Liberalização econômica, crise financeira e reformas estruturais: a experiência asiática sob a perspectiva latino-americana

Abstract

This paper explores the origins and consequences of the Asian financial crisis. After decades of sustained growth with macroeconomic stability, the sudden meltdown produced a wave of structural reforms. Conventional wisdom has emphasized that the crisis was caused by a given pattern of political intervention in the market forces, where the State provided implicit guaranties to the private sector, leading to reckless behavior in resource allocation. On the contrary, we suggest that explanations of the crisis have to be found in the break up of the developmental state coordination, especially after the deepening of the financial liberalization in the 90’s.