Abstract
Asia’s recent financial crisis has been more than just an economic shock. In several key instances it has unraveled entrenched economic and political regimes. Faced with collapsing currencies, fiscal crisis and rapidly spreading public and private debt, beleaguered governments in Thailand, South Korea and Indonesia have found themselves forced into agreements with the IMF requiring extensive deregulation in trade and investment and the reform of public and corporate governance (Robison et al. 2000; Pempel 1999). Banks were closed and recapitalized and corporate groups forced to write down debt, moves that threatened the financial regimes holding together privileged leagues of private oligarchies. As capital flight took hold, governments had little choice but to accede to the IMF demands. As IMF Chief, Camdessus observed, those who benefit from global capital markets must also observe its disciplines (Asiaweek October 3, 1997:62, 63).
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