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The politics of financial reform in Korea, Malaysia, and Thailand : When, why, and how democracy matters?

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Frame of Image tical elites’ understanding on causes, processes, and consequences of the crisis, whereas the state bureaucracy ― c la ssifie d into hybrid and Weberian types ― d ec id es the implementation of reform plans by determining the power of big business to resist policy change, as well as the state’s organizational capacity to counter that resistance. The article argues that only when the political regime is democratic and the state Weberian will comprehensive ― a s opposed to partial ― re fo rm succeed.
Journal of East Asian Studies 2002, 2(1):185-240
186 Byung-Kook Kim
1 . PUZZLE
T he year 1997 marked a watershed for East Asia’s newly industrializing countries. After months of futile efforts to defend its faltering currency, Thailand rushed for an International Monetary Fund (IMF) bailout on July 2 and, within a month, accepted a very painful adjustment and structural reform. The turmoil then spread northward, forcing on Korea what its media called an “IMF trusteeship” on December 2. Even financially stronger Malaysia faltered and endorsed structural reform, albeit without as high interest rates as in Korea and Thailand, after a year long struggle over policy ideas and political power within its ruling power elite. The crisis had a high toll. When each country successfully stabilized and even boasted a recovery in its real sector during 1999, financial systems were in utter shatters. By July 1999 only eleven among Korea’s original thirty merchant banks survived, while an extensiv


Full Text
Title The politics of financial reform in Korea, Malaysia, and Thailand
Similar Titles
Sub Title

When, why, and how democracy matters?

Material Type Reports
Author(English)

Kim, Byung-Kook

Publisher

Seoul:East Asia Institute

Date 2002
Journal Title; Vol./Issue Journal of East Asian Studies:vol. 2(no. 1)
Pages 56
Subject Country Malaysia(Asia and Pacific)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding East Asia Institute; KDI School