Air War Over Southeast Asia (2) 1967-1970 by Lou Drendel

By Lou Drendel

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For many of these countries attracting FDI was difficult, due to a lack of proper social infrastructure or an unfriendly culture towards FDI. As a result, the accumulated external debt in these countries reached a significant percentage of GDP. For many of them, the prospect of servicing the external debt in time became unlikely. No country had a serious level of outstanding total external debt, nor subsequent annual debt servicing. However, there were some large corporations that had incurred debts owing to foreign and/or domestic financial institutions.

For each country, the scope and depth of structural reform and the speed of economic recovery is quite diverse. This chapter will examine the progress achieved over the two years following the crisis, and try to identify what each country has to do to accomplish the original goals of the structural reform. THAILAND Thailand pushed financial sector reform along lines recommended by the IMF. In late 1997 and August 1998, the Thai government announced packages for intensive financial sector reform.

Although more important for international capital flows than for trade in goods and services, exchange controls and capital controls have continued to restrict the international transactions of some developing countries, especially in sub-Saharan Africa. Most industrial nations had eliminated exchange controls and capital controls by the end of the 1950s. Although the IMF has encouraged developing countries to do likewise, progress has been much slower. Moreover, the international financial crises of the 1990s reopened the RACHEL MCCULLOCH 17 debate on whether temporary capital controls can be a useful policy instrument, at least in the developing world.

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