Malaysia

Hoe Ee Khor, Diwa C. Guinigundo and Masahiro Kawai ()

Chapter 6 in Trauma to Triumph:Rising from the Ashes of the Asian Financial Crisis, 2022, pp 111-125 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Malaysia's economic fundamentals going into the Asian financial crisis (AFC) were relatively sound. Still, no different from the other regional economies, it was not spared the speculative attacks on its financial markets. Conventional polices failed to deter the speculators and this eventually led to a deep recession. Malaysia then charted an unorthodox course, eschewing the International Monetary Fund (IMF) and its one-size-fits-all approach. It instead imposed selective exchange controls and pegged the Malaysian ringgit to the United States (US) dollar, measures that were widely criticized then. The measures provided room for policymakers to take expansionary fiscal and monetary policies and the latitude to implement reforms to strengthen the banking and corporate sectors. One year later, Malaysia was on the recovery path.

Keywords: ASEAN+3; Asian Financial Crisis; Global Financial Crisis (search for similar items in EconPapers)
JEL-codes: F02 F3 G01 (search for similar items in EconPapers)
Date: 2022
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