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Malaysian Débâcle: Whose Fault?

In: Financial Liberalization and the Asian Crisis

Author

Listed:
  • K. S. Jomo

Abstract

In the immediate aftermath of the outbreak of the East Asian financial crisis in July 1997, the first generation of currency crisis theories — which had focused on public sector debt related tofiscal deficits — were very soon seen as irrelevant to South-east Asia, since most of the affected governments had consistently maintained budgetary surpluses in recent years. Many observers immediately assumed that the crises were due to poor macroeconomic management, as suggested by the second generation of theories seeking to explain currency crises.

Suggested Citation

  • K. S. Jomo, 2001. "Malaysian Débâcle: Whose Fault?," Palgrave Macmillan Books, in: Ha-Joon Chang & Gabriel Palma & D. Hugh Whittaker (ed.), Financial Liberalization and the Asian Crisis, chapter 7, pages 102-123, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51862-9_7
    DOI: 10.1057/9780230518629_7
    as

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