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Capital market development in Southeast Asia: From speculative crisis to spectacles of financialization

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  • Lena Rethel

Abstract

The aftermath of the Asian financial crisis of 1997–98 witnessed a significant transformation of the financial systems of the Southeast Asia region. It saw the ascendance of capital markets in financial systems that had traditionally relied on bank loans and other sorts of so†called relationship finance. This emergence of capital markets was by design rather than the spontaneous and natural result of their evolving market orders as policymakers shifted from planning for outcomes to planning for uncertainty. A financialized version of capital market development, conceptualized here as situated knowledge practice, has manifested itself in increasingly spectacular financial designs. The article explores two sites of the circulation of new financial knowledge: the dramatic performances of financial knowledge at (Islamic) capital market conferences and the new urban designs where financial knowledge is put to work. The analysis is informed by observations from Jakarta, Kuala Lumpur, and Singapore.

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  • Lena Rethel, 2018. "Capital market development in Southeast Asia: From speculative crisis to spectacles of financialization," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 185-197, June.
    • Handle: RePEc:bla:ecanth:v:5:y:2018:i:2:p:185-197
    DOI: 10.1002/sea2.12116
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    Cited by:

    1. Alami, Ilias & Alves, Carolina & Bonizzi, Bruno & Kaltenbrunner, Annina & Kodddenbrock, Kai & Kvangraven, Ingrid & Powell, Jeff, 2021. "International financial subordination: a critical research agenda [working paper]," Greenwich Papers in Political Economy 33233, University of Greenwich, Greenwich Political Economy Research Centre.
    2. Ana Flavia Badue & Florbela Ribeiro, 2018. "Gendered redistribution and family debt: The ambiguities of a cash transfer program in Brazil," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 261-273, June.
    3. Aaron Z. Pitluck & Fabio Mattioli & Daniel Souleles, 2018. "Finance beyond function: Three causal explanations for financialization," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 157-171, June.
    4. Bear, Laura, 2020. "Speculation: a political economy of technologies of imagination," LSE Research Online Documents on Economics 103433, London School of Economics and Political Science, LSE Library.

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