Global Markets and Financial Crises in Asia: Towards a by Haider A. Khan (auth.)

By Haider A. Khan (auth.)

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In 1984–85 oil generated 66 per cent of total government domestic income, but by the 1991–92 fiscal year the share of oil income in the government budget had fallen to 36 per cent. The flow of oil revenue after 1973 had made it unnecessary to promote financial development domestically. Financial resources were abundant not only because of oil funds but also from other foreign sources who saw lending opportunities based on the projected future earnings derived from oil. Money thus became easy to get both for the government and for the state banks.

In 1987, there was a rush on the US dollar, which sent the interest rate on rupiah deposits up to 24 per cent a year, and the inter-bank rate soared to 40 per cent a year. The central bank reacted to this development by requiring state banks to transfer the state-owned corporation funds to the Central Bank. In return, the state banks were given a central bank’s certificate, the SBI. Although the rate on SBI was increased, the action of the central bank represented another direct involvement of the government in the economy.

Services 8. Real Estate 9. 0 Monthly Bulletin, Bank of Thailand. , large corporations with high external indebtedness) that would lobby against a more flexible exchange rate regime. In the second half of 1995, the US dollar began to appreciate sharply vis-a`-vis the yen and other major currencies. As a result, the Thai baht and other Southeast Asian currencies pegged to the dollar followed that trend. During 1996, there were repeated rumors that the baht would be devalued. Instead the BoT continued the tight monetary policy it had already introduced in 1995, but the policy proved ineffective because of high domestic interest rates and the free flows of capital through the offshore banking facilities established in 1993.

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