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The evolving international financial architecture
Shalendra D. Sharma

to Asia (IMF 1999). During the height of the Asian crisis, the Malaysian government dramatically challenged the prevailing wisdom and imposed capital controls – bringing the issue to the forefront of economic policy debates. In a broad sense, capital controls are measures that discourage capital flows – both in and out of a country. Capital controls encompass a wide range of, often country-specific, measures, although they all attempt to restrict the movement of capital across national boundaries, or between residents and nonresidents. Capital controls may affect: (1

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

Korean economy seemed well managed and sound. In November 1997, when Thailand, Indonesia, Malaysia and the Philippines were in the throes of a deepening financial turmoil, the headlines in the Korean media consisted mainly of stories dealing with the upcoming presidential election. Thus, on November 19, when President Kim Young Sam announced his decision to fire several key economic policy-makers on the grounds of gross economic mismanagement, most Koreans were surprised at the news. However, two days later, on the morning of November 21, the Korean public, and also many

in The Asian financial crisis
Open Access (free)
Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead
Shalendra D. Sharma

financing arrangement that would supplement IMF resources, (2) enhanced economic and technical cooperation, particularly in strengthening domestic financial systems and regulatory capacities, and (3) a mechanism for regional surveillance to complement the IMF’s global surveillance. To enhance cooperation further, the ASEAN finance ministers (on October 4, 1998), formed the ASEAN Surveillance Process (ASP) to promote closer consultations on economic policies. The ASP has two major elements: (1) to monitor global, regional and national economic and financial developments, and

in The Asian financial crisis
Richard R. Nelson

-trust policies needed to be pursued and natural monopolies needed to be regulated. And the Government needed to proceed actively to assure that the workings of the economic system did not generate unrelieved poverty. There were only a few years between the Kennedy administration’s first economic report and the ‘war on poverty’. Market organisation 21 These changes in economic policy or, more broadly, changes in the view of what capitalism was and what was needed to make it effective did not go unchallenged. By the middle or late 1970s there was considerable advocacy for

in Market relations and the competitive process
Open Access (free)
Oonagh McDonald

the lead-up to October 10, 2008 credit default swap auction for bonds referencing Lehman Brothers that close to $400bn could be required in payments to settle outstanding contracts, in fact only $6bn in net settlement payments were ultimately needed. 21 A more detailed analysis was published in the Economic Policy Review in March 2014. 22 The advantage of this report is that the bankruptcy process is over and the results of most aspects of the process are known, since Lehman emerged

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

– incessantly pulled in all directions by interest groups and legislative and electoral pressures – or what Haggard (2000, 49) has termed “different veto gates” – delayed dealing with the mounting problems in the financial sector.75 Similarly, according to Wade (2001, 69–70), “in Thailand and South Korea, new civilian democratic regimes corrupted the central policy-making technocracy and lost focus on national economic policies. Government–bank–firm collaboration came to be steered more by the narrow and short-term interests of shifting coalitions. Their experience is bad news

in The Asian financial crisis
Constituting the cultural economy
Fran Tonkiss

problematical than many. In a context where the language of ‘culture’ has come to infect economic analysis, the notion of relatively coherent cultural industries can be seen as much as an effect of economic policy, academic discourses and market rhetoric as it is a reflection of institutional realities. Precisely what is to be considered ‘cultural’ in relation to economic activity is rather open to question. Since the 1980s, economic development strategies in a number of national contexts have placed increasing emphasis on the role of cultural goods and services in labour

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

economic policies attracted foreign investors. Moreover, “commercial banks bustled to get more overseas funds. Their activities resulted in an increase in liabilities from Rp. 11 trillion in March 1989, to Rp. 17.5 trillion in March 1990, and to Rp. 31.6 trillion in March 1991” (Rosul 1998, 246). In fact, capital inflows increased almost two and one-half times from 1990– 94, reaching US$14.7 billion (Nasution 1999, 76). Overall, between 1990 and 1996, Indonesia experienced a surge in capital inflows averaging about 4 per cent of GDP. Although not as large as the inflows

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

thought that the liquidity it was providing was enough. The IMF and the Chuan government: phase two Despite the comprehensive and ambitious nature of the restructuring plans, the economic decline continued unabated. It seemed that neither the IMF program nor the political gridlock and bickering amongst the six-party coalition partners that made up the Chavalit administration failed to inspire 105 The Asian financial crisis market confidence. As the power struggle between Chavalit’s New Aspiration Party and its main coalition partner, Chart Pattana, intensified, “economic

in The Asian financial crisis