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By Seung-Il Jeong (auth.)

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Additional info for Crisis and Restructuring in East Asia: The Case of the Korean Chaebol and the Automotive Industry

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In this period, the total foreign debt increased by US$61 billion, a jump from US$36 to 97 billion. 9 In Indonesia, where the banking sector had been dominated by a string of state-owned banks, a substantial banking reform was introduced in 1988. Entry and service provision in the financial sector were deregulated. This resulted in a mushrooming of new banks and non-bank financial companies. But there was hardly a regulatory institution that prudently supervised the large number of financial companies (McLeod 1998; Delhaise 1998).

Convergence toward Anglo-American capitalism is likely to be accelerated in the name of globalization and global standard’ (Moon and Rhyu 2000). These arguments have profoundly influenced the prescription for policy change and institutional reforms of the crisis countries. The International Monetary Fund released bailout money for the countries only on condition that they accepted programmes of radical liberalization, deregulation and privatization (IMF 1997a, 1998a, 1998b). 1 The Fund openly intended to The Asian Crisis in 1997 and its Causes 27 dissolve what have been regarded as the main ingredients of the so-called East Asian economic model.

7 per cent. Large numbers of financial and industrial firms defaulted on debts, banking systems were paralysed, and financial markets collapsed. What went wrong? What caused the East Asian crash? In this chapter, we will examine two fundamentally different interpretations of the Asian financial crisis. 1, we will examine the critique of special features of East Asian capitalism: cronyism, industrial policy, and other government interventions. 2 will examine the role of the financial market panic and, more broadly, the financial liberalization which preceded the crisis.

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