This is the first systematic attempt to explore the causal relationship between financial market reform and financial crisis in an interdisciplinary and comparative perspective. It examines the political underpinnings of financial policy-change and provides an in-depth analysis of market liberalisation processes and their impact on the economic turmoil of 1997-98 in Korea and Thailand. The common crisis stemmed from divergent reform patterns and originated from dissimilar institutional deficiencies and political constraints.The book will be essential reading for both policy-makers and academics concerned with national governance in an era of globalisation.
Author(s): Xiaoke Zhang
Edition: 1st
Year: 2002
Language: English
Pages: 256
Book Cover......Page 1
Title......Page 4
Contents......Page 5
List of illustrations......Page 12
Series editors' preface......Page 14
Acknowledgements......Page 16
Acronyms and abbreviations......Page 18
Introduction......Page 20
The political logic of comparative financial policy......Page 38
Interests, institutions and financial policy......Page 40
Institutional variations in Korea and Thailand......Page 62
The political economy of financial liberalisation......Page 90
Financial liberalisation in Korea......Page 92
Financial liberalisation in Thailand......Page 124
Liberalisation differences: focused comparison......Page 153
The political economy of financial crisis......Page 168
Financial crisis in Korea and Thailand......Page 170
Findings, lessons and implications......Page 201
Notes......Page 213
Bibliography......Page 223
Index......Page 249
