisis: What Will It Take for Japan to Rise Again?

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