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Indonesian economic development: Mirage or miracle?

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  • Dowling, J. Malcolm
  • Yap, Chin-Fang

Abstract

This paper focuses on a few major developments that took place during the three decades from the late 1960s to the Asian financial crisis. The study finds, in retrospect, that many of the Indonesian economy's weaknesses--now so glaringly apparent--were there all the time. The paper concludes that the Indonesian banking crisis was primarily domestic in nature, more so than the crises in Korea and Thailand. The extent of the failure was much more widespread and probably resulted from a chain of bank runs and bank closings, reinforced by uncertainty and lack of faith in the government's commitment to the IMF program and IMF fumbling.

Suggested Citation

  • Dowling, J. Malcolm & Yap, Chin-Fang, 2008. "Indonesian economic development: Mirage or miracle?," Journal of Asian Economics, Elsevier, vol. 19(5-6), pages 474-485.
    • Handle: RePEc:eee:asieco:v:19:y:2008:i:5-6:p:474-485
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    References listed on IDEAS

    as
    1. Shang-Jin Wei, 2000. "Local Corruption and Global Capital Flows," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 303-354.
    2. International Monetary Fund, 2007. "Indonesia: Selected Issues," IMF Staff Country Reports 2007/273, International Monetary Fund.
    3. World Bank, 2000. "World Development Indicators 2000," World Bank Publications - Books, The World Bank Group, number 13828.
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    Cited by:

    1. Heru Iswahyudi, 2016. "Back to oil: Indonesia economic growth after Asian financial crisis," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 8(1), pages 25-44, April.
    2. Szczepaniak, Małgorzata & Geise, Andrzej & Bariyah, Nurul, 2022. "Impact of institutional determinants on income inequalities in Indonesia during the Era Reformasi," Journal of Asian Economics, Elsevier, vol. 82(C).
    3. Muliaman D. Hadad & Maximilian J. B. Hall & Wimboh Santoso & Karligash Kenjegalieva & Richard Simper, 2009. "Productivity Changes in Indonesian Banking: Application of a New Approach to Estimating Malmquist Indices," Discussion Paper Series 2009_13, Department of Economics, Loughborough University, revised Sep 2009.

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