Malaysia
- Author: Mahani Zainal Abidin
- Main Title: Asia-Pacific economies after the global financial crisis , pp 89-112
- Publication Date: August 2014
- DOI: https://doi.org/10.18356/87ddca95-en
- Language: English
Malaysia experienced two major economic upheavals in recent years: the global financial crisis of 2008-2009 and the Asian financial crisis of 1998. They are quite different, however, when we look at their respective causes, impacts and responses. The 2008-2009 crisis came from the developed countries, the United States and the European Union, its impact was transmitted through the real sector, and recovery was achieved by a large fiscal stimulus to boost the domestic economy. The 1998 crisis started in East Asia and it affected the financial sector, which resulted in a severe contraction of the domestic economy. Malaysia’s response to the 1998 crisis was unconventional at that time – the country imposed capital controls, pegged the ringgit and expanded the domestic economy by lowering interest rates and introducing fiscal stimulus programmes.
© United Nations
ISBN (PDF):
9789210541152
Book DOI:
https://doi.org/10.18356/35c5ca96-en
Related Subject(s):
Economic and Social Development
Sustainable Development Goals:
Countries:
Malaysia
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