Inhalt: | The prime focus of the book is on Malaysia's radical policy decision to pursue an independent recovery path, cut off from world markets by a system of capital control, as a viable alternative to the conventional market centred approach. The analysis suggests that, against the initial dire predictions of many economists, the capital controls have actually played a crucial supportive role in crisis management. Whether the controls have played a special role in delivering a superior recovery outcome in Malaysia compared to IMF-program countries remains a point of contention. However, there is strong evidence to suggest that this pragmatic policy choice was instrumental in achieving recovery, while minimising potential economic disruption and related social costs 1. State of the debate -- 2. Pre-crisis Malaysian economy : an overview -- 3. Capital account opening, capital inflow and share market boom -- 4. Capital flows and signs of vulnerability -- 5. Onset of the crisis, policy slippage and economic collapse -- 6. Policy turnaround : from muddling through to capital control -- 7. The recovery -- 8. The role of capital control -- 9. Conclusion |
