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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Introduction: The Political Economy of the Asian Financial Crisis 156.2KB
1. Business-Government Relations and Economic Vulnerability 253.8KB
2. Incumbent Governments and the Politics of Crisis Management 287.4KB
3. Crisis, Political Change, and Economic Reform 334.9KB
4. The Politics of Financial and Corporate Restructuring 291.3KB
5. The Social Fallout: Safety Nets and Recrafting the Social Contract 261.7KB
6. Conclusion: A New Asian Miracle 185.7KB