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	Asian Crisis
		Most Asian countries hit hard by the 1997-98 monetary crisis are deluding themselves if they think they have responded properly and effectively to the devastation of their economies.
		With the effects from the Asian financial crisis lingering and the weakening of the US economy, Asia and the rest of the world are nervously awaiting a resurgence of US demand.
		The 1997 Asian economic meltdown hit young people the hardest, as they were caught in the first wave of resulting job cuts.
	atimes.com /asia-crisis/asia-crisis.html (375 words)

	Asian financial crisis - Wikipedia, the free encyclopedia
		Asian countries usually run a trade deficit with Japan because the latter's economy was more than twice the size of the rest of Asia together, and seven times China's.
		The Asian crisis contributed to the Russian and Brazilian crises of 1998, because after the Asian crisis banks were reluctant to lend to emerging countries.
		The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind.
	en.wikipedia.org /wiki/Asian_financial_crisis (3079 words)

	East Asian financial crisis Summary
		The story of Asian currencies recently has been the story of the decline and fall or near-fall of the Asian "tigers," but their problems are by no means unique to them, and the recent crisis may be just the first of many.
		The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind.
		The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank, which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in 1999.
	www.bookrags.com /East_Asian_financial_crisis (6128 words)

	Beyond The Asian Financial Crisis:: Special Reports: Publications: U.S. Institute of Peace (Site not responding. Last check: 2007-09-17)
		However, the crisis is not over; in fact, its most challenging aspects may lie ahead--the political and social effects of economic recession and reform in the countries whose economic vulnerabilities have been exposed by the crisis.
		The Asian financial crisis marks the start of a major post-Cold War adjustment to changes in the global economic system, an adjustment that is potentially as significant as the Bretton Woods agreements that have shaped global currency regulation for the past half-century.
		To Asians who face a dramatic drop in their personal incomes, the U.S. response seems to be an abdication of leadership, but this view neglects the increased importance of the United States as both a major buyer of Asian products and as a source of political stability in the region.
	www.usip.org /oc/sr/asiafinancial.html (9541 words)

	Asian crisis breaches Australian "firewall" (Site not responding. Last check: 2007-09-17)
		The last time such a crisis occurred was in July 1986 when the fall of the dollar prompted the remark by the then Labor Treasurer Paul Keating that the Australian economy was in danger of becoming a "banana republic".
		Asian developing countries accounted for two-thirds of the increase in world petroleum consumption between 1992 and 1996 as their share of world demand rose from 12 percent to 15 percent.
		In the face of the mounting crisis, the government is insisting that Australia should not be bracketed with the Asian countries and that the "fundamentals" of the Australian economy are sound.
	www.wsws.org /news/1998/jun1998/adoll-j9.shtml (1187 words)

	Asia Times Online :: Asian Economy
		The crisis engulfing the riskiest level of US mortgage lending has no direct bearing on Asia, and most regional economies are well placed to cope with the domino effect set off by the crisis.
		Asians can help end this vicious cycle by cutting their holdings of US and European bonds, and focusing on investments with high total returns.
		Asian countries remain beholden to archaic economic notions, attempting to control the growth of their economies by indulging in significant trade and investment manipulation.
	www.atimes.com /atimes/Asian_Economy.html (4024 words)

	Asia Times: Asian Crisis
		In short, how the Asian economies most affected by the 1997 financial meltdown - South Korea, Indonesia, Thailand, Malaysia and the Philippines - handle financial reforms and the overhang of bad loans resulting from it, is paramount to determining their full recovery from the crisis.
		ADB figures show that NPLs have been falling in the five countries hit most by the 1997 crisis, dropping from 49.2 percent in December 1998 to 14.7 percent in September 2001 for Indonesia, 13.6 percent to 11.7 percent in Malaysia and from 45 percent to 12.9 percent in Thailand.
		Kim and Kumar share the view that East Asian governments cannot delude themselves into believing that their countries are making progress by only pointing to economic growth indicators that have picked up in the past few years.
	www.atimes.com /asia-crisis/DD30Db01.html (1080 words)

	New York State Comptroller-The East Asian Economic Crisis
		The crisis that has engulfed several East Asian countries, whose dynamic and rapidly growing economies had long been the envy of many less developed nations, is a forceful reminder that the increasingly global economic and financial system brings with it the potential for sudden disturbances that can reverberate rapidly around the world.
		China's 1994 currency devaluation undercut the export competitiveness of the crisis countries, particularly Thailand and Indonesia, and was one of the contributing causes of the Asian crisis.
		He argues that the high debt-equity ratios experienced in Asian economies are an outgrowth of, and an outlet for, the high levels of household savings and provide a powerful lever for economic growth.
	www.osc.state.ny.us /reports/nyc/economic/tm199/tm199.htm (9682 words)

