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Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

both explicit and implicit pressure exerted by members of the Suharto family, their cronies and other highranking military and government officials to make loans to favored borrowers. Indeed, the practice of making loans based on political pressure became known as “memo lending,” because such loans were extended on the basis of a “memo” sent by the powerful and well-connected. Soon memo lending and other illegal practices led to high levels of non-performing loans at the state-owned banks. The case of a government-owned development bank, Bank Pembangunan Indonesia

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

, following the successful coup on May 16, 1961, the military government of General Park Chung Hee embarked on an ambitious plan for national economic development through the strategy of suchul ipguk, or “nation-building through exports” (Kim and Leipziger 1997, 155). This meant that in practice the government’s “external economic policies were marked by mercantilistic trade that encouraged exports and suppressed imports” (Dobson 1998, 162). But, first, as a prerequisite, “Park proposed two important strategies: (1) restructuring the government to become a comprehensive

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

, 7) note, during the many years of military rule, “the technocrats would not encroach on the sectoral and microeconomic mismanagement which benefits the political masters, while the latter would allow the technocrats to keep control over the macro economy.” However, under both the Banharn and Chavalit administrations, the BOT and the finance ministry were “pushed and pulled by politicians” with increasing interference in the workings of these institutions from the prime minister’s office (Lauridsen 1998, 157). During the sixteen-months-long Banharn administration, the

in The Asian financial crisis
Open Access (free)
Stan Metcalfe and Alan Warde

several spatial levels, provides preconditions or circumstances for market exchange and competition, and it intervenes to counteract some of the propensities of the market to produce untenable and intolerable inequalities, or environmental Conclusion 193 hazards, or trade in unethical products. The interesting question is how the incidence and form of regulation vary over time and across specific markets. There are some cases – for example, in the provision of public goods such as law and order and military services – where the market’s logic is deemed not to apply

in Market relations and the competitive process
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

GDP ratio to 46% in 1997, the highest in the region.” Haggard (2000, 49) defines a veto gate as an institution that has the power to veto a policy proposal, thus forcing a reversion to the status quo. Veto gates can include the president, the legislature, a second chamber of the legislature, a committee within a legislature, or the courts. In authoritarian governments, they may include the military. The preferences of these veto gates may be more or less closely aligned: thus the president and the legislature may represent distinct veto gates, but may either be of

in The Asian financial crisis