The Indonesian Financial Crisis: From Banking Crisis to Financial Sector Reforms, 1997-2000
2001; Volume: 71; Linguagem: Inglês
10.2307/3351457
ISSN2164-8654
Autores Tópico(s)Asian Studies and History
ResumoIn mid-1998, a World Bank study grimly noted that "Indonesia is in deep economic crisis.A country that achieved decades of rapid growth, stability, and poverty reduction is now near economic collapse . . .no country in recent history, let alone one the size of Indonesia, has ever suffered such a dramatic reversal of fortune."1 2 There is bitter irony in Indonesia's fall from grace.Long hailed as a model of successful economic development, it was widely predicted to escape the fate of Thailand.3Between June-August 1997, as Thailand's economy unraveled and the virulent Asian flu sent shock waves through the region, the Indonesian economy remained relatively stable-a veritable rock in the stormy sea.Even the World Bank remained upbeat about the short-term outlook, believing that a widening of the intervention band would be sufficient to ward off contagion.4The Indonesian government, which received much praise for its swift and decisive response to the crisis, went to great lengths to assure jittery investors "that Indonesia was not Thailand."Then the unthinkable happened.1 The author would like to thank Bank Indonesia officials in Jakarta
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