Book Description
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, however, it is necessary to understand its domestic politics. In this study, political scientist Stephan Haggard focuses on the most seriously affected countries-Indonesia, Korea, Malaysia, and Thailand-while also drawing lessons from those economies, such as Taiwan, that escaped the most severe distress.
Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, the politics of crisis management and the political consequences of severe economic downturn. Looking forward, he focuses on two critical policy issues: changes in social safety nets in the crisis countries and efforts at corporate and financial restructuring.
Download Description
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, however, it is necessary to understand its domestic politics. In this study, political scientist Stephan Haggard focuses on the most seriously affected countries-Indonesia, Korea, Malaysia, and Thailand-while also drawing lessons from those economies, such as Taiwan, that escaped the most severe distress. Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, the politics of crisis management and the political consequences of severe economic downturn. Looking forward, he focuses on two critical policy issues: changes in social safety nets in the crisis countries and efforts at corporate and financial restructuring.
Customer Reviews:
Journalistic title from famous scholar.......2001-04-11
Haggard has a good name in East Asia field. but this title disappointed me. it's not that scholarstic but journalistic. what are enumerated on his book is not new or insightful at all to asian specialist. if you have read articles on Asia from FT or Wall Street Journal, The Economist, You should know what I mean. at best this book is no more than enlarged The Economist.
Great Resource.......2001-02-13
This is an excellent resource for both political economics and Asian studies students. Following currency devaluation through the creation of the crisis and its development across the intertwined economies of Southeast Asia. Making rational decisions about Asian markets requires in-depth knowledge of the first fall to avoid the repercussive aftershocks which will continue to follow.
Book Description
In the wake of the crash of East Asia's economy, it is time for a frank discussion of the strategy for correcting the flaws in policy and infrastructure that undercut Asia's economic engine and for rebuilding its financial resources. Here, in absorbing detail, is an analysis not only of what went wrong and how it affected Japan and the other economies of new Asia, but how they can recover and become strong again. Philippe Ris, the economic and political correspondent for Agence France-Presse stationed in Tokyo, brings his singular expertise to a subject that continues to fascinate economists and businesspeople worldwide. Philippe Ris, the economic and political correspondent for Agence France-Presse, is stationed in Tokyo. He also covers related economic and political issues for neighboring Asian countries.
Customer Reviews:
yeseterday's news.......2005-10-01
The key to this book is in the acknowledgments, where Riés thanks his colleagues in Agence France-Presse (AFP) for their help. Riés was AFP's Tokyo correspondent and Starr was his equivalent in Kuala Lumpur. Although the journalistic sources are clearly evident from beginning to end, they shine through most clearly in tiny vignettes, which speckle every chapter of the tome. One of these has Britain's Prince Charles sailing out of Hong Kong on the royal yacht Brittania with the Union Jack in tow, signifying the end of empire. As Prince Charles, the Brittania and the story of Hong Kong's hand over faded away from view, Riés and his AFP colleagues had other things to worry about. Chief of these was the gathering storms of the Asian financial crisis. The image of Riés, then stationed in Hong Kong, frantically phoning up the worldwide sources that journalists depend on to cover a global story such as this, jumps from the pages. Because of the international dimension of the Asian storm, the phones must have been very busy indeed.
Riés captures this international angle to an uncanny degree. As well as recounting the importance of the Japanese yen and American dollar to fueling the crisis, he describes much of the human effects of the crash as well. We hear of life savings lost and, less tragically perhaps, of top Thai stockbrokers reduced to selling sandwiches to make ends meet. More interestingly from an academic viewpoint, he has a go at some of the world's major Asian experts, MIT's Paul Krugman being a case in point.
Krugman is, of course, a prolific writer and it is interesting to see a journalist's take on his more weird pronouncements. Krugman, for example, compares Singapore to Stalin's Soviet Union and says that the Singaporean model for economic growth is as flawed as Stalin's was. Riés' informative book is to be applauded for bringing bizarre statements like that to our attention. Whatever the faults of Singapore might be, they are in no way comparable to Stalin's gulag. Most people, if given the chance, would have fled Stalin's evil empire. Most Asians, if given the opportunity, would gladly work in Singapore.
That is certainly the case for the citizens of nearby Indonesia, who remain at the center of the Asian storm. Interestingly enough in this respect, Michel Camdessus, the managing Director of the International Monetary Fund, lavishes praise on the book in the dust jacket. Although the praise is warranted, the source of that praise has to be questioned. Indonesia was the IMF's star pupil. Because the IMF ignored - and, many argue, actually financially underwrote - the blatant corruption Suharto epitomized, the praise, though welcome, leads to at least one pertinent question. What is the IMF doing to stem the sectarian pogroms the Asian storm and the IMF's policies helped to spark?
Indonesia represents the dark but all too real side of the Asian crisis. And there is no guarantee that the bloodshed will be confined to Indonesia. Riés also gives the more xenophobic pronouncements of Malaysia's charismatic leader, Dr. Mahathir Mohamad, due prominence. Mahathir is in the process of nation building, of trying to make Malaysia an economic force. This is undoubtedly a difficult job, made harder by the loss of confidence the Asian crisis provoked. Growing sectarian restlessness in Malaysia, Indonesia and the southern islands of the Philippines do not portend well for the region's future. The storm, as Mahathir well knows, is not over yet.
