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Governed interdependence, communities of practice and the production of capital market knowledge in Southeast Asia

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Rethel, Lena (2020) Governed interdependence, communities of practice and the production of capital market knowledge in Southeast Asia. New Political Economy, 25 (3). pp. 354-369. doi:10.1080/13563467.2018.1563059

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Official URL: https://doi.org/10.1080/13563467.2018.1563059

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Abstract

This article revisits the notion of governed interdependence to examine the knowledge practices that have underpinned the expansion of debt capital markets in Southeast Asia, with a focus on Indonesia and Malaysia. It identifies two types of communities of practice - one of planners/policymakers, one of market practitioners - as central to the production of capital market knowledge and traces the emphasis placed on them by state actors through consecutive capital market development plans. The article then moves on to examining how both countries have sought to implement regimes for the training and licensing of capital market professionals in the wake of the financial crisis of the late 1990s. It argues that these knowledge practices bestow capital markets with legitimacy which makes the practices of investing in and borrowing from debt capital markets socially acceptable, if not even a key developmental objective. This is in the context of both the Asian crisis and more recent crises repeatedly showing the dangers of speculative portfolio investment as well as Islamic stipulations against speculative finance in these two Muslim-majority countries.

Item Type: Journal Article
Subjects: H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
Divisions: Faculty of Social Sciences > Politics and International Studies
Library of Congress Subject Headings (LCSH): Capital market -- Indonesia, Capital market -- Malaysia, Finance, Public -- Islamic countries
Journal or Publication Title: New Political Economy
Publisher: Routledge
ISSN: 1356-3467
Official Date: 2020
Dates:
DateEvent
2020Published
11 January 2019Available
14 December 2018Accepted
Date of first compliant deposit: 18 December 2018
Volume: 25
Number: 3
Page Range: pp. 354-369
DOI: 10.1080/13563467.2018.1563059
Status: Peer Reviewed
Publication Status: Published
Publisher Statement: This is an Accepted Manuscript of an article published by Taylor & Francis in New Political Economy on 11/01/2019, available online: http://www.tandfonline.com/doi/full/10.1080/13563467.2018.1563059
Access rights to Published version: Restricted or Subscription Access
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