The Asian Financial Crisis and the Architecture of Global Finance

by Edited by Gregory W. Noble , John Ravenhill

• ISBN13: 9780521794220
• ISBN10: 0521794226
• Format: Paperback
• Copyright: 2000-09-11
• Publisher: Cambridge University Press

Summary

The financial crises across Asia in 1997–98 ignited fierce debate about domestic economic weaknesses and flaws in the international financial system. Some analysts blamed Asian governments for inadequate prudential supervision, widespread failures of corporate governance and even 'crony capitalism’. Others assailed the inherent instability of global financial markets and what they considered to be hasty and ill-conceived liberalization taken at the behest of Western-dominated international financial institutions. In this volume a distinguished group of political scientists, economists and practitioners examines the political and economic causes and consequences of the crisis. They ask: To what extent were domestic economic factors to blame for the crises? Why were some economies more prone to crisis than others? What are the costs and benefits of international financial liberalization?

Author Biography

Gregory W. Noble taught at the San Diego and Berkeley campuses of the University of California before taking his present position as Fellow in the Department of International Relations, Research School of Pacific and Asian Studies, Australian National University John Ravenhill is Chair of Politics at the University of Edinburgh

Table of Contents

Abbreviations	ix
List of Figures	xi
List of Tables	xii
List of Contributors	xiii
Preface	xiv
Causes and Consequences of the Asian Financial Crisis	1	(35)
Gregory W. Noble
John Ravenhill
Capital Flows and Crises	36	(21)
Stephen Grenville
The Political Economy of the Asian Financial Crisis: Korea and Thailand Compared	57	(23)
Stephan Haggard
Andrew MacIntyre
The Good, the Bad and the Ugly? Korea, Taiwan and the Asian Financial Crisis	80	(28)
Gregory W. Noble
John Ravenhill
Indonesia: Reforming the Institutions of Financial Governance?	108	(24)
Natasha Hamilton-Hart
Political Impediments to Far-reaching Banking Reforms in Japan: Implications for Asia	132	(20)
Jennifer A. Amyx
Dangers and Opportunities: The Implications of the Asian Financial Crisis of China	152	(18)
Hongying Wang
The International Monetary Fund in the Wake of the Asian Crisis	170	(22)
Barry Eichengreen
Taming the Phoenix? Monetary Governance after the Crisis	192	(21)
Benjamin J. Cohen
The Vagaries of Debt: Indonesia and Korea	213	(22)
Thomas M. Callaghy
The New International Financial Architecture and its Limits	235	(26)
Miles Kahler
Notes	261	(17)
Bibliography	278	(21)
Index	299