Book Reviews

Anthony J. Whitten, Sengli J. Damanik, Jazanul Anwar and Nazaruddin Hisyam, The Ecology of Sumatra, Yogyakarta: Gadjah Mada University Press, Second Edition, 1987, pp. 583 + xx.

Christine Drake, National Integration in Indonesia: Patterns and Policies, Honolulu: University of Hawaii Press, 1989, pp. 354 + xvi. Cloth: US$ 35.00.

Geoffrey B. Hainsworth (ed.), Environmental Linkages, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1985, pp. 97.

R. Repetto et al., Wasting Assets: Natural Resources in the National Income Accounts, Washington DC: World Resources Institute, June 1989, pp. 69 + vi. Paper: US$10.00.

William E. James, Seiji Naya and Gerald M. Meier, Asian Development: Economic Success and Policy Lessons, Madison, Wisconsin: University of Wisconsin Press, 1989, pp. 281 + Xviii.

Robert B. Dickie and Thomas A. Layman, Foreign Investment and Government Policy in the Third World: Forging Common Interests in Indonesia and Beyond, London: MacMillan, 1988, pp. 240 + xxxi. £35.

Alan Gelb and Associates, Oil Windfalls: Blessing or Curse? New York: Oxford University Press, for the World Bank, 1988, pp. 357 + x. $32.50.

Benjamin Higgins, The Road Less Travelled: A Development Economist's Quest, History of Development Studies 2, Canberra: National Centre For Development Studies, the Australian National University, pp. 204 + x. Paper: A$20.00

BRIEFLY NOTED: Sarwar Hobohm, Indonesia to 1993: Breakthrough in the Balance, London: Economist Intelligence Unit, Special Report no. 2012, 1989, pp. 91, £190 for this Plus the Companion Report, Indonesia to 1991: Can Momentum be Regained?

Geoffrey Hainsworth and Hasan Poerbo (eds), Local Resource Management: Towards Sustainable Development, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1987, pp. 69 + xii.

H.W. Dick, Industri Pelayaran Indonesia: Kompetisi dan Regulasi, Jakarta: LP3ES, 1990, 306 + xxv.     

Book Reviews

M. Arsjad Anwar, Thee Kian Wie, Iwan Jaya Azis, Pemikiran, Pdaksanaan, dan Perintisan Pembangunan Ekonomi[Concepts, Implementation, and Pioneering in Economic Development], Fakultas Ekonomi Universitas Indonesia and PT Gramedia Pustaka Utama, Jakarta, 1992, pp. xx + 700.

Adam Schwarz, A Nation in Waiting: Indonesia in the 1990s, Allen and Unwin, Sydney, and Westview, Boulder, 1994, pp. 370. Paper: A$24.95.

East Asia Analytical Unit, Expanding Horizons: Australia and Indonesia into the 22st Century,Department of Foreign Affairs and Trade, Canberra, 1994, pp. xviii + 346. A$34.95.

Sjahrir, Pikiran Politik[Political Ideas], LP3ES, Jakarta, 1994, pp. xiv + 191.

Sjahrir, Persoalan Ekonomi Indonesia: Moneter, Perkreditan dan Nenca Pembayaran[Problems of the Indonesian Economy: Money, Credit and the Balance of Payments], Pustaka Sinar Harapan, Jakarta, 1995, pp. xv + 205.

Sjahrir, Analisis Bursa Efek[Analysis of the Stock Exchange], PT Gramedia Pustaka Utama, Jakarta, 1995, pp. xiv + 169.

Sjahrir, Ekonomi Indonesia dalam Perspektif Bisnis[The Indonesian Economy in a Business Perspective], PT Jurnalindo Aksara Grafika, Jakarta, 1994, pp. xvi + 239.

Sjahrir, Kebijakan Negara Mengantisipasi Masa Depan[National Policy: Anticipating the Future], Yayasan Obor Indonesia, Jakarta, 1994, pp. xv + 251.

Sjahrir, Formasi Mikro-Makro Ekonomi Indonesia[Indonesia's Macro and Micro Economy], Penerbit Universitas Indonesia, Jakarta, 1995, pp. xii + 313

F.B.A. Bouman and Otto Hospes, Financial Landscapes Reconstructed: The Fine Art of Mapping Development,Westview, Boulder, 1994, pp. xi + 416. US$45.00

Robert Cribb (ed.), The Late Colonial State in Indonesia: Political and Economic foundations of the Netherlands Indies 1880–1942,Verhandelmgen van het Koninklijk Instituut voor Taal-, Land- en Volkenkunde 163, KITLV Press, Leiden, 1994, pp. xiii + 295.

