Abstract
Our article proposes a novel explanation of 1997/1998 Asia Financial Crisis (AFC) by going back to the past. As 2026 remarked twenty nine year anniversary of AFC. Our humble aim here is two folds. First, our paper attempts to investigate effect of veto players. Furthermore, we attempt to explain more on the concept and measurement of veto players. By incorporating such concept, it would enrich our understanding of the interlocking ideas of economic consequence of political institution with historical institutionalism. Moreover, we elaborate the concept and measurement of veto players explained how Asia-Pacific countries could learned from history for overcoming politico-economic crisis 1997/1998. Second, our paper harnesses Indonesia’s politico-economic changes in the aftermath political and economic turmoil following AFC 1998, as a narrative analytics case. Having said that, this article applies concept of historical institutionalism and center it on studying of the AFC 1997/1998 as critical juncture which had altered the landscape of politico-economic sphere in Indonesia. Two outcomes of critical juncture discuss in this paper, (i). direct election of local political leaders (governor, mayor, municipal head and local legislatures), and (ii). The Indonesia Corruption Eradication Commission. Going back to the past of AFC could be a lesson learned for scholars, researchers, as well as general audiences who interested with Indonesia and Southeast Asian regions and enhance the quality of this nation future democracy.
Recommended Citation
Iksan, Muhamad and Haryadi, Arif
(2026)
"Going Back to the Past: Veto Players, Historical Institutionalism, and the Asia Financial Crisis 1997/1998,"
Jurnal Wacana Politik: Vol. 11:
Iss.
3, Article 2.
DOI: https://doi.org/10.24198/jwp.v11i3.2
Available at:
https://journal.unpad.ac.id/wacanapolitik/vol11/iss3/2
