The Contested State (Paperback)

Matthew A. Busch

ISBN 10: 0522881157 / ISBN 13: 9780522881158

Published by Melbourne University Press, Carlton, 2025

About this Item

Paperback. In 1998, during the cataclysmic Asian Financial Crisis, the hastily established Indonesian Bank Restructuring Agency (IBRA) was tasked to implement what became the largest banking sector intervention in history. A misunderstood and often forgotten agency, during its brief existence the IBRA became responsible for assets estimated to be worth more than half of Indonesias GDP. Twenty years after its 2004 abolishment, the stories and works of IBRA remain significant to contemporary Indonesian politics, law and anti-corruption. Drawing on unpublished state audits, Matthew A Busch examines the nationalisations of two of Indonesias largest private banks amid indications of fraud and billions of dollars in losses. Busch shows how the restructuring and economic recovery from the Asian Financial Crisis was achieved within the highly contested political economy of the time, and unpacks the policy decisions and legal frameworks and decisions that led the Indonesian government to become the temporary owner of an eclectic and extensive span of assets, ranging from the worlds biggest shrimp farm to the countrys largest private bank. The story of the IBRA offers lessons for international development practitioners and financiers seeking to address future financial crises, while providing close watchers of Indonesia with an in-depth look at the challenges and realities of a critical and still controversial example of economic policy in action. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability.

Seller Inventory # 9780522881158

Bibliographic Details

• Title: The Contested State (Paperback)
• Publisher: Melbourne University Press, Carlton
• Publication Date: 2025
• Language: English
• ISBN 10: 0522881157
• ISBN 13: 9780522881158
• Binding: Paperback
• Condition: new

About this title

Synopsis

In 1998, during the cataclysmic Asian Financial Crisis, the hastily established Indonesian Bank Restructuring Agency (IBRA) was tasked to implement what became the largest banking sector intervention in history. A misunderstood and often forgotten agency, during its brief existence the IBRA became responsible for assets estimated to be worth more than half of Indonesia's GDP.

Twenty years after its 2004 abolishment, the stories and works of IBRA remain significant to contemporary Indonesian politics, law and anti-corruption. Drawing on unpublished state audits, Matthew A Busch examines the nationalisations of two of Indonesia's largest private banks amid indications of fraud and billions of dollars in losses. Busch shows how the restructuring and economic recovery from the Asian Financial Crisis was achieved within the highly contested political economy of the time, and unpacks the policy decisions and legal frameworks that led the Indonesian government to become the temporary owner of an eclectic and extensive span of assets, ranging from the world's biggest shrimp farm to the country's largest private bank.

The story of the IBRA offers lessons for international development practitioners and financiers seeking to address future financial crises, while providing close watchers of Indonesia with an in-depth look at the challenges and realities of a critical - and still controversial - example of economic policy in action.

About the Author

Matthew A Busch holds a PhD from Melbourne Law School and a Bachelor of Arts in economics from Harvard University. For nearly a decade, he worked as a consultant with a specialty on economic policymaking in Indonesia and Southeast Asia. He was a Lowy Institute research fellow before joining the Australian public service. He has resided in Indonesia, Laos and China and lives in Canberra with his family.