An Assessment of Malaysia’s Response to the IMF During the Asian Economic Crisis

Malaysia was the only country severely affected by the 1997 Asian economic crisis that declined to adopt an IMF program. This article assesses this decision in terms of principle, and of the outcomes of the unorthodox policies Malaysia did implement. It concludes that Malaysia recovered at least as quickly as any country that implemented IMF policies and gained a number of significant advantages by charting its own course out of the crisis. Saying no to the IMF was right for Malaysia.

Keywords: Malaysia, 1997 Asian economic crisis, IMF

Suggested Citation: Suggested Citation

Buckley, Ross P. and Fitzgerald, Sarala M., An Assessment of Malaysia’s Response to the IMF During the Asian Economic Crisis (January 1, 2004). (2004) Singapore Journal of Legal Studies 96-116, UNSW Law Research Paper No. 17-41, Available at SSRN: https://ssrn.com/abstract=2988718 or http://dx.doi.org/10.2139/ssrn.2988718