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The 1997-98 Financial Crisis In Malaysia: Causes, Response, And Results

Author

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  • HASAN, ZUBAIR

    () (International Islamic University)

Abstract

This paper argues that the 1997-98 financial crisis did not hit Malaysia because the economic fundamentals of the country were weak. It was the result of massive unpredictable flight of short-term portfolio investment from the region including Malaysia. The paper assembles evidence, and employs econometric tools to support the contention. It maintains that the choice of the country to impose selective capital controls for remedying the situation was efficacious, and proved fairly rewarding. It also makes a few observations from an Islamic angle that may help forestall the occurrence of such crises in future.

Suggested Citation

  • Hasan, Zubair, 2002. "The 1997-98 Financial Crisis In Malaysia: Causes, Response, And Results," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 9, pages 1-16.
  • Handle: RePEc:ris:isecst:0078
    as

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    File URL: http://www.irti.org/English/Research/Documents/IES/109.pdf
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    References listed on IDEAS

    as
    1. Eduardo Borensztein & R. Gaston Gelos, 2003. "A Panic-Prone Pack? The Behavior of Emerging Market Mutual Funds," IMF Staff Papers, Palgrave Macmillan, vol. 50(1), pages 1-3.
    2. Kearney, Colm, 1999. "The Asian Financial Crisis," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 1999(1-Februar), pages 29-55.
    3. Hasan, Zubair, 1999. "Recent financial crisis in Malaysia: response, results, challenges," MPRA Paper 21844, University Library of Munich, Germany, revised 2000.
    4. repec:taf:rjapxx:v:4:y:1999:i:3:p:413-430 is not listed on IDEAS
    5. Ghosh, Asim & Saidi, Reza & Johnson, Keith H, 1999. "Who Moves the Asia-Pacific Stock Markets--US or Japan? Empirical Evidence Based on the Theory of Cointegration," The Financial Review, Eastern Finance Association, vol. 34(1), pages 159-170, February.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Chen, David Y. & Li, Tongzhe, 2014. "Financial crises, Asian stock indices, and current accounts: An Asian-U.S. comparative study," Journal of Asian Economics, Elsevier, vol. 34(C), pages 66-78.

    More about this item

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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