Crisis as Catalyst

by MacIntyre, Andrew; Pempel, T. J.; Ravenhill, John

• ISBN13: 9780801474606
• ISBN10: 0801474604
• Format: Paperback
• Copyright: 2008-10-01
• Publisher: Cornell Univ Pr

Summary

The financial crisis that swept across East Asia during 1997-1998 was devastating not only in its economic impact but also in its social and political effects. The explosive growth and sociopolitical modernization that had powered the region for much of the preceding decade suddenly were dramatically interrupted. East Asia is economically outperforming the rest of the developing world once again and has become a leading force in the global economy. In the wake of the crisis, East Asia changed in important ways. Crisis as Catalyst contains assessments of these changes-both ephemeral and permanent- by a wide range of specialists in Asian economics and politics. The crisis, as the contributors to this volume show, catalyzed changes across political, corporate, and social arenas both in the countries hit hard by the crisis and in others throughout the region. The authors of Crisis as Catalyst examine what has changed (as well as what has not changed) in East Asia since the crisis, explain these variations, and reflect on the long-term significance of these developments.

Table of Contents

Preface	p. vii
Abbreviations	p. ix
East Asia in the Wake of the Financial Crisis	p. 1
Finance, Corporate Governance, and Welfare
After the Fall: East Asian Exchange Rates since the Crisis	p. 25
Banking Systems a Decade after the Crisis	p. 45
Containing the Oligarchs: The Politics of Corporate Governance Systems in East Asia	p. 70
Democratization, Crisis, and the Changing Social Contract in East Asia	p. 93
Regional Responses
Regional Financial Cooperation in East Asia since the Asian Financial Crisis	p. 117
Trading Out of Crisis	p. 140
Restructuring Regional Ties	p. 164
National Responses
The Capitalist Embrace: China Ten Years after the Asian Financial Crisis	p. 183
Politics of Economic Recovery in Thailand and the Philippines	p. 206
Institutions, Economic Recovery, and Macroeconomic Vulnerability in Indonesia and Malaysia	p. 231
The Korean Economic System Ten Years after the Crisis	p. 251
Conclusion: The Political Economy of East Asia: Directions for the Next Decade	p. 271
References	p. 293
Contributors	p. 315
Index	p. 317
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