Abstract
Collapsing currencies, equity and property markets in East Asia in 1997–98 exposed underlying vulnerabilities in corporate governance structures and values. Financial liberalization and large current account deficits financed by short-term foreign loans, left these economies open to large international movements of capital. However, an international confidence crisis was fuelled by a growing realization of the structural weaknesses of economies often governed by crony capitalism, opaque accounting and auditing systems, and too close relations between business and the state.
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© 2002 Thomas Clarke
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Clarke, T. (2002). Crisis and Reform in Corporate Governance in Asia. In: Haley, U.C.V., Richter, FJ. (eds) Asian Post-crisis Management. Palgrave Macmillan, London. https://doi.org/10.1057/9780230595835_12
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DOI: https://doi.org/10.1057/9780230595835_12
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