As long as Asia lacks a regional financial anchor, this instability and concomitant bloodshed will remain and most likely spread beyond Indonesia. Although the obvious choice for such a stabilizing anchor is Japan, there are, as the author points out, major problems with Japan playing a similar role in Asia that Germany, the Netherlands and similar countries play in Europe. In Asia, the economic disparities between Japan and the other Asian tigers is just too immense to be bridged in the near future. Although the book describes the very real financial and economic pain Japan's citizens experienced as a result of the Japanese bubble bursting, this is nothing to what people in Thailand, South Korea and most especially Indonesia have gone through over the same period. Although this is small consolation to the victims of Japan's crash, there is a glimmer of hope in all of this. The policies of the IMF stand discredited, and the pronouncements of experts like Krugman have similarly fallen into disrepute. A new paradigm, to use the cliché, is needed. For this to eventuate, fresh voices must be heard. The words and the methodologies of Philippe Riés and his AFP colleagues are part of that process. Unless Asia's leaders heed their words, the imperfect storm Riés describes will be replaced by a veritable inferno.
A balanced view.......2001-01-31
The book is a translation of the original written in French in 1998 that I read at the time Asia was still sorting out its most immediate problems. Philippe Ries is a privileged witness and he offers a witness' account of the crisis, what caused it, how it evolved and how it is likely to affect the rest of the world. It is very informative. Ries deals with the lessons to be learned from the crisis in a more constructive way than many of the books hastily written on the same topic in the past three years. It is a rare view from a European writer, perhaps less prone than most to gauge Asia against ultra-liberal standards. Above all, Ries' book is eminently readable even for people not particularly versed in the intricacies of macroeconomics or finance.
Book Description
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 199798 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.
Contributors Yun-han Chu, National Taiwan University Bruce Cumings, University of Chicago Gary G. Hamilton, University of Washington Paul Hutchcroft, University of Wisconsin, Madison Linda Y. C. Lim, University of Michigan, Ann Arbor Andrew MacIntyre, University of California, San Diego Barry Naughton, University of California, San Diego T. J. Pempel, University of Washington Jeffrey A. Winters, Northwestern University Meredith Woo-Cumings, Northwestern University
Customer Reviews:
Finally , a political analysis of the Aiasn economic crisis.......1999-10-28
Read this book to gain a deeper understanding of the Asian crisis. Much has been written on the economic side, but "The Politics of the Asian Economic Crisis" assembles the experts to explain political differentiation among the countries affected.
Average customer rating:
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Crisis and Innovation in Asian Technology
Manufacturer: Cambridge University Press
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ASIN: 0521524091 |
Book Description
The economic crises in Asia at the turn of the millennium changed the innovation and business production systems of China, Malaysia, Japan, Singapore, South Korea, Thailand, and Taiwan. This investigation follows several different industries, including semiconductors, automobiles, and hard disk drives. It explores the approaches that Asian nations have taken to building a strong technological and economic base for their respective industries from technonationalism to technoglobalism. It asks if the Asian economic miracle is over, or whether these countries are reinventing their economies.
Download Description
In mid-May 1997, a financial crisis erupted in Asia after an attack by private investors on the baht, the Thai currency. The crisis spread quickly across the region, where investor confidence plummeted, resulting in massive capital outflows, stock market collapses, high unemployment, and even insurrection. The Asian 'economic miracle' that had stimulated so much awe and even dread, now invoked pity and apprehension in greater measure. The contributors to this volume investigated change in the innovation and production systems of Asian states in response to economic and political upheaval. They conducted empirical studies of several regional industries - autos, semiconductors, and hard disk drives - and seven different national economies: China, Malaysia, Japan, Singapore, South Korea, Thailand, and Taiwan. In the face of crisis and global competition, the Asian states superimposed change at the margins, seeking unique technohybrid solutions to build capabilities to compete in local, regional, and even global markets.
Book Description
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later.
The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change.
The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
Customer Reviews:
A sorely needed update on Japanese financial politics.......2004-09-23
Amyx is one of very few scholars doing the kind of yeoman's work in political science today that is necessary for successfully integrating original source field research with rigorous theoretical analysis. The payoff is the kind of detailed and informed study that made Johnson's MITI and the Japanese Miracle a classic. Amyx's analysis of networks inclusive of the Ministry of Finance provides a rich explanatory framework for policy paralysis over the course of a dozen + years. A particularly interesting insight is that networks (i.e., people) make institutions durable even as institutions structure incentives for individuals. This reinforcing relationship, in Japan's case, led to intransigence and suboptimal outcomes for nearly all parties. I highly recommend this to readers interested in an update on bureaucratic politics in Japan, and those interested in the backstory to the grim headlines on Japan in the financial papers over the last decade. Even as Japan starts its long-delayed turnaround, this book will help readers understand where change is most likely to occur, and where the bottlenecks still exist.
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Asia's Financial Crisis and the Role of Real Estate
Manufacturer: M.E. Sharpe
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ASIN: 0765606429 |
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After The Storm: Crisis, Recovery And Sustaining Development In Four Asian Economies
Manufacturer: Singapore University Press
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Binding: Hardcover
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ASIN: 9971693070 |
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Asian Crisis and the EU's Global Responsibilities
Yao-Su Hu , and
Dr. Yao-Su Hu
Manufacturer: The Federal Trust
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ASIN: 0901573922 |
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