By Jeffrey D. Sachs, Bokyeong Park, Wing Thye Woo, Naoyuki Yoshino (editors)
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Extra resources for Asian Economic Papers. Volume 7, Issue 1, Winter 2008
B. Sectoral share in GDP in 1996 are given in brackets. c. my), IMF, International Financial Statistics, and MIER, Monthly Economic Monitor (various issues). External transactions Merchandise exports (US$, FOB, percent) Merchandise imports (US$, FOB, percent) Current account balance as percent of GDP Foreign reserves (US$ billion)e, h Total external debt as percent GDPe Short term foreign debt as percent of total debte Short-term foreign debt as percent of foreign reservese External debt service ratio Average exchange rate (ringgit per US$) Share market performance KLSE Composite index (1977 ϭ 100) Market capitalization (ringgit billion) percent of GDP Money and credit (end of period) M3 growth (percent) M3/GDP (percent) Average bank lending rated (percent) Bank credit to the private sector (1990 ϭ 100)e, f Non-performing loan (NPLs) percente, g Table 3.
However, in the context of a credit boom that had government backing at the highest political level, BNM had only a limited degree of freedom to take precautionary action against an impending crisis. BNM repeatedly pointed to the risk of rapid credit buildup with a 38 Asian Economic Papers Malaysian Capital Controls heavy concentration in property and share trading loans in the banking system in 1994, 1995, and 1996. However, it failed to take any action to redress the problem other than to impose some limits on lending to the property sector and for equity market dealings in March 1997.
There were also tax breaks for industries of national and strategic importance and an import duty reduction on machinery and equipment imports. The budget deªcits were ªnanced mostly through issuing Malaysian Government Securities (MGS), which were absorbed largely by provident, pension, and insurance funds. Only about one-third of the ªnancial needs have been raised externally, mainly from bilateral and multilateral sources. To complement expansionary budgetary policy, BNM set on a course of monetary expansion.