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 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 Drawing on unpublished state audits, Matthew A Busch examines the nationalisations of two of Indonesias largest private banks amid indications of fraud and billions of dollars in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.

This is a standard paperback/soft cover version.