Thousands of Islands in the South Seas: Indonesia and the Philippines

  • Michael T. Skully
  • George J. Viksnins


As the above title suggests, Indonesia and the Philippines have many geographic similarities. Both are archipelagos spreading over thousands of miles and consisting of thousands of islands as well. The bulk of the populations of both countries comes from a similar Malay ethnic stock, but also includes a wide range of minorities with differing cultures, religions, languages, and ethnic backgrounds. The two countries have significantly different histories of European colonial rule (by the Dutch for Indonesia and by the Spanish and, in the early part of this century, the Americans for the Philippines), and both achieved independence in the 1940s. Each country is presently subject to a one-party rule, despite the existence of smaller opposition parties in both countries, and has had the same political leader for many years. General Suharto (since 1966) continues to lead the Golkar party coalition in Indonesia, and Ferdinand Marcos profitably led the Kilusang Bagong Lipunan (KBL) in the Philippines from 1965 to February 1986.


Monetary Policy Financial Institution Foreign Exchange Commercial Bank Money Supply 
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  1. 12.
    Ross McLeod (1984) ‘Financial Institutions and Markets in Indonesia’, in Michael T. Skully ( 1984 ) p. 54.Google Scholar

Copyright information

© American Enterprise Institute for Public Policy Research 1987

Authors and Affiliations

  • Michael T. Skully
    • 1
  • George J. Viksnins
    • 2
  1. 1.University of New South WalesAustralia
  2. 2.Georgetown UniversityUSA

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