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Extra resources for Global Markets and Financial Crises in Asia: Towards a Theory for the 21st Century

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The banks were kept in business by the government subsidy. As a result, the growth of the money supply declined from 123 per cent in 1968 to 57 per cent a year later, and to 38 per cent in 1970. 4 30 Global Markets and Financial Crises in Asia As we shall see, the introduction of SBI and SBPU after the deregulation package of 1983 was a step towards the development of the market mechanism. However, the way SBI and SBPU were bought and sold in the market still reflected the grip of the central bank on the domestic interest rate.

The credit ceiling for each bank was continuously adjusted and became an important tool as a direct control over total credit expansion in the economy. In addition, Bank Indonesia also gave loan to priority sectors. The availability of oil funds enabled the government to create The Crisis Spreads: Indonesia 31 huge amounts of liquidity credit at low rates and make them available to the banking sector. The availability of liquidity credit to state banks and at the same time the enactment of the credit ceiling enabled the central bank to facilitate economic growth while at the same time put a rein to inflation.

47 Statistical Yearbook of Indonesia, Jakarta, BPS, 1987. 32 The Crisis Spreads: Indonesia 37 other parts of the world. The urgent need is to ‘protect (perceived) national interest’ as much as possible. This could be done by restricting the flow of capital out of the country and erecting trade barriers. In order to establish a sturdy long-term foundation for national industry, it was felt that an investment policy also had to be instituted as well as more stringent foreign investment controls, and tariff and non-tariff barriers.

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