Asian financial crisi


Graft scandals, however, still fill the pages of Indonesian newspapers on a frequent basis. The culture of patronage and corruption and lack of legal certainty seriously hampered the functioning of an efficient economy and was a time bomb waiting to explode. Corruption and the clustering of capital within the small elite are still serious problems in the country and hamper the economy from being more efficient and righteous. It became the hardest-hit country because the crisis not only had economic but also significant and far-reaching political and social implications. The Crisis Hits its Climax In the meantime, major social forces were at work as well.
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Asian Financial Crisis in Indonesia

The tense atmosphere came to a climax when four Indonesian students were killed during a protest at a local university in Jakarta. Even during this crisis Indonesia showed robust growth with 4. As had happened before, the ethnic Chinese - disliked for their assumed wealth - were often target during these violent riots. Lessons Learned from the Asian Financial Crisis It is interesting to question what chances are of such a crisis occurring again in Indonesia in the foreseeable future. However, reluctance of Suharto to implement this structural reform program faithfully, meant that the situation did not improve. Although the Asian region showed worrying signs, foreign investors initially kept confidence in the Indonesian technocrats' ability to weather the financial storm as they had done before in the s and s. By 1 January , the rupiah's nominal value was only 30 percent of what it had been in June The Crisis Hits its Climax In the meantime, major social forces were at work as well.
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As had happened before, the ethnic Chinese - disliked for their assumed wealth - were often target during these violent riots. Jakarta Composite Index 6, In the years prior to many private Indonesian companies had obtained unhedged, short-term offshore loans in US dollars, and this enormous private-sector debt turned out to be a time bomb waiting to explode. In return it demanded some fundamental financial reform measures: Sign in Subscribe Newsletter. Inflation October 3.
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Description:The closure of the 16 banks some controlled by Suharto's cronies triggered a run on other banks. Since the end of the crisis, however, Indonesian governments have made prudent financial measures to make sure a similar crisis cannot happen. In order for this to happen the patronage system had to be broken down. Decades of authoritarian rule have depoliticized the people and political institutions to a considerable extent. In the meantime, major social forces were at work as well. It became the hardest-hit country because the crisis not only had economic but also significant and far-reaching political and social implications.

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