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Malaysia

In: Trauma to Triumph Rising from the Ashes of the Asian Financial Crisis

Author

Listed:
  • Hoe Ee Khor
  • Diwa C. Guinigundo
  • Masahiro Kawai

Abstract

Malaysia's economic fundamentals going into the Asian financial crisis (AFC) were relatively sound. Still, no different from the other regional economies, it was not spared the speculative attacks on its financial markets. Conventional polices failed to deter the speculators and this eventually led to a deep recession. Malaysia then charted an unorthodox course, eschewing the International Monetary Fund (IMF) and its one-size-fits-all approach. It instead imposed selective exchange controls and pegged the Malaysian ringgit to the United States (US) dollar, measures that were widely criticized then. The measures provided room for policymakers to take expansionary fiscal and monetary policies and the latitude to implement reforms to strengthen the banking and corporate sectors. One year later, Malaysia was on the recovery path.

Suggested Citation

  • Hoe Ee Khor & Diwa C. Guinigundo & Masahiro Kawai, 2022. "Malaysia," World Scientific Book Chapters, in: Hoe Ee Khor & Diwa C Guinigundo & Masahiro Kawai (ed.), Trauma to Triumph Rising from the Ashes of the Asian Financial Crisis, chapter 6, pages 111-125, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811253560_0006
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    More about this item

    Keywords

    ASEAN+3; Asian Financial Crisis; Global Financial Crisis;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F3 - International Economics - - International Finance

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