64 MGCC PERSPECTIVES MAY JUN 2018 20 Years After the Asian Financial Crisis TURMOIL TO TRANSFORMATION ZOOM IN 20 years ago the Asian Financial Crisis shook the region of East Asia engulfing many economies in the process MALAYSIA S POLICY RESPONSE Malaysia stood out among the East Asian countries The country adopted the following approaches A FINANCIAL SYSTEM REVAMPED In the following years Malaysia went through major financial sector reforms with significant government intervention and support to the banking sector and local businesses As a result Temporarily fixing the exchange rate It formed a stronger financial system anchored by domestic banking groups The bond market expanded to become a major financing source for businesses Malaysia is now a global leader in Islamic finance Temporarily imposing capital controls Adopting counter cyclical monetary fiscal policies The economy rebounded strongly after the crisis driven by restored dynamism in export manufacturing Source World Bank Malaysia Economic Monitor December 2017 01 02 03

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