Bank Indonesia and The Recent Crisis
This paper is a personal note describing the crisis as it unfolded while the writer was a key player in Indonesia's macroeconomic management. The crisis is seen as multi-faceted. It originated externally from a shock in the currency market that triggered a downward spiral from currency depreciation to fully-fledged crisis. The currency shock that hit the rupiah in July 1997 exposed in sequence the flaws embedded in the banking sector, the economic system, the social and the political system, flaws that had been obscured by long years of good economic performance. Through a complicated process of contagion and feedback effects—market disturbances, policy responses and market reactions—Indonesia deteriorated from a relatively well managed economy to the “worst case” among the Asian crisis economies. The paper discusses this process, the IMF's role, the bank closure issue, the currency board controversy and the author's dismissal as Governor of Bank Indonesia.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 36 (2000)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CBIE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CBIE20|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:cup:cbooks:9780521663670 is not listed on IDEAS
- Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
When requesting a correction, please mention this item's handle: RePEc:taf:bindes:v:36:y:2000:i:1:p:47-72. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.