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John Wilson

Khomeini and a deeply religious Islamic government intent on rejecting Western ideas and influence. This rejection was especially manifested in the November 1979 invasion of the US Embassy in the capital, Tehran, by revolutionary Islamic students, who in taking sixty-six hostages humiliated the American government by withstanding all efforts to repatriate its citizens. Futile military attempts to free the hostages exacerbated the situation, and even though some of the hostages had been freed by the end of November, it was January 1981 before the siege ended

in Ferranti: A History
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

intensified the competition for funds. In 1996, out of a total of 238 commercial banks, there were 7 state-owned banks, 27 regional government banks, 160 private banks, 34 joint-venture banks, and 10 foreign banks. In addition, there were approximately 9,200 rural banks called bank perkreditan rakyat (BPR), and one Islamic bank (Bank Muamalat). Non-bank financial institutions included 252 finance companies, 163 insurance companies, about 300 pension and provident funds, and 39 mutual fund companies. Total assets of the system were equivalent to about 90 per cent of GDP

in The Asian financial crisis
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

, but credit to the real estate sector increased twenty-two-fold during the same period (A. Islam 1999, 55). In Thailand, Indonesia and Malaysia, excessive intergroup lending practices often resulted in resources not being put to their most productive use.67 Rather, in all three countries much of the lending went to finance equity purchases and land. Not only was there overinvestment caused by excessive 35 The Asian financial crisis lending (as many projects with negative net present value were financed), but the prices of local assets rose beyond their true economic

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

not split the ruling camp, Lee would probably have been the winner. Faizul M. Islam (2000, 136) asks “how did the South Korean economy recover so quickly? It was due primarily to the newly elected President Kim Dae Jung in December 1997 who introduced and implemented the reforms from the outset. 250 Korea: crisis, reform and recovery 73 74 75 76 77 78 Chaebol and the labor unions who vehemently opposed those changes are surely but slowly yielding to President Jung’s reform plans.” Mathews (2001, 166) notes that the top five have generally been responsible in

in The Asian financial crisis