By X. Zhang
During this publication, Xiaoke Zhang addresses basic political and coverage questions: why do politicians have heterogeneous incentives to pursue public-regarding guidelines via capital marketplace reforms and why do they range of their skills to start up and enforce marketplace reform guidelines decisively and resolutely?
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Extra info for The Political Economy of Capital Market Reforms in Southeast Asia (International Political Economy)
Example text
While technocrats may possess policy expertise and informational capacity, they lack power. To the extent that they are powerful in reform processes, they are rendered so by their political patrons, who can structure the distribution of political resources and authority among different policy-makers and state agencies in line with their policy preferences. As will be illustrated below, political incentives mediated through domestic institutions determine whether politicians choose to give full play to the policy capacity of technocrats and empower their agencies in Malaysia, Singapore and Thailand.
Political parties and reform orientations One central proposition of this book is that political parties shape the incentives of politicians over the choice of capital market reforms. 8 By maintaining their position of authority and prestige, politicians have the ability to enact their preferred policies and deliver benefits to social groups, which in turn enhances their prospects of retaining power. This book aims to explore the importance of political parties as key contextual constraints on the strategies that politicians employ to accomplish their ultimate objectives.
This book aims to explore the importance of political parties as key contextual constraints on the strategies that politicians employ to accomplish their ultimate objectives. While politicians everywhere have uniform interests in advancing their political careers, party system concentration and party organisational strength that define their strategic preferences vary across countries. It is these cross-country variations that provide the micro-foundations for different policy choices made by politicians and generate different incentives for politicians that shape financial policy orientations.