Pros & Cons of an Indonesian Currency Board Essay by The Research Group

Pros & Cons of an Indonesian Currency Board
Examines the dispute between Indonesian President Suharto & the International Monetary Fund over Suharto's desire to create a currency board, ostensibly to protect his nation's currency, but with the effect of enriching himself & his family.
# 13265 | 2,475 words | 10 sources | 1998 | US
Published on Feb 10, 2003 in Economics (International) , Economics (Public Finance)


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From the Paper:

"PROS AND CONS OF AN INDONESIAN CURRENCY BOARD
Argument
For the first time in its 53-year history, the International Monetary Fund has become involved in what most observers are calling a "high stakes showdown" against the nation of Indonesia (Passell, 1998, C1). According to Passell's analysis, the showdown has been prompted by Indonesian president Suharto who has "his eye on his family's business and sees a currency board as a sure-fire way to prevent further declines in the nation's currency, the rupiah, and therefore in the family's fortunes" (Passell, 1998, C1). The issues are many, but one clear point of contention stands out. Indonesia wants a currency board, and the IMF has said that if the country does establish a currency board, that it will lose all further support of the IMF bailout funds."

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