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Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

GDP ratio to 46% in 1997, the highest in the region.” Haggard (2000, 49) defines a veto gate as an institution that has the power to veto a policy proposal, thus forcing a reversion to the status quo. Veto gates can include the president, the legislature, a second chamber of the legislature, a committee within a legislature, or the courts. In authoritarian governments, they may include the military. The preferences of these veto gates may be more or less closely aligned: thus the president and the legislature may represent distinct veto gates, but may either be of

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

more on political than economic considerations. In essence, the Korean state quickly relented and acceded to the demands and imperatives of the private sector. As Kang (2000, 91) notes: Even under the semi-authoritarian governments of Chun Doo Hwan and Roh Tae Woo, the balance of power between the state and the chaebol was slipping in favor of the latter. When Chun and Roh attempted, each in his own way, to check the abuses of the chaebol in response to public resentment, they found it difficult to do. For instance, when Roh launched an anti-big business campaign, Koo

in The Asian financial crisis