	Factsheet - The IMF's Response to the Asian Crisis
		The financial crisis that erupted in Asia in mid-1997 led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries (Figure 1); threatened these countries' financial systems; and disrupted their real economies, with large contractions in activity that created a human crisis alongside the financial one.
		The crisis unfolded against the backdrop of several decades of outstanding economic performance in Asia, and the difficulties that the East Asian countries face are not primarily the result of macroeconomic imbalances.
		After the crisis erupted in Thailand with a series of speculative attacks on the baht, contagion spread rapidly to other economies in the region that seemed vulnerable to an erosion of competitiveness after the devaluation of the baht or were perceived by investors to have similar financial or macroeconomic problems.
	www.imf.org /External/np/exr/facts/asia.HTM (2831 words)

	Asian Financial Crisis (Site not responding. Last check: 2007-09-17)
		The “Asian crisis,” as these events have been dubbed by the U.S. press, is having a dramatic impact on workers in Asia, and its ripple effects are being felt throughout North America.
		In Washington, the Asian crisis and the Clinton administration’s request for $18 billion in additional funds for the IMF have sparked a lively political debate about the IMF and future U.S. economic policy.
		In explaining the Asian crisis to the American people, the Clinton administration has focused primarily on the structural problems caused by so-called “crony capitalism”—the incestuous relationship in Asia between governments, banks, and corporations.
	www.fpif.org /briefs/vol3/v3n8fin_body.html (2555 words)

	China and the Asian Financial Crisis (Site not responding. Last check: 2007-09-17)
		When the financial crisis unexpectedly hit the high-performing East and Southeast Asian economies in mid-1997, there were good reasons to believe that the People's Republic of China (PRC) would be the next domino to fall.
		An important lesson from the Mexican peso crisis and the Asian financial crisis is that a sound banking sector is the single most essential element of a healthy financial system.
		The Asian financial crisis vividly demonstrated that systemic problems in the banking and financial sector are accidents just waiting to happen, or more appropriately, waiting to "explode" without warning and quickly engulfing the economy as a whole.
	www.fas.harvard.edu /~asiactr/haq/200001/0001a006.htm (3278 words)

	Recovery from the Asian Crisis and the Role of the IMF -- An IMF Issues Brief
		The rapid spread of the Asian crisis in late 1997-bringing a larger-than-expected depreciation of the baht, a sharp economic downturn and adverse regional economic developments--warranted revisions to the Thai program.
		The objectives of Korea's crisis resolution strategy were, first and foremost, to restore confidence and stabilize financial markets, and second, to lay the foundation for the resumption of sustained recovery in the real economy.
		Crisis management after mid-1997 was sound, and the Philippines adapted its policies, including through the floating of the peso, tightening of monetary policy and strengthening of the banking system.
	www.imf.org /external/np/exr/ib/2000/062300.htm (5978 words)

	The Social Impacts of Asian Financial Crisis
		In particular, the impacts of the crisis on unemployment, real wage, poverty, and income inequality are analyzed using a cross-country data set, which consists of all the countries that have received financial assistance from the IMF over the period from 1973 to 1994.
		Asian countries are now struggling to escape from the miseries of declining income, rising unemployment, and increasing poverty.
		In order to assess the economic and social impacts of the crisis and predict its future development, it is imperative to understand the IMF conditionality attached to its financial support for the Asian countries.
	hdr.undp.org /docs/publications/ocational_papers/oc33a.htm (3070 words)

	Imperialism and the Asian Crisis -- DSP Statement
		The Asian financial crisis is only the latest expression of a protracted world capitalist crisis of overproduction, which began to manifest itself in the mid-1970s.
		A number of Asian economies initially benefited from the neo-liberal drive in the imperialist countries as large imperialist firms transferred some of their more labour-intensive operations to the region and a handful of other countries in the Third World, in an attempt to reduce their costs.
		Indeed, the Asian economic crisis was probably brought on all the sooner and in such a sudden way as a direct result of the global wave of economic deregulation.
	www.dsp.org.au /dsp/dsp-asia.html (3577 words)

	Vietnam and the Asian Financial Crisis (Site not responding. Last check: 2007-09-17)
		The Asian economic crisis of 1997-98 was one of four "typhoons" which struck Vietnam at that time.
		The fourth "typhoon" was the impact of the Asian economic crisis on Vietnam in 1998, which resulted in a marked drop in foreign investment and trade, especially from the former growth economies of East Asia -- South Korea, Hong Kong, Japan and Thailand.
		The Asian financial crisis has raised serious doubts in the minds of some party leaders and they have deliberately slowed the pace and scope of this process.
	www.fas.harvard.edu /~asiactr/haq/200001/0001a003.htm (4038 words)

	The Asian Financial Crisis of 1997 - 1998
		Secondly, using Price/Earnings and Price/Book ratios it is shown that Asian stock markets were not “overvalued” before the crisis started; thus suggesting that the crisis was not the result of a bursting bubble that some authors such as Krugman have argued.
		Shown was that the severe downturn of the Asian stock markets during the financial crisis can be associated with the currency devaluations of the five countries whose currencies experienced the sharpest depreciations during the crises, especially in the case of Indonesia, Malaysia, Philippines, South Korea, and Thailand.
		When the evolution of South East Asian stock markets prior to the crisis was analyzed there was no evidence found of a clear pattern of stock markets collapsing in a contagious fashion before the first round of devaluations took place in July, 1997 as Krugman (1998) suggested was the case.
	www.westga.edu /~bquest/2003/asian.htm (3424 words)

