| Panel: |
Panel Discussion 1: Growth, Development, and Institutions |
| Title: |
Paper 3: The Indonesian Economy a Decade after the Crisis (and Some Philippine Parallels) |
| JEL Code(s): |
P0 |
| Abstract: |
Indonesia was deeply affected by the 1997-98 crisis, more so than its East Asian neighbors. Its economic contraction was deeper and more prolonged. It was the only one to experience a (temporary) loss of macroeconomic control. It also suffered “twin crises,” in the sense that its serious economic and financial problems were accompanied by regime collapse. Consequently, recovery has been a slow and complex process, as new institutions have had to be created, and old ones reformed. Although growth has yet to return to pre-crisis levels, by 2004 per capita income and poverty incidence had recovered to levels prevailing in the mid 1990s, and in the circumstances economic recovery has proceeded about as quickly as could reasonably have been expected.
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| Discussants: |
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