Indonesia : the economic crisis 1997-1998
Mamahit, Desi Albert
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This paper provides a short study of Indonesia economic performance before July 1997 and an early diagnosis of the economic crisis in Indonesia which occurred from July 1997 to March 1998. After achieving a remarkable economic development success over the past several decades, Indonesia unavoidably had to face an economic difficulties. What are the causes of economic crisis? To answer this question is the purpose of this paper. The paper finds that the combination of several factors contributed to create the economic crisis, the factors are: Thailand's economic crisis; contagion/spillover effects; Indonesia's structural weakness, debt and crisis of confidence; globalization and integration within the financial/capital market; investors and panic-stricken lenders; speculative attacks; socio-political factors, haze and drought problems; and foreign exchange rate regimes.
Distinguished Alumni Award Program author. VADM Dr. Desi Albert Mamahit, Indonesian Navy (Presented 25 Aug 14)
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