- Timothy Lane, Marianne Schulze-Gattas, Tsidi Tsikata, Steven Phillips, Atish Ghosh, and A. Hamann
- Published Date:
- June 1999
© 1999 International Monetary Fund
Production: IMF Graphics Section
Typesetting: Alicia Etchebarne-Bourdin
IMF-supported programs in Indonesia, Korea, and Thailand: a preliminary assessment / by Timothy Lane… [et al.]. — [Washington DC: International Monetary Fund], 1999.
p. cm. — (Occasional paper, 0251–6365); no. 178
Includes bibliographical references.
1. Indonesia—Economic policy. 2. Korea—Economic policy. 3. Thailand—Economic policy. 4. International Monetary Fund—Indonesia. 5. International Monetary Fund—Korea. 6. International Monetary Fund—Thailand. I. Lane, Timothy D. (Timothy David), 1955- II. Occasional paper (International Monetary Fund); no. 178.
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Timothy Lane and Marianne Schulze-Ghattas
Timothy Lane and Tsidi Tsikata
VI 6.1. A Currency Board for Indonesia?
VIII 8.1. The World Bank and the Asian Crisis
IV 4.1. Official Financing
VII 7.1. Financing of Fiscal Deficits
The following symbols have been used throughout this paper:
… to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (for example, 1994–95 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (for example, 1994/95) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This paper is a preliminary review of the design of and early experience with IMF-supported programs in Indonesia, Korea, and Thailand during 1997–98. The review takes into account developments as of October 1998, and was the basis for a discussion of the programs by the IMF's Executive Board in December 1998. The review was prepared by a staff team from the Policy Development and Review Department under the direction of Jack Boorman, Director, and Thomas Leddy and Leslie Lipschitz, Deputy Directors. The staff team comprised Timothy Lane (Chief of the Policy Review Division), Atish Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata.
The authors are grateful to numerous colleagues in the IMF as well as in the World Bank and the Asian Development Bank for detailed comments on drafts of the paper. Special thanks are due to those involved in work on the programs who provided data as well as their insights into the programs. Steven Symansky and other staff of the Fiscal Affairs Department provided the fiscal data that are the basis of the analysis in Section VII. The authors also wish to thank Kirsten Fitchett, Patricia Gillett-Lorusso, and Sibabrata Das for research assistance, and Olivia Carolin, Fernanda Gusmao, and Brian Gallo for secretarial support. Esha Ray of the External Relations Department edited the paper and coordinated production.
The opinions expressed in the paper are those of the IMF staff and do not necessarily reflect the views of national authorities or IMF Executive Directors.