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Additional resources for Developing Country Debt and Economic Performance, Volume 3: Country Studies--Indonesia, Korea, Philippines, Turkey (National Bureau of Economic Research Project Report)

Sample text

Inflation during the second phase, 1958-61, was primarily related to a combination of a supply shock and a sharp increase in government expenditures. These simultaneous adverse events were the result of, first, the twin rebellions in 1958 on the wealthy, export-earning islands of Sumatra and Sulawesi and, second, the nationalization of foreign-owned firms and expulsion of expatriate managers and technicians in 1957-58. The combination of inflation, widespread trade licensing, and unrealistic multiple exchange rates reduced profitability in the traded sector, thus creating disincentives for the transfer of productive resources in that direction.

This meant that Indonesian producers of tradables were experiencing a profit squeeze. The prices of their output were fixed by international competition, but the prices of their domestic inputs were being driven up by the double-digit inflation. The result was reports of increasing unemployment in the tradables industries, particularly in the labor-intensive agricultural export sector. * In this second explanation, the 1978 devaluation was as much due to political concern about worsening conditions in the countryside as to economic concern about the desirability of the resulting composition of economic activities.

Accelerate the development of the domestic financial system. Financial deepening could be boosted by the privatization of many of the state-owned enterprises. The debt situation would be improved if the government were to allow foreigners to purchase shares in the former state enterprises. 5 . Liberalize controls on foreign investments in the manufacturing and agricultural sectors, especially in industries that produce primarily for export markets. In short, state and private enterprises should issue equities instead of bonds to foreign investors when financing their capital expenditure.

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