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Topic: Asian economic crisis of 1998

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	FDIC: New York Regional Outlook, Third Quarter 1998: In Focus, The Asian Economic Crisis
		The economic crisis in Asia is now more than one year old, yet the consequences of the unprecedented slide in currency values are still reverberating throughout the global economy.
		Asian developing countries also had stepped up their demand for petroleum products, accounting for two-thirds of the increase in world petroleum consumption between 1992 and 1996.
		In the initial stages of the crisis, the consensus view suggested that the United States would be overwhelmed by cheap imports from Asia, as Asian countries exported their way to economic recovery.
	www.fdic.gov /bank/analytical/regional/ro19983q/ny/infocus1.html (2600 words)

	FRB: Testimony, Greenspan -- The current Asian crisis -- March 3, 1998
		They assert that allowing this crisis to play out, while doubtless having additional negative effects on growth in Asia, and engendering greater spill-overs onto the rest of the world, is not likely to have a large or lasting impact on the United States and the world economy.
		Asian equity losses, excluding Japanese companies, since June 1997, worldwide, are estimated to have exceeded $700 billion, at the end of January, of which more than $30 billion had been lost by U.S. investors.
		My sense is that one consequence of this Asian crisis is an increasing awareness in the region that market capitalism, as practiced in the West, especially in the United States, is the superior model; that is, it provides greater promise of producing rising standards of living and continuous growth.
	www.federalreserve.gov /boarddocs/testimony/1998/199803032.htm (1159 words)

	Asian Currency Crisis 1997-1998
		Before the currency crisis, trading in the rupiah was less than $5 billion a day, a tiny part of the more than $1 trillion that is traded daily in foreign exchange markets.
		China, Taiwan, Japan and other Asian countries see slower growth since their currencies have remained relatively stable and as a result their exports are now less competitive than those from the countries directly involved in the currency crisis.
		If Asian imports fall by an average of 15% next year, a greater amount than the fall in imports during Mexico’s currency crisis in 1995, America’s GDP growth would be reduced by half a percentage point and the European Union’s by four-tenths of a point.
	www.colorado.edu /Economics/courses/econ2020/articles/Asian-currency.html (3463 words)

	Asia Times: Asian economic crisis a warning to rich nations
		UNITED NATIONS - The Asian economic turmoil is a warning to the world's richer nations that they cannot remain insensitive to the spreading crisis in developing countries, Indonesian Foreign Minister Ali Alatas said Jan. 12.
		''The crisis sent a strong message to the developed countries that if this economic storm were allowed to unleash its full fury, they, too, in the end will sink with the rest of us in a global recession or even depression,'' he said here.
		He also blamed the crisis on an ''unbridled liberalisation of markets'' and the drive by richer nations to create openings for their investments, as well as the unrestricted money-market flows and exports of manufactured products.
	www.atimes.com /asia-crisis/AA15Db01.html (854 words)

	Proceedings of the workshop on the implications of the Asian economic crisis for the livestock industry held in Bangkok ...
		Where the economic crisis manifests itself in lasting negative effects on purchasing power and in extended levels of poverty, there is likely to be some reversal of the previous rampant industrialisation.
		Livestock is a major economic sector in Asia, the relative importance of which increased greatly prior to the onset of the Asian economic crisis in July 1997, largely due to rapid increases in urban demand.
		The five Asian countries most affected by the Asian economic crisis have adjusted in the livestock sector through decreases in imports of meat and milk, and especially of feed grains, rather than through increased exports of meat.
	www.fao.org /DOCREP/004/AC473E/AC473E01.htm (10928 words)

	Effects of the Asian Economic Crisis
		Many of the problems resulting from the Asian economic crisis is due to the highly integrated and interdependent Asian economies and their reliance upon the international financial system and foreign investment.
		The problematic implications of the economic crisis on the Chinese economy are expected to negatively affect China's export markets, decrease FDI and possibly leading to a slow down in China's technological development and industrial transformation.
		To fully examine the implications of the Asian economic crisis on China's economy, it is important to understand its main sources of economic growth and the successful factors in achieving its industrial development policies.
	www.gwu.edu /~ylowrey/crisis.htm (1939 words)

