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Which Way Forward by Carol J. Pierce Colfer

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CHAPTER TWELVE

Corporate Debtand the IndonesianForestry Sector

Christopher Barr, David Brown,Anne Casson, and David Kaimowitz

Large outstanding debts owed by private conglomerates currently constitute a major obstacle to the rapid recovery of the Indonesian economy. Companies that depend heavily on forest products and palm oil for their revenues account for a significant portion of that debt. Weak government regulation of the banking sector allowed banks to engage in risky business practices that proved unsustainable once the Indonesian rupiah depreciated in 1997.1 Unless the government stringently regulates such risky practices in the future, the current crisis will be prolonged and financial crises will inevitably recur. The forest and estate ...

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