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East Asian CapitalismDiversity, Continuity, and Change$
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Andrew Walter and Xiaoke Zhang

Print publication date: 2012

Print ISBN-13: 9780199643097

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199643097.001.0001

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The Political Economy of Financial Development in Southeast Asia

The Political Economy of Financial Development in Southeast Asia

(p.179) 9 The Political Economy of Financial Development in Southeast Asia
East Asian Capitalism

Thomas B. Pepinsky

Oxford University Press

Financial development in the emerging economies of Southeast Asia varies substantially. These differences have persisted for decades, despite broadly similar policy reforms since the 1980s. This chapter surveys the history of financial development in Indonesia, Malaysia, the Philippines, and Thailand in order to explain the origins of cross-national variation in patterns of financial development as well as the changes in national financial systems in Southeast Asia since the late 1980s. Drawing attention to the political origins of financial policy, the chapter makes two central claims. First, variation in the political exigencies facing postcolonial regimes explains the variation in the financial systems that they constructed. Second, common pressures from international financial markets prompted governments to experiment with financial liberalization beginning in the 1980s, but the particular configurations of political and economic power in each country have shaped how these experiments have played out in terms of actual institutional and regulatory changes.

Keywords:   Indonesia, Malaysia, Philippines, Thailand, financial development, regulation, financial liberalization, power structure, institutional variations

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