	The Asian Crisis: A View from the IMF--Address by Stanley Fischer
		Thus, I am very pleased to have this opportunity to discuss the Asian crisis, what the IMF is doing to help contain it, and the institution's wider role in the international monetary system.
		As already noted, at the outset of the crisis, countries need to firm their fiscal positions, to deal both with the future costs of financial restructuring and--depending on the balance of payments situation--the need to reduce the current account deficit.
		This was true during the energy crisis in 1973-74, when the IMF established a mechanism for recycling the surpluses of oil exporters and helping to finance the oil-related deficits of other countries.
	www.imf.org /external/np/speeches/1998/012298.htm (3856 words)

	BBC News \| Asian economic crises \| Boom to Bust: Asia's economic crisis (Site not responding. Last check: 2007-10-02)
		For decades the so-called Asian Tigers were seen by many as a model of economic development.
		Later that month, the crisis spread to South Korea and the world's 11th largest economy had to go cap in hand to the International Monetary Fund for a massive $57bn loan.
		In November, the economic weaknesses of the Japanese economy were exposed by the collapse of Yamaichi, one of Japan's largest and most prestigious financial houses.
	news.bbc.co.uk /1/low/special_report/1998/asian_economic_crises/45468.stm (556 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)

	[No title]
		For one thing, this crisis is still unfolding at the time of writing, and policy is being made on the fly; any clarity we can bring to the discussion is bound to be helpful.
		Moreover, while this crisis did not play exactly in the way posited by standard currency crisis models, nonetheless those models were helpful in providing at least a first-pass framework for both understanding and policy formation - and those who knew those models were better forecasters than those who did not.
		What all of this suggests is that the Asian crisis is best seen not as a problem brought on by fiscal deficits, as in "first-generation" models, nor as one brought on by macroeconomic temptation, as in "second-generation" models, but as one brought on by financial excess and then financial collapse.
	web.mit.edu /krugman/www/DISINTER.html (5234 words)

	Asian economic crisis to impact Wisconsin agriculture (Mar 4, 1998)
		Asian economic crisis to impact Wisconsin agriculture (Mar 4, 1998)
		Shock waves from the Asian economic crisis will ripple through Wisconsin's farm economy, with corn and soybean producers feeling the worst effects during 1998 and 1999, according to a UW-Madison economist.
		Economic crisis and currency depreciation have made the U.S. dollar much stronger against Asian currencies, reducing Asians' ability to buy U.S. exports.
	www.news.wisc.edu /3330.html (767 words)

	Economic Development Seminar --- S. J. Gabriel
		Economic development is usually thought of as a course in poor countries.
		Economic development is defined as a transformation in economic processes and the underlying economic structure (of institutions and physical infrastructure) of a social formation such that the economic potential of that social formation is increased.
		The USA, despite having achieved preeminent political and economic power on the planet, must be continually transformed in order to sustain economic growth and improved quality of life.
	www.mtholyoke.edu /courses/sgabriel/devel.htm (798 words)

	Asian Economic Crisis: Points of View (Site not responding. Last check: 2007-10-02)
		Thailand's Foreign Policy During the Economic and Social Crises Keynote address by H.E. Dr. Surin Pitsuwan Minister of Foreign Affairs of Thailand at the Seminar in Commemoration of the 49th Anniversary of the Faculty of Political Science, Thammasat University June 12, 1998.
		The Asian Crisis: A View from the IMF--Address by Stanley Fischer - Washington, D.C., January 22, 1998
		The East Asian Crisis: Origins, Policy Challenges, and Prospects by Javad K. Shirazi, Regional Manager, East Asia and the Pacific, The World Bank.
	russia.shaps.hawaii.edu /economic/asian-crisis.html (2916 words)

