Indonesia's crisis recovery program has failed badly in relation to the two key objectives of development economics policy making: efficiency and equity. The economy went into severe recession within a few months of the IMF appearing on the scene, and six years later output was little higher than before the crisis. The collapse of the banking system and the associated government bailout of depositors has imposed a loss on the public of at least 40% of GDP. This paper describes that collapse and...[Show more]
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