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The Asian Crisis, the IMF and Dr Mahathir

  • Asian Crisis
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Intereconomics

Abstract

While in the literature concerning the Asian crisis extensive coverage has been given to the course of events in the countries implementing IMF-supported programmes, scant attention has been paid to other countries that also suffered from the crisis. Potential alternatives to the IMF way of handling the crisis are thus in danger of being neglected.

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References

  1. See, e.g., ‘The IMF's Response to the Asian Crisis’—Factsheet, January 17, 1999; http://www.imf.org/External/np/exr/facts/asia.htm.

  2. ‘Summing Up by the Chairman; Fund-Supported Programs in the Asian Crisis; Executive Board Meeting December 21, 1998’, in T. Lane et al.: IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, http://www.imf.org/external/pubs/ft/op/opasia/index.htm, January 1999, pp. 141 ff.

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  5. The exposition draws heavily on J. A. Frenkel, M. L. Mussa: Asset markets, exchange rates and the balance of payments, Ch. 14, in: R. W. Jones, P. B. Kenen (eds): Handbook of international Economics, Vol. II, North Holland, Elsevier 1985, and on exercises on the basis of their model in: H. Visser: A Guide to International Monetary Economics, Edward Elgar, Aldershot 1995, Ch. 3.

  6. As explicitly stated by the Fund, see e.g. ‘Economic and Financial Situation in Asia: Latest Developments’. Background paper prepared for presentation by Michel Camdessus, Managing Director of the International Monetary Fund; Asia-Europe Finance Ministers Meeting, Frankfurt, Germany, January 16, 1999; http://www.imf.org/external/np/speeches/1999/011699.htm.

  7. Ibid. Background paper prepared for presentation by Michel Camdessus, Managing Director of the International Monetary Fund; Asia-Europe Finance Ministers Meeting, Frankfurt, Germany, January 16, 1999; http://www.imf.org/external/np/speeches/1999/011699.htm.

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  12. Cf H. Visser: A Guide to International Monetary Economics, Edward Elgar, Aldershot 1995, section 2.4.

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  21. IMF Survey March 22, 1999, p. 93.

  22. Again, the IMF fortunately is not dogmatic about this, see P. J. Quirk, O. Evans et al.: Capital Account Convertibility; Review of Experience and Implications for IMF Policies, Occasional Paper 131, IMF, Washington 1995, p. 4.

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Authors and Affiliations

  1. Faculty of Economics, Free University, Amsterdam

    Hans Visser

  2. Economic and Social Institute, Free University, Amsterdam

    Jan ter Wengel

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  1. Hans Visser
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Additional information

The project on which this paper is based was funded by the Indo-Dutch Program on Alternatives in Development (IDPAD) in collaboration with the Indian Council of Social Science Research (ICSSR).

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Visser, H., Wengel, J.t. The Asian Crisis, the IMF and Dr Mahathir. Intereconomics 34, 177–183 (1999). https://doi.org/10.1007/BF02927845

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