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Essay / Research Paper Abstract
This 6 page paper explains what actions Malaysia took during the Asian economic crisis of 1997-1998. Unlike its neighbors, Malaysia did no seek assistance from the IMF. Furthermore, some of its actions were considered unorthodox, at best. The IMF was its most vocal and harsh critic. The IMF subsequently apologized to the Malaysian government. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGmlys.rtf
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Unformatted sample text from the term paper:
producing country with a per capita income of about $300-just three decades ago-to the threshold of a fully industrialized country is among the more remarkable stories of modern economic history
(Camdessus, 1996). Camdessus also reminded the group the IMF (International Monetary Fund) had helped Malaysia in the past - financing during the 1970s and early 1980s to tide the country
"over periods of commodity price declines and export shortfalls" (Camdessus, 1996). The IMF also provided technical assistance to both Malaysia and its neighbors, such as with "central banking and budgetary
areas, and improving statistical systems" (Camdessus, 1996). This brief introduction is provided to demonstrate that Malaysia did not have some sort of prejudice against or hostility with the International Monetary
Fund, an important fact when reviewing what Malaysia did during the Asian economic crisis in 1997-1998. It is important to know that Malaysias political system is referred democratic dictatorship (The
Economist, 2003). One of the advantages of this system is that the government can make and implement unilateral decisions (The Economist, 2003). The government took immediate action in 1998 when
the stock market was :still only 7% off its peak" (The Economist, 2003). At that time, nonperforming loans accounted for 7 percent of all loans (The Economist, 2003). The Malaysian
government set up an asset-management company to deal with the worst cases (The Economist, 2003). That was in May, by August, the government had set up a new agency, Danaharta
(The Economist, 2003). As the crisis became worse, some 20 percent of loans were classified as nonperforming, Danaharta bought half of these at about half face-value (The Economist, 2003). Companies
owing the debt were required to restructure or liquidate to repay Danaharta; this was not easy and there were numerous problems (The Economist, 2003). The government then established the
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