An Assessment of Malaysia’s Response to the IMF During the Asian Economic Crisis
(2004) Singapore Journal of Legal Studies 96-116
24 Pages Posted: 21 Jun 2017
Date Written: January 1, 2004
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
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