Resumo

MAHANI, Zainal-Abidin; SHIN, Kwanho  e  WANG, Yunjong. Macroeconomic Adjustments and the Real Economy in Korea and Malaysia: The Response to the Asian Crisis. Inv. Econ [online]. 2005, vol.64, n.254, pp.13-69. ISSN 0185-1667.

This article examines the real macroeconomic adjustments in Korea and Malaysia after the Asian Crisis, each country's policy responses and the ensuing effects. In both countries, the effects of the crisis were quantitatively similar, but their responses were quite different. Korea sought direct assistance from the IMF, which obliged it to, initially, comply with a program of structural adjustments. Malaysia on the other hand was able to maintain independence in its policies as it worked to resolve the crisis. Consequently, Korea and Malaysia adopted totally opposite measures concerning the opening of capital markets in reaction to the crisis. For example, Korea drastically liberalized their capital account (although it maintained certain restrictions on the outflow of capital by its residents), by means of a flotating exchange rate (although with a notable accumulation of international reserves via foreign exchange intervention). While Malaysia, implemented stricter controls on capital by returning to a fixed exchange rate regime. Despite the different focus on capital account and exchange rates policies, in 1998, the two countries shifted substantially towards more expansive macroeconomic policies (fiscal and monetary), which resulted in a notably faster economic recovery than that of other East Asian countries. Toe positive role of anticyclical macroeconomic policies brings into question whether the initial tightening of fiscal and monetary policies was maintained for too long and if so, if it resulted in a deepening of the crisis both in Korea and in Malaysia.

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