	CRS Report: THE 1997-98 ASIAN FINANCIAL CRISIS
		The fourth reason that the Asian financial crisis is of interest to the United States is that the turmoil affects U.S. imports and exports as well as capital flows and the value of the U.S. dollar.
		For example, prior to the financial crisis in Thailand, even though the IMF might have warned the country that it was headed for trouble, it was difficult for the Thai leaders to muster the political support to restructure the 58 financial institutions that eventually became insolvent.
		In the Asian countries, the immediate effect of the change in the value of their currencies and outflows of capital is to reduce their trade deficits, and, in some cases, to generate a trade surplus.
	www.fas.org /man/crs/crs-asia2.htm (11595 words)

	ArgMax Economics Weblog: The Asian Currency Crisis
		The poor investments are seen to be largely a consequence of financial intermediaries which had an (implicit) government guarantee on their liabilities and the resulting moral hazard problem.
		How the financial crisis could affect you is a series of BBC reports on how the crisis will effect the world's economies.
		The Asia Crisis Homepage by Professor Roubini at the Stern School of Management contains many more links on the Asian crisis as well as issues related to currency crashes in general.
	www.argmax.com /mt_blog/archive/000231.php (1001 words)

	Africa Recovery/UN/12#2.Asian stock crisis
		The shock waves of the economic crisis that began a year ago in Asia -- and are now threatening a global recession -- have been taking a while to reach most countries in Africa, a continent not yet well integrated into global financial markets.
		Because many Asian currencies have depreciated in value as a result of the financial crisis, their exports to the world market have become much cheaper in foreign currency terms, making them more competitive with countries whose currencies have not been devalued.
		In some of the reports on the unfolding Asian crisis published in the African press, commentators noted the huge sums -- around $125 bn -- lent to Indonesia and other stricken economies in an effort to prevent their complete financial collapse.
	www.un.org /ecosocdev/geninfo/afrec/vol12no2/asian.htm (3788 words)

	Asian Crisis Conference, Seattle, January 4-5, 2000
		This is a sequel to a previous conference on the Asian crisis held in Seattle, Washington, U. on December 29-30, 1998.
		Some possible topics for this conference are: the economic causes and effects of the current crisis; the economics of crisis with special applications to these countries; the relationship between Asian growth and the crisis; the roles of and impacts on foreign trade, currency and macro-management, resource allocation, and policies of these countries.
		Please check the Asian crisis home page for information about the crisis, including country reports, chronology, reference lists of economics papers on Asian growth and the crisis, a survey on currency crises and capital control, and some statistical data.
	faculty.washington.edu /karyiu/confer/Sea00/index.htm (233 words)

	frontline: the crash
		The clip starts just after this FRONTLINE report shows that what helped set in motion the Thai crisis was the decision by the 7 richest nations, "The G-7," to increase the dollar's value to the yen.
		FRONTLINE explores the global crisis that began as a real estate bust in Thailand and roared through the worldís economyófrom Bangkok to Jakarta to Moscow to Wall Street.
		The web site will take a closer look at how the 1998 world financial crisis played out in one country; examine the most significant ideas under discussion for reforming the global economic system; and,will present more of the in-depth interviews with the experts as well as a special readings and links section.
	www.pbs.org /wgbh/pages/frontline/shows/crash (231 words)

	Moving Ideas Network
		The article argues that the most important long-term impact of the East Asian financial crisis, a decade later, has been that it began a process that led to the collapse of the International Monetary Fund’s (IMF's) influence over middle-income countries.
		This was partly a result of the Fund's role in the crisis, detailed in the article, which was widely seen as a major failure.
		Partly as a result of this experience, the middle-income Asian countries have accumulated large reserve holdings and largely removed themselves from IMF influence.
	www.movingideas.org (213 words)

	MINICRIS
		The truth is that in the four front-line Asian crisis countries, and in the related speculative attack on Brazil, short-term debt to banks was the dominant source of capital flight.
		In the early stages of the crisis the IMF imposed fiscal austerity; currently the recovery is being partly driven by deficit spending.
		On one side, it fed the perception that the problems of the crisis countries were deep and not easily resolved; on the other, it led to struggles over implementation that reinforced the sense that things were out of control.
	web.mit.edu /krugman/www/MINICRIS.htm (3556 words)

	The Asian Financial Crisis (Site not responding. Last check: 2007-09-17)
		The Asian financial crisis has been the biggest test for the IMF since the Latin American debt crisis of the 1980s, and perhaps the biggest test since the institution was founded in 1944 (see Chapter 10 for details).
		Most Asian countries tried to peg the value of their currency against the US dollar, intervening selectively in the foreign exchange markets to support the value of their currency.
		To the extent that the crisis gives Asian countries an incentive to reform their economic systems, and to initiate some much need restructuring, they may emerge from the experience not weaker, but stronger institutions and a greater ability to attain sustainable economic growth.
	www.wright.edu /~tdung/asiancrisis-hill.htm (10007 words)

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