- Yougesh Khatri, Il Lee, O. Liu, Kanitta Meesook, and Natalia Tamirisa
- Published Date:
- August 2001
© 2001 International Monetary Fund
Production: IMF Graphics Section
Figures: Theodore F. Peters, Jr.
Typesetting: Alicia Etchebarne-Bourdin
Malaysia: from crisis to recovery/Kanitta Meesook…[et al.]—Washington.
D.C.: International Monetary Fund, 2001.
p. cm.. —(Occasional paper, ISSN 0251-6365; no. 207)
Includes bibliographical references.
1. Malaysia—Economic policy. 2. Malaysia—Economic conditions. 3. Fiscal policy—Malaysia. 4. Finance—Malaysia. I. Kanitta Meesook. II. International Monetary Fund. III. Occasional paper (International Monetary Fund); no. 207
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II Houng Lee and Yougesh Khatri
Mark H. Krysl and Michael Moore
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 (e.g., 1998–99 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1998/99) 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 forwhich statistical data are maintained and provided internationally on a separate and independent basis.
This occasional paper draws on staff background studies prepared for the 2000 and 2001 consultations between the International Monetary Fund and Malaysia. The paper takes stock of economic developments since the crisis and investigates various aspects of economic performance, policy, and reform that contributed to the strong recovery. The individual studies include the estimation of potential output and the implications for inflation; fiscal policy and key challenges for fiscal management; capital controls, their effects, and medium-term policy considerations; and performance and reform in the financial and corporate sectors.
The paper is the product of a team effort led by Kanitta Meesook. The team of authors comprised II Houng Lee, Olin Liu, Yougesh Khatri, Natalia Tamirisa, Michael Moore, and Mark Krysl. Also central to the production of this paper was the research assistance of Janice Lee, and the coordination and assistance of Margaret Tan and Lisa Vassou.
The authors would like to thank the Malaysian authorities for their excellent cooperation and support during policy discussions and technical meetings, and for the extensive provision of data and background materials. The authors would also like to thank—without implication—Kalpana Kochhar for reviewing drafts of the entire paper at an early stage. Mark O’Brien for reviewing Section VI, and Jenifer Piesse for contributing to the empirical work in Section VII. The authors are also indebted to the External Relations Department and to Gail Berre who edited the paper and coordinated its production and publication.
The opinions expressed are solely those of the authors and do not necessarily reflect the views of the International Monetary Fund, the Executive Directors, or the Malaysian authorities.
Except where otherwise indicated, the paper reflects information available through end-2000.