Political Economy of Financial Development in Malaysia: From the Asian Crisis to 1MDB

This book examines the political economy of financial policymaking in Malaysia, arguing that to understand financial development, it is important to conceptualize it as a political process. It explores the relationship between financial development and financialization, and how Malaysia has failed to emancipate the financial system from political control. The book sheds light on the evolving role of the state in broader processes of development and marketization.

\n Format: Hardback
\n Length: 122 pages
\n Publication date: 21 December 2020
\n Publisher: Taylor & Francis Ltd
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Current research into Malaysia's political economy of financial policymaking tends to either concentrate on the high-level drama of crisis politics or merely acknowledge the limited impact of post-crisis financial reforms, considering that politico-business relations have remained close. By doing so, pundits overlook several intriguing questions: What is the relationship between financial development and financialization, and how has it unfolded in the Malaysian context? Moreover, more broadly, how can a country like Malaysia achieve significant financial development while failing to emancipate the financial system from political control, a fundamental aspect of the financial development discourse?

To unravel the complexities of this puzzle, this book delves into the history and contemporary practices of financial policymaking in Malaysia. It argues that to understand financial development in Malaysia, its progress and reversals, it is crucial to conceptualize it as a political, rather than a merely technical process. In doing so, the book aligns with a broader concern in the political economy literature, namely the evolving relationship between states and markets, and the perceived retreat or reassertion of the state amidst increasing (financial) globalization.

By examining the political dimensions of financial policymaking in Malaysia, this book offers valuable insights into the evolving role of the state in relation to broader processes of development and marketization, particularly in the finance sector. It sheds light on the complex interplay between state actors, financial institutions, and global economic forces, and how these dynamics shape the financial landscape of Malaysia.

The book's findings will be of interest to scholars, policymakers, and practitioners in the fields of economics, politics, and finance, as well as those who are interested in understanding the dynamics of financial development and governance in emerging economies. It provides a comprehensive and nuanced analysis of the Malaysian financial system, offering valuable insights into the challenges and opportunities that Malaysia faces in its pursuit of financial stability and growth.

\n Weight: 288g\n
Dimension: 142 x 222 x 17 (mm)\n
ISBN-13: 9780367138691\n \n