인도네시아는 수하르또 체제 출범이후 본격적으로 산업화가 추진되었으며 1970년대의 원유가 상승에 힘입어 급속한 성장을 이룩할 수 있었다. 그러나 1980년에 들어와 원유가의 하락은 석유수출이 성장의 기반이었던 경제를 침체시켰다. 인도네시아는 석유수출이 감소되면서 산업화에 필요한 재원조달에 어려움을 겪게 되었고 외채의 심화에 놓이게 되었다. 1990년대에 들어와 제조업부문의 수출에 중점을 두었으나 엔의 약세와 중국의 저임금공세에 따라 수출성장이 급격히 둔화되었다. 더구나 태국에서 시작된 경제위기는 인도네시아에까지 확산되어 IMF의 관리체제에 들어가게 되었다. 인도네시아의 경제위기는 대내적 요인과 대외적 요인이 연계되어 발생되었다. 대내적 요인은 수출정책과 금융부실을 초래한 정부의 정책적 실패와 도덕적 해이에 있었다. 대외적 요인은 금융 및 자본자유화에 따라 헤지펀드 등 투기성 자본의 빈번한 유출입을 가능하게 한 국제금융체제였다. 경제위기의 재발을 방지하기 위해서는 환율불안을 해소하고 투기자본의 무분별한 이동을 억제할 수 있는 조치를 마련해야 하며 재원을 효율적으로 배분할 수 있는 금융개혁을 추진해야 할 것이다.

The Indonesian economic crisis was the result of inter-linkded internal and external factors. On the one hand, the Indonesian crisis was caused by the panicked flight of foreign capital which had flooded into Indonesia, Reckless speculative funds, such as Hedge funds, were rampant in Indonesia with the opening of the capital flows in 1990s. On the other hand, crony capitalism and moral hazard brought on the economic bubble and the bursting of that bubble had resulted in the economic crisis. The problem began with financial intermediaries-institutions whose liabilities were perceived as having an implicit government guarantee, but were essentially unregulated and therefore subject to severe moral hazard problems. To prevent the economic crisis, first the present international financial system should be modified. For instance, one possibility would be the establishment of a new Bretton Woods system based on the adjustable fixed exchange rate system, Second, since borderless speculative funds triggered the economic crisis, tighter limits on short-term foreign borrowing must be imposed. Third, the government-controlled financial system should be abolished to prevent distortions in the allocations of funds. Fourth, the Asian countries including Indonesia must launch a concerted program for domestic expansion, along with an increase in both imports and exports.

The Indonesian economic crisis was the result of inter-linkded internal and external factors. On the one hand, the Indonesian crisis was caused by the panicked flight of foreign capital which had flooded into Indonesia, Reckless speculative funds, such as Hedge funds, were rampant in Indonesia with the opening of the capital flows in 1990s. On the other hand, crony capitalism and moral hazard brought on the economic bubble and the bursting of that bubble had resulted in the economic crisis. The problem began with financial intermediaries-institutions whose liabilities were perceived as having an implicit government guarantee, but were essentially unregulated and therefore subject to severe moral hazard problems. To prevent the economic crisis, first the present international financial system should be modified. For instance, one possibility would be the establishment of a new Bretton Woods system based on the adjustable fixed exchange rate system, Second, since borderless speculative funds triggered the economic crisis, tighter limits on short-term foreign borrowing must be imposed. Third, the government-controlled financial system should be abolished to prevent distortions in the allocations of funds. Fourth, the Asian countries including Indonesia must launch a concerted program for domestic expansion, along with an increase in both imports and exports.

Economic Crisis, Panic, Moral Hazard, Cronyism, Indonesia