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Perubahan Dan Kesinambungan Kebijakan-Kebijakan Ekonomi Makro: Kasus Indonesia Dan Malaysia Tahun 1997-1999, Syamsul Bahri

Jurnal Politik

To respond the Asian financial crisis in 1997-1999, the governments of Indonesia and Malaysia took different measures to their macroeconomic policies. The government of Indonesia tightened their fiscal and monetary policies, discontinued their intervention in foreign exchange market, and liberalized various sectors of economics while the government of Malaysia adopted expansive monetary and fiscal policies, continued their intervention in foreign exchange market, and controlled capital flows. Why was the same crisis responded by different macroeconomic policies? Why did the crisis lead to liberalized macroeconomic policies change in Indonesia, but the same thing did not happen in Malaysia? Previous studies have …