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6. Elites and Exchange Rate Policy in Indonesia and Nigeria

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Chapter Summary

This chapter discusses differences in exchange rate policy in the two countries that include, Indonesia and Nigeria. It explores why Indonesia's economic policy elite devalued the rupiah several times (1978, 1983 and 1986) to boost export performance and to break dependence on oil money, while Nigerian policy-makers refused to devalue the naira and preferred to have a strong currency. The chapter examines the exchange rate policies during the oil boom and bust in the 1970s and 1980s by exploring economic and political explanations for the decisions. In addition, it shows that the decision to devalue or not to devalue can be partly explained by examining the personal background of the policy-makers responsible for the decisions. In particular, the author analyses the personal background of Ali Wardhana and Radius Prawiro for Indonesia, and James Johnson Oluleye, Onaolapo Soleye and Chu Okongwu for Nigeria.

Keywords: Ali Wardhana; exchange rate policy; Indonesia; James Johnson Oluleye; Nigeria; Onaolapo Soleye; Radius Prawiro



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