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The Financial Crisis in Indonesia: The Role of Good Governance

In: The Causes and Impact of the Asian Financial Crisis

Author

Listed:
  • Charles Harvie

Abstract

Indonesia’s economic performance over the past three decades has ranked among the best in the developing world, with real GDP growth averaging about 7 per cent annually since 1970. The structure of the economy has become diversified as dependency on the oil sector has declined and an export-oriented manufacturing base has emerged, led by a dynamic private sector and fuelled by high domestic savings and large inflows of foreign direct investment. The key to this success has been a consistent adherence to prudent macroeconomic policies, high investment and savings rates, and market-oriented trade and exchange regimes. Macroeconomic balance has been maintained: the budget has been balanced; inflation has been contained at relatively low levels; current account deficits have been kept moderate; and international reserves have remained at comfortable levels. In addition, broad-based labour-intensive growth, together with sustained improvements in basic education and health services, has dramatically reduced the incidence of poverty — from 58 per cent in 1972 to 11 per cent by 1997.

Suggested Citation

  • Charles Harvie, 2000. "The Financial Crisis in Indonesia: The Role of Good Governance," Palgrave Macmillan Books, in: Tran Hoa & Charles Harvie (ed.), The Causes and Impact of the Asian Financial Crisis, chapter 6, pages 95-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98294-5_6
    DOI: 10.1007/978-0-333-98294-5_6
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