Economic Crisis in Indonesia
ASEDP
No.55
Edited by ISHIDA Masami
Published in 2000
CONTENTS
Contents (550KB)
Preface (90KB) / Masami Ishida
Chapter 1.
Revisiting the Cause of the Indonesian Economic Crisis / Tubagus Feridhanusetyawan, Titik Anas
1. Introduction
2. The Course of the Asian Crisis: Some Theoretical Views
2-1. External Factors
Unstable International and Financial Markets
Contagion
2-2. Internal Factors
Balanced of payment crisis (macroeconomic Policy weaknesses induced crisis
Self-fulfilling prophecies
Financial panics or bank runs
Bubbles collapse
Moral hazard
Disorderly workouts
Mismanagement, poor governance and political misfortunes
3. The Course of the Indonesian Crisis
3-1. 1997: The Indonesian Currency Crisis as Part of the Asian Crisis
June-July 1997: Indonesia got the virus from Thailand
August-September 1997: The economy was sick, but Indonesia did not know what to do
October-November 1997: Indonesia went to the doctor, but did not follow the order
3-2. 1998: the Year of the Indonesian Total crisis
December1997-January1998: the emergency situation
February-April1998: the mounting crisis of confidence
May1998: the final days of the New Order
June-July1998: still looking for the tunnel
Ausust-december1998: Indonesia found the tunnel?
3-3. 1999: Booming out At last?
4. Revisitiong the Crisis
4-1. The Situation before the Crisis
4-2. July through November 1997
4-3. Devember 1997 to May 1997: Rapidly Deteriorating Economic Condition
4-4. June-December 1998: Indonesia in the Tunnnel
5. Final Remarks and Lessons Learnt
References
2. The Course of the Asian Crisis: Some Theoretical Views
2-1. External Factors
Unstable International and Financial Markets
Contagion
2-2. Internal Factors
Balanced of payment crisis (macroeconomic Policy weaknesses induced crisis
Self-fulfilling prophecies
Financial panics or bank runs
Bubbles collapse
Moral hazard
Disorderly workouts
Mismanagement, poor governance and political misfortunes
3. The Course of the Indonesian Crisis
3-1. 1997: The Indonesian Currency Crisis as Part of the Asian Crisis
June-July 1997: Indonesia got the virus from Thailand
August-September 1997: The economy was sick, but Indonesia did not know what to do
October-November 1997: Indonesia went to the doctor, but did not follow the order
3-2. 1998: the Year of the Indonesian Total crisis
December1997-January1998: the emergency situation
February-April1998: the mounting crisis of confidence
May1998: the final days of the New Order
June-July1998: still looking for the tunnel
Ausust-december1998: Indonesia found the tunnel?
3-3. 1999: Booming out At last?
4. Revisitiong the Crisis
4-1. The Situation before the Crisis
4-2. July through November 1997
4-3. Devember 1997 to May 1997: Rapidly Deteriorating Economic Condition
4-4. June-December 1998: Indonesia in the Tunnnel
5. Final Remarks and Lessons Learnt
References
Chapter 2.
The Private Debt Problem and Its Solution (2.17MB) / Masami Ishida
1. Introduction
2. Recent Situations of Private Debt Problems
3. Frankfurt Conference and the Scheme of Indra
4. Bankruptcy Act
5. Jakarta Initiative
6. Debt Restructuring by way of IBRA
6-1. Launching of Debt Restructuring by IBRA
6-2. Scheme Presented by IBRA
6-3. Signing the "Letter of Commitment"
6-4. Delays of Restructuring Process Caused by Bank Bali Scandal
6-5. Restarting of Debt Restructuring Process by IBRA after New Government
7. Measures for Corporate Restructuring
7-1. Operational Restructuring
7-2. Financial Restructuring
8. Several Case Studies
8-1. PT Danareksa
8-2. PT Bakrie Brothers
8-3. PT Astra International
9. Concluding Remarks
References
2. Recent Situations of Private Debt Problems
3. Frankfurt Conference and the Scheme of Indra
4. Bankruptcy Act
5. Jakarta Initiative
6. Debt Restructuring by way of IBRA
6-1. Launching of Debt Restructuring by IBRA
6-2. Scheme Presented by IBRA
6-3. Signing the "Letter of Commitment"
6-4. Delays of Restructuring Process Caused by Bank Bali Scandal
6-5. Restarting of Debt Restructuring Process by IBRA after New Government
7. Measures for Corporate Restructuring
7-1. Operational Restructuring
7-2. Financial Restructuring
8. Several Case Studies
8-1. PT Danareksa
8-2. PT Bakrie Brothers
8-3. PT Astra International
9. Concluding Remarks
References
Chapter 3.
Growth,Capotal Accumulation and Net Debts: The Theory and Evidence in Indonesia / Jonni Manurung, Ferdinand D.Saragih
1. Introduction
2. Empirical Facts
2-1. Economic Growth, Total Investment and Private Consumption
2-2. Government Fiscal Policy
3. Open Economy Growth Model
3-1. Model
3-2. Balanced Growth Path
4. Changes of Parameters in the Balance Growth Path
4-1. Population Growth
4-2. Interest Rate Shocks
4-3. Stabilization of Assets by Fiscal Policy
5. Relative the Model to Empirical Evidence
5-1. Empirical Model
5-2. Results of the Model of Investigation
6. Discussion and Conclusion
6-1. Population and Technology
6-2. Debt Interest Rates and Marginal Tax Rates
6-3. Postponing the Payment of Debt Principals and Interests
6-4. The Postponement of the Payment of Principals or Interests
6-5. Conclusion
References
2. Empirical Facts
2-1. Economic Growth, Total Investment and Private Consumption
2-2. Government Fiscal Policy
3. Open Economy Growth Model
3-1. Model
3-2. Balanced Growth Path
4. Changes of Parameters in the Balance Growth Path
4-1. Population Growth
4-2. Interest Rate Shocks
4-3. Stabilization of Assets by Fiscal Policy
5. Relative the Model to Empirical Evidence
5-1. Empirical Model
5-2. Results of the Model of Investigation
6. Discussion and Conclusion
6-1. Population and Technology
6-2. Debt Interest Rates and Marginal Tax Rates
6-3. Postponing the Payment of Debt Principals and Interests
6-4. The Postponement of the Payment of Principals or Interests
6-5. Conclusion
References
Chapter 4.
Declining Standards of Living and the Social Safety net Programs / Tana Bakti H.sopr0b, Nur Hadi Wiyono
1. Introduction
2. Highlight of Economic Crisis in Indonesia
3. Poor People Affected by Crisis
4. Employment in Crisis
4-1. Unemployment Rate
4-2. Underemployment Rate
4-3. Worker displacement
4-4. Formal and Informal Sector
5. Education in Crisis
6. Health in Crisis
7. Social Safety Net
8. Closing Remarks
References
2. Highlight of Economic Crisis in Indonesia
3. Poor People Affected by Crisis
4. Employment in Crisis
4-1. Unemployment Rate
4-2. Underemployment Rate
4-3. Worker displacement
4-4. Formal and Informal Sector
5. Education in Crisis
6. Health in Crisis
7. Social Safety Net
8. Closing Remarks
References