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Short-Term Capital Flows and Economic Crises$
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Stephany Griffith-Jones, Manuel F. Montes, and Anwar Nasution

Print publication date: 2001

Print ISBN-13: 9780198296867

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198296867.001.0001

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Capital Inflows and Policy Responses: the Case of Indonesia in the 1990s

Capital Inflows and Policy Responses: the Case of Indonesia in the 1990s

(p.117) 6 Capital Inflows and Policy Responses: the Case of Indonesia in the 1990s
Short-Term Capital Flows and Economic Crises

Anwar Nasution

Oxford University Press

The composition of capital flows into Indonesia has undergone significant changes since the early 1990s and this is evident by how capital inflows reached a level of about $14.7 billion in 1994. Initially, during the 1970s, inflows commonly entered in the form of official development assistance (ODA) from bilateral sources. Because of the developments brought on by the broad-based economic reform, the composition of capital inflows leaned towards more private sources, which was further amplified as private financing shifted to non-bank sources such as portfolio investments and foreign direct investments. Such changes have relegated the state’s role in such matters, caused reforms in the financial system, and increased the openness of the Indonesian economy. This chapter analyzes how the changing composition of capital flows into Indonesia during the 1990s has affected macroeconomic management through looking into development financing, the broad-based economic adjustment programmes, and other such policy responses.

Keywords:   composition, capital flows, Indonesia, foreign direct investments, portfolio investment, macroeconomic management, development financing, broad-based adjustment programmes, policy response

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