The Political Economy analysis of the East Asian Financial Crisis, 1997-2000

• Main Authors: Lin, Pi-Mei, 林碧美
• Other Authors: Shiau, Chyuan-Jenq
• Format: Others
• Language: zh-TW
• Published: 2000
• Online Access: http://ndltd.ncl.edu.tw/handle/32446279016383378689

碩士 === 國立暨南國際大學 === 公共行政與政策學系 === 88 === Abstract Until recently the "East Asian Miracle" had been a central theme in Asian studies that engrossed many scholars in the international academic communities. Voluminous books and essays praised East Asia''s remarkable economic achievements in terms of its continued high economic growth rate and patterns of relatively equitable wealth distribution. But in the span of two years, the regional economic "miracle", with its promise of continued high economic growth rate, was transformed into a severe regional, and potentially global, economic collapse. It has seriously endangered the livelihood of millions of people, causing untold misery and suffering. This thesis attempts to analyze the historical development of the East Asia and trace the development from the "East Asian Miracle" to the financial and economic crisis, completed with a historical structure analysis of the internal and external factors making the financial crisis. It also argues that in view of the increasing globalization and liberalization of the world''s financial markets, it makes little sense to blame the current economic crisis on the "internal" problems of the East Asian economies. For these problems are intertwined with the mammoth international financial system characterized by quick cross-national capital mobility and an increasingly complicated and volatile system of unproductive speculative investments. The economic crisis in East Asia has not been driven only by factors such as pegged exchange rates, heavy short-term foreign borrowing, and hopelessly inadequate financial sector regulation; politics has also been important. Indeed, in any case where there is a massive loss of investor confidence it would be difficult for politics not to be involved. The crisis is attributed to the erosion of the state autonomy, the changing global economy and international financial system, and the US''s new geopolitical syrategy imposing on the region. These long-term, institutional factors that led to the breakdown of the financial market in East Asia are examined in the thesis in order to construct a broader analytical framework in which the crisis can be adequately situated. Besides, the thesis wants to analyze its great impact on the development of the region and the global economy. In the last, it also wants to rethink the impact of globalization and the international financial institutions, and look in the future of the development of the East Asian economies.