ABSTRACT
Malaysia’s approach to management of its financial crisis represented a significant departure from the orthodox, IMF-centred approach to crisis management. This chapter documents the ‘Malaysian experiment’ and provides a preliminary analysis of its outcome as reflected in the recovery process in Malaysia during the first full year of its implementation. Where relevant, the Malaysian experience is compared and contrasted with the experience of Thailand and South Korea (henceforth referred to as Korea) under IMF-supported reform programs.
