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The political origins of “financial crises of the 21st century” : Path dependence of financial systems in Korea, Thailand and Mexico

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  • The political origins of “financial crises of the 21st century”
  • Okabe, Yasunobu
  • University of Tokyo


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Title The political origins of “financial crises of the 21st century”
Similar Titles
Sub Title

Path dependence of financial systems in Korea, Thailand and Mexico

Material Type Articles
Author(English)

Okabe, Yasunobu

Publisher

[Tokyo]:University of Tokyo

Date 2006
Subject Country Mexico(Americas)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Government and Law < Political Systems
Holding International Political Science Association

Abstract

Political scientists and economists have discussed the causes of “financial crises of the 21st century” in emerging economies. It has been ignored, however, that there were differences in the process of the crises and the government responses to the crises (the post-crisis economic reforms). This essay examines the cases of Korea, Thailand, and Mexico, which can be characterized as follows: the Korean “big enterprises-manufacturing overinvestment” crisis and relatively successful reform, the Thai “financial institutions-asset bubble” crisis and insufficient reform, and the Mexican “government-portfolio investment” crisis and almost failed reform. This study addresses these differences, historically exploring the government-business relationship in finance with a path dependence approach. (The rest omitted)