This paper examines the experience of Indonesia during two major crisis episodes, the 1997-98 Asian financial crisis and the 2008-09 global economic recession. In the first episode, Indonesia experienced a deep economic and political crisis, while in the second the impacts were very mild. The...

This paper presents a number of responses to Gordon de Brouwer's criticisms of my paper on monetary policy in Indonesia. Among other things, it argues that de Brouwer has failed to disentangle the impact of two exogenous disturbances on prices - and relative prices - during the crisis and...

We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multi- nomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use...

This paper presents long-term estimates of gross fixed capital formation for 1951-2007 that are disaggregated by categories of productive assets. These data, combined with approximations of probable average asset lives and a feasible asset retirement method are used in a Perpetual Inventory...

Notwithstanding its sometimes negative international image, the Philippine economy has been performing well in recent years. The country is currently experiencing its longest period - five years - of uninterrupted positive per capita economic growth since the 1970s. The key to the recent success...

This paper provides an analytical and forward-looking overview of Malaysian economic development. Looking back over its 53 years of Independence, we identify the key stylized facts to include the country's generally rapid economic growth and structural change; its consistent openness, especially...

Regional differences in banking integration determined how Japan's Great Recession after 1990 spread across the country. We explain these differences with the emergence of silk reeling as the main export industry after Japan's opening to trade in the 19th century. The silk-exporting prefectures...

This paper revisits the discussion about the contribution of Total Factor Productivity (TFP) growth to Indonesia’s economic growth during 1970-2007. It re-estimates the contribution of TFP to economic growth during this period on the basis of new estimates of GDP, capital stock,...

We study the impact of growth and growth accelerations on poverty and inequality in Indonesia using a new panel dataset covering 26 provinces over the period 1977-2010. This dataset allows us to distinguish between mining and non-mining sectors of the economy. We find that growth in non-mining...