The Policy Responses and Implications of the Global Financial Crisis in Asia: A Case Study for Malaysia
Autor: | Tan, Goh, Lim |
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Rok vydání: | 2012 |
Předmět: |
Economic development -- Malaysia
Global Financial Crisis Asian Financial Crisis Malaysian Economy Economic Countering Measures Global Financial Crisis 2008-2009 Financial crises -- Malaysia Financial crisis Financial system jel:F40 Business jel:F41 Malaysia -- Economic policy General Economics Econometrics and Finance General Business Management and Accounting |
Zdroj: | EUROPEAN RESEARCH STUDIES JOURNAL. :55-70 |
ISSN: | 1108-2976 |
DOI: | 10.35808/ersj/344 |
Popis: | This paper examines the impact of the 2008 Global Financial Crisis (GFC) on Malaysia’s economy as well as challenges and responses of the government in countering this crisis. It argues that the impact of the GFC is different from the 1997 Asian Financial Crisis (AFC). The AFC impacted the financial industry with the resultant collapse of Malaysia’s currency, while the GFC impacted the export sector with direct repercussions on Malaysia’s real economy. This paper explores the structural weaknesses of Malaysia’s economy exposed by the GFC. Given that Malaysia’s economic growth had become more trade-dependent after the AFC, domestic investments, including foreign direct investments, could only grow anemically. This had jeopardized long-term economic growth and productivity, which were crucial in offsetting the impact of the GFC. This paper shows that the expansionary policies implemented by the government to counter the GFC were lacking in meaningful structural changes and could not yield the desirable results. Lastly, it assesses the extent to which the New Economic Model proposed by the present government could spur economic growth in dealing with the GFC. peer-reviewed |
Databáze: | OpenAIRE |
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