POLICY RESPONSES TO THE EXTERNAL DEBT CRISIS IN THE SOUTHEAST ASIA

The analysis of anti-crisis policy for settling external-debt crisis of the beginning of 1998 in the South-East Asia on the basis of Indonesia, Malaysia, Philippines and Thailand has been performed in the article. The main blocks of the economic policy, including fiscal and monetary policy, restructuring corporate and financial sector, have been reviewed. The main disadvantages of anti-crisis policy, restrictive monetary and fiscal policy, mass closing of the bank institutions, have been revealed. In the conclusion, on the basis of the performed analysis, the recommendations for preventive measures and overcoming of the external-debt crisis have been proposed.

Southeast Asia, external debt crisis, monetary policy, fiscal policy, restructuring, anti-crisis policy, corporate sector, banking sector, non-performing loans, capital adequacy ratio, recapitalization