Indonesia in Crisis: A Macroeconomic Perspective

Tubagus Feridhanusetyawan and Mari Pangestu
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Tubagus Feridhanusetyawan: Centre for Strategic and International Studies, Jakarta, Indonesia

No WPE074, CSIS Economics Working Paper Series from Centre for Strategic and International Studies, Jakarta, Indonesia

Abstract: This paper presents an illustrative analysis of the crisis from a macroeconomic perspective, by focusing on the various economic adjustments both in the real and monetary sectors. It argues that the complex nature of the political and economic reform process has resulted in sub - optimal growth rates. The paper discusses, first, the evolution of the crisis. Then it provides an account of the developments in the real sector and growth in general. The authors then present monetary adjustments, including inflation, exchange rate, and other issues related to the banking and financial sectors. The fourth section discusses the balance of payment trends, by focusing more on the adjustments of exports and imports. This is followed by a discussion on debt issues and fiscal sustainability, while the last part concludes with the prospect of achieving macroeconomic stability.

Keywords: Indonesia; crisis; macroeconomic adjustment (search for similar items in EconPapers)
JEL-codes: E65 (search for similar items in EconPapers)
Date: 2004-02
New Economics Papers: this item is included in nep-dev, nep-ifn, nep-mac and nep-sea
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