- KOREAN
- E-ISSN2383-9449
- SCOPUS
E-ISSN : 2383-9449
Economics Crisis and Response: Case Study of Malaysia's Responses to Asian Financial Crisis
Lim, Beatrice
Jikunan, Catherine
Lo, May Chiun
Abstract
The paper chooses the "Asian Financial Crisis" as a case study to examine its impact on Malaysian economy and describes how Malaysian government responded to the crisis. It also focuses on the Asian financial crisis' impact on the employment of banking sector in Malaysia. In the finance, insurance, real estate and business service sector, a number of 6,596 workers were retrenched. Banks were forced into mergers and acquisition as well as downsizing, trim lean, organizational changes and introduction of new technologies. Excess workers were offered a "voluntary separation scheme." These retrenched workers became the urban poor facing high cost of living and no opportunity for jobs as there is no safety net provided.
- keywords
Reference
Baig, T. & Goldfajn, I.. (1999). Financial Market Contagion in the Asian Crisis. IMF Staff Papers, 46(2).
Balakrishnan, P.. Pengurusan Sumber Manusia dan Hubungan Industri: Cabaran dan Isu.
Bird, G. & Rajan, R.. Banks, Financial Liberalization and Financial Crises in Emerging Markets.
Capital Controls Produce Faster Economic Recovery.
Cheng, Ming-Yu & Sayed Hossain. (2001). Malaysia and the Asian Turmoil. Asian- Pacific Law & Policy Journal, 2, 125-140.
D’Arista, J. & Griffith-Jones, S., Griffith-Jones, S., Montes, M. & Nasution, A. (eds.). The Boom of Portfolio Flows to 'Emerging Market' and its Regulatory Implication;Short-Term Capital Flows and Economic Crises.
Department of Statistics, Malaysia. Homepage: Department of Statistics, Malaysia.
Department of Statistics, Malaysia. Yearbook of Statistics Malaysia 2007.
McGinnes, Alexis. The Human face of the Asian Financial Crisis in Malaysia and Indonesia.
Goldstein, M.. The Asian Financial Crisis: Causes, Cures, and Systemic Implications.
Goldstein, M.. (2001). The Asian Financial Crisis: Origins, Policy Prescriptions and Lessons. Journal of African Economics, 10, 72-103. 10.1093/jae/10.Suppl1.72.
Grenville, S., Noble, G. & Ravenhill, J. (eds.). Capital Flows and Crises;The Asian Financial Crisis and the Architecture of Global Finance.
Jin, N. K.. Coping with the Asian Financial Crisis: The Singapore Experience.
Miller, J.. (1998). Learning from the Southeast Asian Crisis. Dollars & Sense, (220).
Kaminsky, G. & Schmukler, L.. Short-Run Pain, Long-Run Gain: Financial Liberalisation and Stock Market Cycles.
Karderimis, D.. (2004). IMF Conditionality as investment regulation: A theoretical analysis. Social & Legal Studies, 13(1), 103-131. 10.1177/0964663904040194.
McConnell, C.R., Stanley. B.L. & Macpherson, D.A.. Contemporary Labour Economics.
Miller, M. & Luangaram, P.. Financial crisis in East Asia: bank runs, asset bubbles and antidotes, GSGR Working Papers, No.11/98.
Mohamed Ariff & Syarisa Yanti AbuBakar. (1999). The Malaysian Financial Crisis: Economic Impact and Recovery Prospects. The Developing Economies, XXXVII(4), 417-438.
Montes, F.. The Southeast Asian Currency Crisis.
Noland, M., Gang, L.L., Robinson, S. & Wang, Z.. Global Economic Effects of the Asian Currency Devaluations.
Norinah Mohd Ali. (2004). Warganegara Asing dan Kemiskinan di Malaysia . paper presented in 4th International Malaysian Studies Conference.
Poon, W.C.. Development of Malaysian Economy.
Radelet, S. & Sachs, J.. The onset of the East Asia financial crisis.
Robson, C.. Real World Research.
Todd, P., Lansbury, R. & Davis, E.M.. (2004). Industrial Relations in Malaysia: Some Proposals for Reform . Proceedings of the IIRA 5th Asian Regional Congress.
Spaeth, Anthony; Colmey, John. (1998). He's the Boss. Time South Pacific, (37).
Stiglitz, J.. Globalization and its Discontent.
Suhanah, S.S.A., S. Cooney, Lindsey, Mitchell R. and Zhu, Y.. Law and labour market regulations in Malaysia: Beyond the New Economic Policy;Law and Labour Market Regulation in East Asia.
Todd, P. & Peetz, D.. (2001). Malaysian industrial relations at century's end: Vision 2020 or a spectre of the past. International Journal of Human Resource Management, 12(8), 1365-1382. 10.1080/09585190110085062.
Yue, C. S., Arndt, H.& Hill, H.. (eds.). The Asian Financial Crisis: Singapore's Experience and Response;Southeast Asia's economic crisis: Origins, lessons, and the Way Forward.
Wang, J.. (2005). Financial Liberalization and Regulation in East Asia" Lesson from Financial Crises and the Chinese Experience of controlled liberalization . paper presented at the international symposium: Law, Culture, and Financial Development.
- Downloaded
- Viewed
- 0KCI Citations
- 0WOS Citations