This collection of papers delivered at a seminar, moderated by Ungku A. Aziz, in Kuala Lumpur addresses issues of economic and structural adjustment and trade and exchange rate policies in Southeast Asia.
STRATEGIES FOR STRUCTURAL ADJUSTMENT
The Experience of Southeast Asia
Ungku A. Aziz
Papers presented at a seminar held in Kuala Lumpur, Malaysia, June 28-July 1, 1989
Library of Congress Cataloging-in-Publication Data
Strategies for structural adjustment : the experience of Southeast Asia papers presented at a seminar held in Kuala Lumpur, Malaysia, June 28–July 1, 1989 / moderator, Ungku A. Aziz.
Includes bibliographical references.
1. Asia, Southeastern—Economic policy—Congresses. 2. Economic stabilization—Asia, Southeastern—Congresses. I. Abdul Aziz, Ungku, 1922- . II. International Monetary Fund. III. Bank Negara Malaysia. IV. Title: Experience of Southeast Asia.
Southeast Asia’s rising prominence in the world economy raises many questions regarding the economic policies followed by individual countries of the area. The Fund is pleased to have been a cosponsor with the Bank Negara Malaysia of a seminar that addressed such questions.
The seminar, held in Kuala Lumpur, Malaysia, on June 28–July 1, 1989, provided a forum for a dynamic exchange of ideas based on papers presented by Fund officials, officials from nongovernmental organizations, and academicians. Royal Professor Ungku A. Aziz moderated the seminar and deftly balanced the proceedings so all who wished to had the opportunity to express their view.
The individual successes of such a politically and economically diverse group of countries provided many insights into structural adjustment and proved, once again, that economic policies followed by one country will not necessarily work for another.
International Monetary Fund
The far-sighted wisdom of the International Monetary Fund in planning and organizing a series of seminars on themes related to structural adjustment sowed the seed for this report. The willingness of Bank Negara Malaysia to participate in its realization ensured a rich exchange of ideas.
This seems to be the appropriate place for me to record the gratitude of all the participants to these two institutions for providing the ingredients that made possible whatever results this seminar has achieved. In carrying out my tasks I have benefited from the excellent cooperation and courteous responses that made the work of the moderator feel much lighter than it really was. Personally, I am indebted to Azizali F. Mohammed from the Fund for his encouragement and guidance at every stage.
The seminar was ably coordinated by Graham Newman of the Fund and Jaafar Ahmad and Md. Khir Abdul Rahman of Bank Negara Malaysia. Juanita Roushdy of the Fund put the manuscript into published form. My secretary, Violet Fernando, bore the brunt of scripting the taped records and the preparation of several versions of the final text. Without her patient perseverance, it would have been difficult to meet deadlines.
For all that I have learned I am grateful.
Ungku A. Aziz
1 Introduction and Summary
UNGKU A. AZIZ
2 Opening Address
LIN SEE YAN
3 Economic Adjustment, Financing, and Growth in Southeast Asia During the 1980s
BERNARDO M. VILLEGAS
Comment by Tan Tat Wai
4 The Role of Fiscal and Monetary Policy in The Growth Process
RICHARD HEMMING and KALPANA KOCHHAR
Comment by Tanya Sirivedhin
5 Trade Policy as a Strategy for Structural Adjustment
Comment by Mohamed Ariff Abdul Kareem
6 Exchange Rate Policies and Managements: A Model for Successful Structural Adjustment
Comment by Bongsung Oum
7 Export Volatility and Stabilization in Malaysia
Comment by Azizali F. Mohammed
8 Structural Adjustment: Lessons from the Southeast Asian Experience
Comment by Mukul Asher
9 Strategies for Successful Structural Adjustment
Lists of Participants, Panelists, and Observers
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