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The Political Economy of the Asian Financial Crisis
     

The Political Economy of the Asian Financial Crisis

by Stephan Haggard
 

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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

Overview

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.

Product Details

ISBN-13:
9780881323085
Publisher:
Columbia University Press
Publication date:
10/01/2010
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
304
File size:
2 MB

What People are Saying About This

Charles Morrison
Charles Morrison, President, East-West Center:

. . . the first general examination of the crisis from a political economy perspective.

Robert L. Ayres
Robert L. Ayres, Senior Social Scientist, the World Bank:

Well-researched, carefully documented, and clearly written . . . It should prove of considerable interest to students of Asian political economy and . . . to a broader audience of economists, political scientists, and policymakers . . .

Meet the Author

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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