The Political Economy of International Financial Crisis: Interest Groups, Ideologies, and Institutions

by Horowitz, Shale; Heo, Uk; Browne, Eric (CON); Cason, Jeffrey (CON); Corden, W Max (CON)

• ISBN13: 9780742501331
• ISBN10: 0742501337
• Format: Paperback
• Copyright: 2001-02-01
• Publisher: Rowman & Littlefield Pub Inc

Summary

The world financial crisis of 1997-99 was the most important international economic event since the oil shocks of the 1970s and the associated debt crisis of the 1980s. What were its political causes and consequences? In particular, how did interest group coalitions and political institutions affect pre-crisis economic policies and post-crisis responses? This book focuses on how policymaking coalitions are formed and how political institutions mediate the pressure of rival coalitions. This approach is applied to 13 countries drawn from the main crisis-affected regions of the world economy--East Asia, Southeast Asia, Latin America and Eastern Europe.

Author Biography

Eric C. Browne is a professor of political science at the University of Wisconsin-Milwaukee Jeffrey Cason is an assistant professor of political science at Middlebury College in Vermont W. Max Corden is a professor of international economics at the School of Advanced International Studies at Johns Hopkins University Aldo Flores Quiroga is currently assistant professor at the Claremont Graduate University Uk Heo is an associate professor of political science at the University of Wisconsin-Milwaukee Shale Horowitz is an assistant professor of political science at the University of Wisconsin-Milwaukee Sunwoong Kim is an associate professor of economics at the University of Wisconsin-Milwaukee James LoGerfo is an equity research associate at Bank of America Securities Walter T. Molano is head of Latin American research at BCP Securities, Inc. Gabriella R. Montinola is an assistant professor of political science at the University of California, Davis Kimberly J. Niles is an assistant professor in the department of political science at the University of Colorado, Boulder Peter Rutland is a professor of government at Wesleyan University and an associate of the Davis Center for Russian Studies at Harvard University Alexander C. Tan specializes in comparative political parties, comparative political institutions, and the political economy of East Asia and the advanced industrial democracie A. Maria Toyoda is a research scholar at Stanford University's Institute for International Studies and associate director of the Asia/Pacific Scholars Program

Table of Contents

List of Figures and Tables	p. vii
Introduction, Theoretical Overview, and Economic Background
Explaining Precrisis Policies and Postcrisis Responses: Coalitions and Institutions in East Asia, Latin America, and Eastern Europe	p. 3
The Persistent Liberalizing Trend in Foreign Economic Policies: The Role of Dispersed Interest Groups, Policy Legacies, and Ideologies	p. 15
The World Financial Crisis: Are the IMF Prescriptions Right?	p. 41
Southeast Asia Comparative Case Studies
Thailand: Episodic Reform, Regulatory Incapacity, and Financial Crisis	p. 65
Malaysia: Ethnic Cleavages and Controlled Liberalization	p. 91
Indonesia: Cronyism, Economic Meltdown, and Political Stalemate	p. 111
East Asia Comparative Case Studies
Japan: Prosperity, Dominant Party System, and Delayed Liberalization	p. 133
South Korea: Democratization, Financial Crisis, and the Decline of the Developmental State	p. 151
Taiwan: Sustained State Autonomy and a Step Back from Liberalization	p. 165
Latin America Comparative Case Studies
Mexico: Crises and the Domestic Politics of Sustained Liberalization	p. 179
Brazil: Political Institutions and Delayed Reaction to Financial Crisis	p. 199
Argentina: The Political Economy of Stabilization and Structural Reform	p. 213
Central and Eastern Europe Comparative Case Studies
Poland, Hungary, and the Czech Republic: National Identity and Liberalizing Consensus	p. 225
Russia: Entrenched Elites Ride Out the Crisis	p. 243
Economic Indicators	p. 265
Bibliography	p. 271
Index	p. 285
About the Contributors	p. 295
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