After three decades of rapid economic growth during the authoritarian Soeharto era, followed by the deep but relatively short‐lived Asian financial crisis, Indonesia transitioned rapidly to democratic and decentralized governance. We examine policy‐making processes and economic outcomes during the first two decades of this new era, leading up to the 2019 national elections where it was widely conjectured that Indonesia might follow the global trends of authoritarian rule and illiberalism. We conclude that, thus far, Indonesia has navigated the transition from authoritarian to democratic rule quite successfully. Compared to the Soeharto era, growth has been somewhat slower, inequality has risen, and policy reform is slower and generally incremental. But living standards continue to rise and all major political players have elected to operate within the new democratic parameters. Macroeconomic management has continued to be effective. Nevertheless, there are no grounds for complacency: there is a large outstanding reform agenda, and the economy is not providing enough economic opportunities for the better‐educated senior secondary and tertiary graduates entering the workforce.

中文翻译：

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在民主印度尼西亚制定经济政策：前两个十年

在独裁的苏哈托时代，经济经历了三十年的快速增长，随后经历了深重但相对短暂的亚洲金融危机，印度尼西亚迅速过渡到民主和权力下放的治理。我们研究了这个新时代的前二十年中的决策程序和经济成果，直到2019年全国大选为止，人们普遍认为印度尼西亚可能会遵循威权统治和自由主义的全球趋势。我们得出的结论是，到目前为止，印度尼西亚已经非常成功地完成了从专制到民主统治的过渡。与Soeharto时代相比，增长有所放缓，不平等加剧，政策改革也较为缓慢，总体上是渐进式的。但是生活水平继续提高，所有主要的政治参与者都选择在新的民主体制内运作。宏观经济管理继续有效。然而，没有理由感到自满：有大量未完成的改革议程，并且经济没有为受过良好教育的高中和大专毕业生提供足够的经济机会。