tailieunhanh - Ten Years aFTer: Revisiting the AsiAn FinAnciAl cRisis phần 3

inancial toàn cầu hóa bắt đầu có đà sau cuộc khủng hoảng nợ của những năm 1980. Trong khu vực Đông Nam Á, toàn cầu hóa tài chính đã hình thành theo những cách đặc biệt. Khu vực ít bị ảnh hưởng bởi cuộc khủng hoảng nợ hơn so với Mỹ Latinh như các nước Đông Nam Á | WHAT DID WE REALLY LEARN FROM THE 1997-98 ASIAN DEBACLE Jomo Kwame Sundaram Financial globalization began to gain momentum following the debt crisis of the 1980s. In Southeast Asia financial globalization took shape in particular ways. The region was less affected by the debt crisis than Latin America as Southeast Asian countries did not borrow international capital as heavily in the 1970s and thus were not as vulnerable as Latin American countries were. Nonetheless the mid-1980s in Southeast Asia saw three devaluations in Indonesia a single devaluation in Thailand in 1994 and a depreciation of the Malaysian ringgit after the Plaza Accord of September 1985. These devaluations were accompanied by other elements of domestic and international financial liberalization. The Regional Context of Financial Globalization in Asia In the early 1990s in Indonesia it became easier for people to borrow directly from foreign sources and for foreign banks to have offices outside Jakarta. This undermined the ability of the Indonesian central bank to Jomo Kwame Sundaram is assistant secretary-general for economic development at the United Nations Department for Economic and Social Affairs based in New York. Until August 2004 he was a professor in the Applied Economics Department of the University of Malaya in Kuala Lumpur. He was a founder and director of the Institute of Social Analysis in Malaysia and is the founder chair of International Development Economics Associates. Some of his recent publications include The New Development Economics After the Washington Consensus Malaysia s Political Economy with E. T. Gomez and Tigers in Trouble Rents Rent-Seeking and Economic Development Theory and the Asian Evidence with Mushtaq Khan . Jomo Kwame Sundaram has a . from Harvard University. I 21 I Jomo Kwame Sundaram exercise real authority and effective surveillance. There was a proliferation of banks between 1988 and 1997 before 1988 there were less than a hundred banks and by the .