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The Dawkins Plan is rapidly transforming the Australian higher education landscape. This paper explains its rationale. Like any controversial policy, there are winners and losers form this plan. These are brought out in the paper.

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The last decade has wilnessed three distinct crises: 1992-93 European crisis, 1994-95 Mexican crisis and 1997-98 Asian crisis. The Asian k m c i a l crisis raised serious concerns about the vulnerability of the Malaysian financial system. Although the Malaysian economy bas responded well to capital controls and other measures adopted by the government and Bank Negara Malaysiq concerns remain regarding their long-term viability. This paper attempts to explain the reasons for the success of the restructuring of the Malaysian financial system. In addition, the paper argues that given the high level of competition faced by Malaysia's export oriented industries, especially from China, long term economic growth will require Malaysia kcoming a regional financial centre. This would require Malaysia to remwe all capital wntrols and allow its currency to fluctuate h l y . Instead of relying on capital wntrols, the rate of accumulation of short-term foreign debt on be better controlled by a tax on short-term capital inflows.

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