The aftermath of the Asian financial crisis of 1997–98 witnessed a significant transformation of the financial systems of the Southeast Asia region. It saw the ascendance of capital markets in financial systems that had traditionally relied on bank loans and other sorts of so†called relationship finance. This emergence of capital markets was by design rather than the spontaneous and natural result of their evolving market orders as policymakers shifted from planning for outcomes to planning for uncertainty. A financialized version of capital market development, conceptualized here as situated knowledge practice, has manifested itself in increasingly spectacular financial designs. The article explores two sites of the circulation of new financial knowledge: the dramatic performances of financial knowledge at (Islamic) capital market conferences and the new urban designs where financial knowledge is put to work. The analysis is informed by observations from Jakarta, Kuala Lumpur, and Singapore.

中文翻译：

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东南亚资本市场的发展：从投机危机到金融化的景象

1997-98年亚洲金融危机的余波见证了东南亚地区金融体系的重大变革。它看到了传统上依赖银行贷款和其他所谓关系金融的金融系统中资本市场的兴起。资本市场的出现是设计使然，而不是随着政策制定者从计划结果转向计划不确定性而演变的市场秩序的自然而然的结果。资本市场发展的金融化版本在这里被概念化为情境知识实践，并在日益壮观的金融设计中得到了体现。本文探讨了新的金融知识传播的两个站点：金融知识在（伊斯兰）资本市场会议上的戏剧性表现，以及将金融知识发挥作用的新的城市设计。分析来自雅加达，吉隆坡和新加坡的观察。