Building A Modern Financial System provides penetrating insights into the upheavals in Indonesia, and explains the kinds of policies that can lead to the development of a modern financial system in a large, relatively underdeveloped country. The study covers all facets of the financial system, emphasising the role of the monetary authorities, the transition from government-dominated to a predominantly private banking system, and the rapid expansion of the capital market. Indonesia is a particularly interesting case because its economy and financial system was in shambles in the mid-1960s owing to political adventurism and economic mismanagement. Until more recently sensible economic policies and growth-promoting reforms provided a sound financial system and a balanced expansion of agriculture and industry. However since the mid-1990's the stability of the Indonesian system has once again been called into question.

Building A Modern Financial System provides penetrating insights into the upheavals in Indonesia, and explains the kinds of policies that can lead to the development of a modern financial system in a large, relatively underdeveloped country. The study covers all facets of the financial system, emphasising the role of the monetary authorities, the transition from government-dominated to a predominantly private banking system, and the rapid expansion of the capital market. Indonesia is a particularly interesting case because its economy and financial system was in shambles in the mid-1960s owing to political adventurism and economic mismanagement. Until more recently sensible economic policies and growth-promoting reforms provided a sound financial system and a balanced expansion of agriculture and industry. However since the mid-1990's the stability of the Indonesian system has once again been called into question.

Asian Money Markets traces the evolution of money markets in seven key economies of East and Southeast Asia: Hong Kong, Indonesia, Japan, Korea, Malaysia, the Philippines, and Singapore. It asks how government policy affected the performance of the markets over several decades. Several very different approaches emerge, with important consequences for financial sector development. Countries pursuing market-oriented development strategies, including those in transition from socialist to market economies, need effective financial systems that include efficient money markets. This book should dispel the view that a government can quickly develop money markets; the most complex markets described here started with new government policies more than twenty years ago, and are still evolving to meet new challenges. Asian Money Markets will be of interest to scholars of development finance, financial officials and advisers, and anyone who wants to learn from the experience of some of the most dynamic economies in the world.

This book explores an adventurous life of engagement in the challenges of economic development in a destitute China (1946-47), war-torn Korea (1951-52), divided Vietnam (1955-1957), and post-Sukarno Indonesia (1966-71). It also relates the author's subsequent experiences helping South Korea enter onto its high growth trajectory and Indonesia to modernize its financial system. Interspersed are vignettes of academic life at Deep Springs College, Cornell University, University of Michigan, Vanderbilt University and Harvard, and the challenges of working with the Navajo Nation to extract revenue and reduce pollution from exploitative coal-mining and power companies, as well as trying to devise an appropriate and viable approach to rural development for the remote, politically and culturally divided district of Abyei, on the border between North and South Sudan. Finally, it describes the author's efforts at preserving environmental and historical resources in Southeast Massachusetts. Throughout, the book recounts and acknowledges the important roles of teachers, colleagues, friends and family in enriching the author's fortunate life.