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The Political Economy of Capital Market Reforms in Southeast Asia

Part of the International Political Economy Series Book Series

DOI: 10.1057/9780230346468

ISBN: 978-1-349-32248-0

Publisher: Palgrave Macmillan UK - Springer Journals

Aug 31, 2015

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Politics and Capital Market Reforms

Zhang, Xiaoke

Pages: 1 –25

[Examining the impact of political institutions on economic policy and development has been all the rage for the past decades. It has become a virtual truism among both political scientists and economists that political institutions or rules that shape the behaviour of political actors and the...
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Political Parties and Reform Processes

Zhang, Xiaoke

Pages: 26 –60

[The central claim of this book is that capital market reforms pose different challenges to politicians in different countries. Even when governments are motivated by comparable market and political forces to launch similar reforms, their incentives to harness these reforms to public-regarding...
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Variations in Political Party Structures

Zhang, Xiaoke

Pages: 61 –95

[In order to explore the central argument of this book regarding the impact of political parties on capital market reforms, this chapter presents an analytical account of cross-country variations in party systems and organisational structures between Singapore, Malaysia and Thailand. It first...
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Singapore: Market Reform Success

Zhang, Xiaoke

Pages: 96 –131

[This chapter examines how party system structures shaped capital market reforms in tandem with internal party organisations in Singapore from the late 1980s to the late 2000s. The central claim is that the highly concentrated party system and the centrally and coherently organised PAP combined...
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Thailand: Reform Failures amidst Political Changes

Zhang, Xiaoke

Pages: 132 –167

[This chapter provides a chronological narrative and analysis of capital market reforms in Thailand since the late 1980s. The central proposition is that the highly fragmented party system interacted with decentralised and incohesive parties to create strong incentives for politicians to pursue...
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Malaysia: Mixed Record on Reforms

Zhang, Xiaoke

Pages: 168 –203

[In Malaysia, as in Singapore and Thailand, initial efforts to reform the capital market were made in the aftermath of the global recession of the mid-1980s and associated domestic economic woes. While the timing of market reforms and external stimuli to these reforms were comparable, the pattern...
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Conclusions and Implications

Zhang, Xiaoke

Pages: 204 –216

[The central argument of this book is that inter-party and intra-party organisational dimensions interact to shape the orientation and pattern of financial policy-making in developing and emerging market countries. Drawing upon theoretical studies on the policy impact of political parties, this...

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