	[No title]
		The Asian economic crisis has been linked to an increase in the number of suicides in the continent
		In South Korea, the crisis proved the downfall of a number of major corporations and banks, prompting a painful government reform package whose bitter medicine has proved difficult to swallow.
		And in the Philippines, never an economic power, the regional crisis has spelled disaster for many corporations, including the national airline, which was forced to shut down before being resurrected as a mere shadow of its former self.
	www.cnn.com /specials/1998/year.review/overall/02.asian.economic.crisis (564 words)

	Economist Prescribes Slow
		According to Bernard Yeung, a leading emerging markets expert on Asian economies at the William Davidson Institute, the entire Asian region is on the verge of its second economic crisis since 1998.
		There is no source for optimism in the economic outlook for any Southeast Asian country, Yeung believes, largely because of their overreliance on the financially troubled high-technology sector.
		After the 1998 economic crisis, Asian countries needed to install more checks and balances in their governments and better corporate governance to assure local and international investors of their stability.
	www.worldbank.org /html/prddr/trans/febmarch2001/pg24.htm (455 words)

	TIMEeurope.com: How the world has changed
		Joseph Stiglitz is professor of economics at Columbia University, former chief economist at the World Bank, and former economic adviser to President Bill Clinton.
		During the Asian economic crisis in 1998, the U.S. was the one factor keeping the global economy going.
		As for the economics, in early September I would have said that the U.S. would have bottomed by the end of December.
	www.time.com /time/europe/specials/changes/forecast.html (790 words)

	TST: Asian economic crisis result of suppressed liberty
		The crisis in Indonesia is the predictable consequence of decades of monetary inflation.
		One important characteristic of an economic correction, after a period of inflation is its unpredictable nature because reactions of the individuals concerned influence both political and economic events.
		Concern for liberty is not a subject associated with economic crisis and is in fact an ongoing casualty of past and current policy.
	www.house.gov /paul/tst/tst98/tst052598.htm (709 words)

	U.S. Senator Chuck Grassley - Word On - Asian Economic Crisis (Site not responding. Last check: 2007-10-02)
		A: As Chairman of the International Trade Subcommittee, I am working to put together a Finance Committee hearing in early February to examine the impact of the Asian economic crisis on the U.S. trade deficit.
		A: It is important for the countries experiencing the crisis to keep their markets open to U.S. exports.
		That's why I am planning a Subcommittee on International Trade hearing to further examine the impact of the Asian economic crisis on specific U.S. industries, especially agriculture.
	www.senate.gov /~grassley/won/1998/wo801-19.htm (240 words)

	ANTARA News :: Soros Denies Being Behind Asian Economic Crisis (Site not responding. Last check: 2007-10-02)
		Soros, who is on his first visit to Indonesia gave his impressions of the country`s development in the post economic crisis, said his visit to Jakarta had no hiddden political agenda.
		Having experinced life under the Nazi and communist regimes as a child, Soros had come to the conclusion it was necessary to develop the values of an open society such as have become the foundations of the Amerian people and democratic system.
		However, he denied having been behind the Asian economic crisis as once allged by former Malaysian Prime Minister Mahathir Muhammad.
	www.antara.co.id /en/seenws/?id=8106 (465 words)

	Bank of Montreal Economics - Economic Research and Analysis on Canada, United States and International Economies (Site not responding. Last check: 2007-10-02)
		In particular, Asian markets — the most severely affected by the economic turmoil — have stabilized and, in some cases, have begun to recover, while European markets have benefited from strengthening economic activity.
		However, with the Japanese and other Asian economies forecast to gather speed, and European markets to be still vibrant past 2000, the net effect of the US slowdown on world pulp demand should be partly mitigated (but not totally).
		It is important to note that our long-term forecast represents the future expected trend and does not incorporate the influence of economic cycles or temporary imbalances in world markets that are likely to take place over the forecast horizon.
	www.bmo.com /economic/regular/mpulp1099.htm (1157 words)

