Financial Crisis and Institutional Change in East Asia

In the aftermath of the Asian financial crisis of 1997, many expected the affected countries to reform and restructure their financial systems, and become more market-driven. As such, there was an expectation that Asian economies would retrench state influence in the market and converge onto a liberal market model. In this timely text, Jikon Lai investigates the evolution of the financial systems of Korea, Malaysia and Thailand since 1997. While discussing how state-business relations...
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In the aftermath of the Asian financial crisis of 1997, many expected the affected countries to reform and restructure their financial systems, and become more market-driven. As such, there was an expectation that Asian economies would retrench state influence in the market and converge onto a liberal market model. In this timely text, Jikon Lai investigates the evolution of the financial systems of Korea, Malaysia and Thailand since 1997. While discussing how state-business relations have changed in recent years, and how changes to the financial sector have affected the potential for economic development and growth, the author frames his discourse with models of economic systems that are considered appropriate in the wider world, particularly in the light of the recent global financial crisis.