文档介绍：A Tale of Two Crises:
The Political Economy of East Asian Finance in the 1990s and 2000s
by
Barbara Stallings
William R. Rhodes Research Professor
Watson Institute for International Studies, Brown University
Abstract: The crises of 1997-98 and 2008-09 were watersheds that had a profound impact on East Asian economies and polities, but they did so in different ways. In the 1990s, the financial systems of the region itself played a major role in detonating and propagating the crisis. In the 2000s, the principal problems in East Asia came from the outside, mainly via the disruption of world export markets. How do we account for the minor role that East Asian financial institutions played in the current crisis, especially since banks and related institutions were at the center of the economic distress in other parts of the world? This is the main puzzle addressed in this paper. In offering an explanation for the different characteristics of the two crises in East Asia, one hypothesis is that policy changes considerably strengthened financial systems across the region in the intervening decade. Beyond this similarity, a second hypothesis is that countries differed in terms of the actors and processes that were involved in the policy changes, based on variations in their historical experiences and structural characteristics. The second hypothesis is explored through case studies of Korea and China.
A Tale of Two Crises:
The Political Economy of East Asian Finance in the 1990s and 2000s
The crises of 1997-98 and 2008-09 are watersheds that had a profound impact on East Asian economies and polities, but they did so in different ways that are important to understand. In the 1990s, the financial systems of the region itself played a major role in detonating and propagating the crisis. In the 2000s, by contrast, the principal problems in East Asia came from the outside, mainly via the disruption of world export markets. How do we account for the minor role that East A