THE 1997-98 FINANCIAL CRISIS IN MALAYSIA: CAUSES, RESPONSE, AND RESULTS

Zubair Hasan

Islamic Economic Studies, 2002, vol. 09-2, 1-16

Abstract: This paper argues that the 1997-98 financial crisis did not hit Malaysia because the economic fundamentals of the country were weak. It was the result of massive unpredictable flight of short-term portfolio investment from the region including Malaysia. The paper assembles evidence, and employs econometric tools to support the contention. It maintains that the choice of the country to impose selective capital controls for remedying the situation was efficacious, and proved fairly rewarding. It also makes a few observations from an Islamic angle that may help forestall the occurrence of such crises in future.

Date: 2002
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Working Paper: The 1997-98 Financial Crisis in Malaysia: Causes, Response, and Results (2002)
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