The Political Economy of the Asian Financial Crisis
Stephan Haggard, Professor in the Graduate School of International Relations and Pacific Studies Stephan Haggard
Peterson Institute, 2000 - Business & Economics - 272 pages
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.
The volume... provides an excellent overview of both the theories and facts of the crisis. Strongly recommended for academic collections, lower-division undergraduate through research.
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has generally strengthened rather than reduced
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administrative Asia Asian assets August business-government relations capital central changes chapter close companies constitution continued controls corporate corruption costs countries crises crisis debt democracies democratic Development direct early East economic effects efforts elections electoral exchange extent faced February firms forces foreign Fund government's greater groups growth important increase Indonesia industrial initial institutions interest investment involved ISBN issues June Kim Dae labor legislation less liberalization limited loans Mahathir major Malaysia March ment minister nature November October opposition particularly party percent political president Press pressures problems projects question reform region regulation response restructuring result Review risk role rule sector secure September share social sources South Korea strategy strong substantial Suharto Table Thai Thailand tion Trade United University urban vulnerability weak World Bank