99 Problems (But A Crisis Ain’t One) Political Business and External Vulnerability in Island Southeast Asia
AbstractThis paper examines how political business relations have shaped country vulnerability to financial crises during periods of international financial contagion. While close relations between political and business elites in island Southeast Asia deepened vulnerability during the Asian Financial Crisis, the same does not hold during the global crisis of 2008-09—neither the countries where political business relations have changed (Indonesia) nor the countries where they are the same (Malaysia, the Philippines, and Singapore) have experienced a true economic or financial crisis. Instead, for island Southeast Asia this crisis is merely a trade and investment shock, and a relatively minor one at that. A comparison of the crises of 1997-98 and the non-crises of 2008-09 shows that political business relations only affect external vulnerability insofar as they interact with economic policy settings, regulatory regimes, and the beliefs of investors.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by JICA Research Institute in its series Working Papers with number 43.
Date of creation: 30 Mar 2012
Date of revision:
Contact details of provider:
Postal: 6th-13th floors, Shinjuku Maynds Tower, 2-1-1 Yoyogi, Shibuya-ku, Tokyo 151-8558
Web page: http://jica-ri.jica.go.jp/
More information through EDIRC
financial crisis ; vulnerability ; political business relation ; investor beliefs ; Southeast;
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hill,Hal, 2000. "The Indonesian Economy," Cambridge Books, Cambridge University Press, number 9780521663670, October.
- Indermit Gill & Homi Kharas, 2007. "An East Asian Renaissance : Ideas for Economic Growth," World Bank Publications, The World Bank, number 6798.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Japan International Cooperation Agency Library).
If references are entirely missing, you can add them using this form.