Economists from the US, the World Bank, the International Monetary Fund, and a few other countries--none Asian--assess the causes and consequences of the East Asian crisis of 1997-98, focusing especially on the interplay of economic and political forces. In eight papers and a summary of a roundtable discussion, primarily from a March 1999 conference at Columbia University, they consider such aspects as the anatomy of the emerging market disease, the politics of moral hazard, the US role in the long Asian crisis of 1990-2000, and from higher risk to risk aversion and the danger of protectionism. Annotation copyrighted by Book News Inc., Portland, OR

Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.

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.

This new edition updates its precedessor and uses the Asian economic crisis to indicate how theoretical differences identified in the South-East Asian boom were brought into even sharper relief in the analysis of the crisis and recovery strategies.

This text critically evaluates the current orthodoxy in the light of the Asian crisis and traces the debates in East Asian political economy in the broad context of development studies.

This book is a challenging volume by distinguished, leading scholars of East Asian political economy; it provides a distinct alternative to simplistic accounts of the Asian crisis which generally swing between an emphasis on convergence imposed by global economic forces, and the resurrection of the special patterns of East Asian economic governance. The authors argue that global forces and domestic structures are engendering new forms of economic and political regulation in East Asia. While these signal the death knell of the developmental state, this in itself does not presuppose a convergence towards a standard model of global capitalism. The arguments in this book will contribute significantly to the construction of a new research agenda for comparative political economy at the dawn of a new century. Politics and Markets in the Wake of the Asian Crisis covers a range of East Asian countries including the People's Republic of China, South Korea, Indonesia, Thailand and Malaysia. All the studies are linked together by a common endeavour to explore the dynamic interaction between global economic forces and domestic structures. The book is at the cutting edge of the study of East Asian political economy, and is distinguished by the attention it pays to the regional and international context of the crisis. It also contains theoretically sophisticated analyses of organisations such as APEC and the IMF.

Offering a coherent overview of the historical and institutional context of enduring patterns in East Asian political economy, this updated and expanded second edition textbook explores the dramatic regional and international transformations that this key region has faced since the 2008 financial crisis.