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Interest Rate Policy And Its Implication On The Banking Restructuring Programs In Indonesia During The 1997-Financial Crisis: An Empirical Investigation

  • Siregar, Reza Y.

    ()

    (School of Economics, University of Adelaide)

Despite a number of changes in the leaderships of the Indonesian Bank Restructuring Agency (IBRA) and in the policy approaches adopted by the country to restructure the banking sector, the progress has been less than impressive. This study shows that that the selection of policy measures adopted by the monetary authorities during the post-1997 financial crisis, has adversely affected the performance of the restructured banks. In particular, the high domestic interest rate policy adopted to stabilize the local currency and to keep a tight growth of base money has not been an effective one. Instead, this policy has arguably raised the cost of bank restructuring in the country.

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Paper provided by The European Institute of Japanese Studies in its series EIJS Working Paper Series with number 154.

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Length: 28 pages
Date of creation: 01 Sep 2002
Date of revision:
Handle: RePEc:hhs:eijswp:0154
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  1. Colin Johnson, 1998. "Survey of Recent Developments," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 34(2), pages 3-59.
  2. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
  3. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
  4. Ross McLeod, 2000. "Survey of Recent Developments," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 36(2), pages 5-41.
  5. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
  6. Mari Pangestu & Manggi Habir, 2002. "The Boom, Bust and Restructuring of Indonesian Banks," IMF Working Papers 02/66, International Monetary Fund.
  7. Leonardo Hernández & Peter J. Montiel, 2002. "Post-crisis exchange rate policy in five Asian countries: filling in the "hollow middle"?," Pacific Basin Working Paper Series 2002-07, Federal Reserve Bank of San Francisco.
  8. Hadi Soesastro & M. Chatib Basri, 1998. "Survey of Recent Developments," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 34(1), pages 3-54.
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