Suchergebnisse

Overall, 2011 was a year of significant change in Myanmar. By year-end, there was hope that political and economic reforms—incomplete and fragile—were at last underway. Myanmar continued to be an important regional exporter of energy and resources, but in other areas underperformed. Myanmar's international relations improved, and U.S. Secretary of State Hillary Clinton visited at the end of November.

This book tells the story of Burma's financial system – of its banks, moneylenders and 'microfinanciers' – from colonial times to the present day. It argues that Burma's financial system matters, and that the careful study of this system can tell us something about Burma – not least about how the richest country in Southeast Asia at the dawn of the twentieth century, became the poorest at the dawn of the twenty-first. While financial systems and institutions matter in all countries, the book argues that they especially count in Burma. Events in the financial and monetary sphere have been unusually, spectacularly, prominent in Burma's turbulent modern history. From the Chettiars and the alienation of the land, to the backlash against the foreign moneylender. From the great state banks of the democracy years, to the Orwellian 'people's banks' of the Burma way to socialism. From Burma's bizarre demonetization experiences, to the rise and crash of the entrepreneurial bankers. And from the money launderers to the practitioners of microfinance. The story of Burma's financial system and its players is one that has shaped the country. It is a dramatic story, and it is an important story.

The dominant issue in Myanmar throughout 2010 was the elections finally held on November 7. These were the culmination of the ruling junta's roadmap toward "disciplined democracy" but were neither free nor fair. A major development the same month was the release from house arrest of Daw Aung San Suu Kyi, which drew worldwide attention. Myanmar's economy continued to underperform.

The bounty presently accruing to Burma from rising exports of natural gas promises to transform the country's finances. Redeeming this promise, however, will require wholesale reform of Burma's fiscal and financial arrangements. Such reforms are unlikely. This article explores the financial potential of Burma's gas exports, the danger that they could yield a "resources curse," and the extent to which the state's fiscal demands compromise Burma's economic development.