Economic policies of the Habibie presidency: a retrospective

Stephen Marks

Bulletin of Indonesian Economic Studies, 2009, vol. 45, issue 1, 39-60

Abstract: B.J. Habibie ascended to the presidency in the midst of a severe economic crisis, and with a reputation as an economic nationalist rather than reformer. Nevertheless, Habibie had the mantle of reformer thrust upon him, and important steps toward economic reform were taken during his 1998-99 presidency. Among these were reforms of domestic and foreign trade policies, the development of anti-monopoly and consumer protection laws, and the decentralisation of fiscal and regulatory authority. Through strict adherence to monetary discipline, moreover, Habibie accomplished a macroeconomic stabilisation that had eluded Soeharto in his last months as president. Other changes in economic policies and practices under Habibie, notably a populist program to distribute government largesse to cooperatives and small business and the extraction of election campaign funds from banks dependent on state authority, were steps in the wrong direction, if economic efficiency and good governance were among the goals.

Date: 2009
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DOI: 10.1080/00074910902836155

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