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Crisis, reform and recovery
Shalendra D. Sharma

historically played an important role in the allocation of subsidized credit (at preferential interest rates), known as “liquidity credit,” to priority sectors assigned by Bank Indonesia. This credit-allocation system, often subject to political abuse, greatly curtailed the state banks’ ability to compete with private banks. Liquidity credits and access to Bank Indonesia re-discounting facilities were extended to sugar estates and refineries, rubber and palm-oil plantations, and construction contractors among others. As will be discussed, such practices dragged the entire

in The Asian financial crisis