Malaysian Bail Outs? | BiggerBooks

This book provides a refreshing new perspective on the 1997-1998 financial crisis in Malaysia and its aftermath.

Chin Kok Fay is Lecturer in the Strategic Studies & International Relations Program, Faculty of Social Sciences & Humanities, National University of Malaysia (UKM), Bangi, Selangor, Malaysia.

About the Authors

vii

Tables

viii

Figures

xi

Boxes

xii

Note on Currency

xiii

Acknowledgements

xiv

Abbreviations

xvi

Preface

xxiii

Chronology: East Asian Crises and Recovery Timeline

xxvii

Chronology: Malaysian Economic Crisis and Corporate Restructuring

xlv

1. The 1997-98 East Asian Crises

1

(22)

Jomo K.S.

From Miracle to Debacle

3

(4)

Crises of a New Type

7

(2)

Dangers of International Financial Liberalisation

9

(7)

The Role of the IMF

16

(4)

Conclusion

20

(3)

2 Crisis and Crisis Management in Malaysia, 1997-98

23

(24)

Jomo K.S.

Capital Flows and Crisis

23

(5)

Policy Responses and Deepening the Crises

28

(5)

Mahathir's September 1998 Recovery Package

33

(5)

Did Malaysia's 1998 Controls Succeed?

38

(9)

3. Corporate "Bail Outs"

47

(20)

Wong Sook Ching

Concepts and Parameters

47

(5)

Are Corporate "Bail Outs" Desirable?

52

(7)

Concluding Remarks

59

(8)

4. Corporate Restructuring Policy Options

67

(45)

Wong Sook Ching

Government or Market-led Corporate Restructuring

69

(19)

Effetive Corporate Restructuring

88

(2)

Timing

90

(3)

Malaysian Special Purpose Vehicles

93

(5)

Corporate Debt Restructuring Committee (CDRC)

98

(1)

Concluding Remarks

99

(13)

5. Bank Restructuring in Malaysia

112

(27)

Chin Kok Fay

Why Bank Restructuring?

113

(4)

Cleaning Up the NPLs

117

(3)

Recapitalising Malaysian Banking Institutions

120

(2)

Resolving Corporate Debt

122

(3)

Bank Mergers

125

(5)

Other Bank Restructuring Efforts

130

(2)

Assessing Progress

132

(5)

Concluding Remarks

137

(2)

6. Corporate Debt Restructuring in Malaysia

139

(40)

Wong Sook Ching

From Privatisation to Corporate Restructuring and Renationalisation

139

(6)

Effectiveness of the Special Purpose Vehicles

145

(1)

The Corporate Restructuring Programme

146

(26)

Concluding Remarks

172

(7)

7. Corporate Restructuring: Case Studies

179

(77)

Wong Sook Ching

Malaysian Airline System Bhd (MAS)

179

(24)

The United Engineers (M) Bhd/Renong Bhd (UEM/Renong) Group

203

(31)

The Light Rail Transport (LRT) Systems

234

(8)

Concluding Remarks

242

(14)

8. Conclusion: From Financial Crises to Economic Recovery

256

(21)

Jomo K.S.

Malaysia's Capital Controls: Policy Lessons

261

(10)

Priorities for International Financial System Reform

271

(3)

Concluding Remarks

274

(3)

Bibliography

277

(55)

Index

332

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Malaysian "Bail Outs"?

Summary

Author Biography

Table of Contents

Supplemental Materials