Shinya Sugiyama and Milagros C. Guerrero (eds), International Commercial Rivalry in Southeast Asia in the Inierwar Period,Yale Southeast Asia Studies Monograph 39, Yale Center for International and Area Studies, New Haven, 1994, pp. ix + 222.

W.L. Korthals Altes, Changing Economy in Indonesia. Volume 15: Prices (Non-Rice) 1814–1940,Royal Tropical Institute, Amsterdam, 1994, pp. 175. Paper: Dfl. 48.00.     

The Indonesian economic crisis and the long road to recovery

This article provides a concise overview of the origins and impact of the 1997–1998 crisis on the Indonesian economy and the tardy process of recovery since. It is pessimistic about the current prospects for speedy recovery due to the inability of the politically weak governments, which succeeded the highly authoritarian Soeharto regime, to take the necessary steps needed to achieve full economic recovery. The article briefly compares this crisis with the economic crises that hit Indonesia during the early 1930s and mid-1960s, and points to similarities as well as differences.     

Book Reviews

Michael T. Skully, Merchant Banking in ASEAN: A Regional Examination of its Development and Operations. Kuala Lumpur: Oxford University Press, 1983, pp. x + 200.

Anwar Nasution, Financial Institutions and Policies in Indonesia, Singapore: Institute of Southeast Asian Studies, 1983, pp. xvi + 182.

R. M. Bautista and S. Naya (eds), Energy and Structural Change in the Asia-Pacific Region. Manila: Philippine Institute for Development Studies and Asian Development Bank, 1984, pp. xxii + 532.

Charles A. Coppel, Indonesian Chinese in Crisis, Asian Studies of Australia, Southeast Asian Publications Series No. 8, Kuala Lumpur: Oxford University Press, 1983. pp. xvii + 236. $24.95 (cloth). $13.95 (paper).

Avé, J., V. King and J. de Wit, West Kalimantan: a bibliography, Leiden: Koninklijke Instituut voor Taal-, Land- en Volkenkunde, 1983. Dfl. 30.     

Book Reviews

Richard Higgott and Richard Robison (eds), Southeast Asia: Essays in the Political Economy of Structural Change, London: Routledge & Kegan Paul, 1985. £18.00 (cloth)

John Wong, The Political Economy of China's Changing Relations with Southeast Asia, London: Macmillan Press, 1984, pp. xvi + 246.

Sumitro Djojohadikusumo, Perdagangan dan Industri dalam Pembangunan [Trade and Industry in Development], Jakarta: LP3ES, 1985, pp. 133.Thee Kian Wie

Masyarakat Indonesia, 12(3), Jakarta: LIPI, December, 1985. Special issue edited by Thee Kian Wie, entitled 'Kaitan-Kaitan Vertikal Antar-perusahaan dan Pengembangan Sistem Subkontraktor di Indonesia: Beberapa Studi Kasus' [Vertical Linkages between Firms and the Development of the Subcontracting System in Indonesia: Several Case Studies].

D. B. G. Denoon, Devaluation under Pressure: India, Indonesia and Ghana, Cambridge, Mass: MIT Press, 1986, pp. xi + 260. US$28.75

John W. Mellor and Gunvant M. Desai (eds). Agricultural Change and Rural Poverty, Baltimore: The Johns Hopkins University Press, 1985, pp. xix + 233. US$27.45.

'Indonesia's Transmigration Programme: A Special Report', The Ecologist, Vol. 16, No. 2/3, 1986. £4.00     

The Surge of Asian NIC Investment into Indonesia 1

Since 1987 a dramatic increase in both domestic and foreign investment in Indonesia, most of it in export-oriented activities, has occurred in response to improvements in a previously unattractive investment climate and in the country's trade regime. Most striking has been the rise in investment by Asia's four ‘newly-industrialising countries’ (NICs): Korea, Taiwan, Hong Kong and Singapore. This paper analyses the factors contributing to this increase and the investment patterns of the four countries. It then focuses on investment in the manufacturing sector, where most of the NIC investments have taken place. The relative importance of each country as a source of investment in individual sectors and industries is examined. The paper concludes that this recent investment surge may yield net social benefits for Indonesia, provided the country continues to adhere to sound macroeconomic and export-promoting policies.