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The Asian financial crisis was a series of currency devaluations and other events that spread through many Asian markets beginning in the.
Table of contents

Significant in terms of both its magnitude and its scope, the Asian financial crisis became a global crisis when it spread to the Russian and Brazilian economies. The significance of the Asian financial crisis is multifaceted. Though the crisis is generally characterized as a financial crisis or economic crisis, what happened in and can also be seen as a crisis of governance at all major levels of politics: national, global, and regional.


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In particular, the Asian financial crisis revealed the state to be most inadequate at performing its historical regulatory functions and unable to regulate the forces of globalization or the pressures from international actors. Most illustrative was the case of Indonesia , where the failures of the state helped to transform an economic crisis into a political one, resulting in the downfall of Suharto , who had dominated Indonesian politics for more than 30 years.

Debates about the causes of the financial crisis involved competing and often polarized interpretations between those who saw the roots of the crisis as domestic and those who saw the crisis as an international affair.


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The economic crisis focused much attention on the role of the developmental state in East Asian development. Proponents of neoliberalism , who saw the crisis as homegrown, were quick to blame interventionist state practices, national governance arrangements, and crony capitalism for the crisis. Assistance from the IMF all came with conditions aimed at eliminating the close government-business relationships that had defined East Asian development and replacing Asian capitalism with what neoliberalists saw to be an apolitical and thus more efficient neoliberal model of development.

The early neoliberal triumphalist rhetoric , however, also gave way to a more profound reflection about neoliberal models of development.

Learning the lessons of the Asian financial crisis - Nikkei Asian Review

Perhaps most of all, the —98 financial crisis revealed the dangers of premature financial liberalization in the absence of established regulatory regimes, the inadequacy of exchange rate regimes, the problems with IMF prescriptions, and the general absence of social safety nets in East Asia. Echoing these concerns were those who saw the crisis as a function of systemic factors.

Causes, Solutions, and Lessons Learned

In contrast with neoliberal theorists who focused on technical questions, however, critics of neoliberalism focused on political and power structures underlying the international political economy. Mostly, the widely held perception that IMF prescriptions did more harm than good focused particular attention on the IMF and other global governance arrangements. Fiscal austerity measures were criticized as especially inappropriate for the East Asian case and for prolonging and intensifying both economic and political crises.

In addition to the criticism leveled at the technical merits of IMF policies, the politics of the IMF and the general lack of transparency of its decision making were also challenged. Limited East Asian representation in the IMF and World Bank underscored the powerlessness of affected economies, as well as their lack of recourse within existing global governance arrangements.

Combined, the criticisms of the IMF diminished the prestige , if not the authority, of the IMF, resulting in heightened calls for a new international architecture to regulate the global economy.

Drawing lessons from the Asian financial crisis: Analysis

Criticism focused especially on the informal, nonlegalistic institutionalism of both organizations. However, though ASEAN displayed greater receptiveness to institutional reform, informal institutionalism remains the norm with respect to regional forums in East Asia.

Pages: vi 1 total. Pages: vii—viii 2 total. Issues, debates and an overview of the crisis.

Pages: 1—65 65 total. Crisis, reform and recovery. Pages: 66— 57 total. Pages: — 57 total. Pages: — 72 total. Why China survived the financial crisis.

ASEAN social spending needs to be realigned to the needs of the poor

Pages: — 32 total. The evolving international financial architecture. Pages: — 56 total. Post-crisis Asia — economic recovery, September 11, and the challenges ahead. Pages: — 14 total. Pages: — 38 total.

Asian Financial Crisis 1997

Pages: — 9 total. Full book PDF download with hyperlinks. Powered by: Sheridan PubFactory.