Healing the wounded tiger : how the turmoil is reshaping Malaysia /
Ramon V. Navaratnam
- Subang Jaya : Pelanduk Publications, c1999
- 151 p. ; 22 cm.
Foreword. - Preface. - Introduction. - 1. Limited Choice of Strategies for Economic Recovery. - 2. Restoring Confidence & Stimulating Recovery. - 3. Interest-rate Imbroglio: A High or Low Regime? - 4. Healing the Wounded Tiger Through Shock Therapy. - 5. Where Do We Go From Here, Then? - 6. Capital & Currency Controls: Not Everyone's Cup of Tea. - 7. The Changing Global & Domestic Landscape. - 8. An Expansionary Budget to Resuscitate the Economy. - Suggested Reading. - Index.
"What began in July 1997 as a Thai currency crisis saw the rapid depreciation of Asian currencies, and alongside this came the collapse of stock markets across the region. The Malaysian economy, which had enjoyed spectacular growth for eight consecutive years, was not spared the vicious contagion effects. By introducing capital and currency controls to shield its battered economy from external volatility and currency manipulation, Malaysia took a step away from orthodoxy. The nation has not insulted itself from the mainstream of global economy and will continue to promote trade and foreign direct investment as conduits for universal prosperity. More reforms in the Malaysian banking and financial system are still needed to counter the rising tide of globalisation. There is more scope for liberalisation in the financial sector to allow for both the infusion of capital and expertise into the system, which will contribute to long-term stability. While absolute liberalisation in the system may not be possible in the near term, greater relaxation of rules would pave the way towards recovery." - Back cover.