	The Crisis in Indonesia
		The combination of the economic crisis and two years of drought has left the Indonesian people without any social safety net.
		The relentless effects of the fires have caused a severe healthcare crisis of it’s own in the poorer provinces where healthcare standards are significantly below those of Java’s.
		The economic crisis has taken its toll on budgets and x-ray film is a scarce commodity.
	www.upliftinternational.org /crisis.htm (607 words)

	Asian Economic Crisis: Trading the Future (Site not responding. Last check: 2007-10-02)
		Already, the economic turmoil has forced the governments of Malaysia, Thailand, Indonesia, and the Philippines, as well as private investors, to drop or shelve or jettison some of their multi-billion dollar mega-projects.
		But an economic crisis can make governments turn on their own remaining resources and those of their neighbours --ostensibly, to claw their way out of the turmoil.
		Bailing out their economies from the crisis and their people from poverty is a job that has been shouldered by the region's women and children.
	www.isiswomen.org /pub/crisis/eco00001.html (2085 words)

	Getting Caught: Identity Builders and the Asian Economic Crisis- Pool Summer 1998
		Suddenly a region that had enjoyed fabulous growth for over ten years, the rise of large urban middle class populations and a generation of youth who felt that the world was really open to them found itself seemingly going backwards.
		Now the effects of the economic crisis are biting and while the Identity Builders' reaction is usually a casual "other peoples' worry" the reality of their changed situation soon becomes evident when they discuss their lifestyle changes.
		Of course the effects of the Crisis vary greatly depending on their families' immediate situation and the political situation of the country.
	www.poolonline.com /archive/iss3fea5.html (1693 words)

	Lok Satta (Site not responding. Last check: 2007-10-02)
		China, of course, was largely unaffected by the Asian crisis, and for nearly a quarter century continues to be the fulcrum of economic growth in Asia.
		In fact, the rapid growth in China is one of the important factors stabilizing global economy in the face of deep economic crisis in the US since 2000, relative stagnation in Europe, and prolonged slump in Japan, the original Asian tiger.
		However, even a cursory visit to South Korea during the 'crisis' period would have helped us realize that their crisis situation was far better than our 'success'.
	www.loksatta.org /et07dec02.htm (1037 words)

	Security Implications: The East Asian Economic Crisis (Site not responding. Last check: 2007-10-02)
		Although the economic convulsions in East Asia have not taken on the proportions of a security crisis, it would be premature to dismiss the possibility.
		Even before the economic crisis, Indonesia politics was entering a delicate transition phase.
		But before and orderly succession could be mapped out, the economic crisis toppled the main pillar of Suharto's political legitimacy: successful economic development.
	www.brookings.edu /press/review/summer98/mochizuki.htm (231 words)

	Tracking the Asian Economic Crisis
		he economic crisis in Asia has generated a great deal of interest in news about the region, and many people are increasingly turning to the World Wide Web for timely information.
		To learn about how the crisis is affecting the United States, a site called the Dismal Scientist, which bills itself as the "Web's authoritative source for economic information," has a section dealing with the effect of the crisis on different regions of the country.
		A visit to the Asian Development Bank in Manila, the Bank of Thailand in Bangkok or the South Korean Ministry of Finance and Economy in Seoul yields little that is current or that has been updated in recent days.
	partners.nytimes.com /library/cyber/sites/011998sites.html (1037 words)

	Asian Currency Crisis - Links (Site not responding. Last check: 2007-10-02)
		Asian Currency Crisis Information and Chronology - Academic journals and year-by-year chronology information about the Asian currency crisis (click on the "Basic Readings and References on the Causes of the Crisis" upon entering the site).
		Asian Finances/Economist - The Economist magazine is a British magazine of business and economic news.
		Full Coverage - Asian Economic Woes - Listing of current news articles on the APR economic crisis.
	www.csubak.edu /PacificRim/asian_currency_crisis.html (165 words)

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