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Topic: Asian financial crisis

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  Asian financial crisis   (Site not responding. Last check: 2007-10-19)
The Singaporean economy managed to turn in a relatively healthy performance in comparison to her Asian peers during and as a result of the financial crisis, although its strong linkages and dependency on her regional economies still entailed some negative effects on her economy.
Culturally, the Asian financial crisis dealt a setback to the idea that there is a distinctive set of Asian values, i.e.
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.
asian-financial-crisis.iqnaut.net   (2222 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.
Though called the "East Asian" crisis because it originated in East Asia, its effects rippled throughout the globe and caused a global financial crisis, with major effects felt as widely as Russia, Brazil, and the United States.
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)

 The Asian Financial Crisis - Monografias.com
These were a lack of transparency, which made the investors and economical agents assume an Asian financial stability, and mislead structural and economic policies, which did not attempt to solve deficits in the balance of payments and debt tribulations.
The four proposals are: tax for outflow of shot-term capital, a fixed spread for the financial institutions that will apply only in the short term, a dirty exchange rate that will apply only the short term as well and an improvement of financial transparency.
As it was mentioned before, the Asian financial market showed a lack of transparency, for example it has long been known that financial intermediaries whose liabilities are guaranteed by the government pose a serious problem of moral hazard.
www.monografias.com /trabajos10/asia/asia.shtml   (2240 words)

 Finance & Development, September 1999 - The Asian Financial Crisis: What Have We Learned?
The Asian financial crisis, which spread from Thailand to other countries in the region during the second half of 1997, plunged the countries affected into deep recessions that brought rising unemployment, poverty, and social dislocation.
The crisis raises a number of important issues for the international financial system, many of which are related to the development of a new international financial architecture.
At the height of the Asian crisis, some unpleasant information was revealed—in particular, on the weaknesses of central banks' international reserve positions—that exacerbated market panic; it would have been much better if such information had instead been revealed earlier on, when it might have restrained the heady inflows of capital.
www.imf.org /external/pubs/ft/fandd/1999/09/lane.htm   (2898 words)

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)

 Asian Crisis
Derivatives played an unprecedented key role in the Asian financial crisis of 1997, alongside the growth of fund flows to Asian newly industrialized economies, as part of financial globalization in unregulated world foreign exchange, capital and debt markets.
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.
www.atimes.com /asia-crisis/asia-crisis.html   (375 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)

 The Social Impacts of Asian Financial Crisis
As the crisis unfolded, it became manifest that the existing social welfare systems in the crisis-hit Asian countries were absolutely deficient in covering the needs of the sufferers.
This pattern arises because the burden of the crisis tends to be distributed unequally.
International partnership among the affected Asian countries, advanced countries, and international institutions is essential in overcoming the current economic and social disaster, in preventing it from spreading to the world, and in ensuring stability in the global capitalist system.
hdr.undp.org /docs/publications/ocational_papers/oc33d.htm   (5014 words)

 1997 East Asian financial crisis - Wikipedia, the free encyclopedia
The East Asian financial crisis was a period of economic unrest that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers.
Though called the "East Asian" crisis because it originated in East Asia, its effects rippled throughout the globe and caused a global financial crisis, with major effects felt as widely as Russia and Brazil, as investors lost confidence in emerging markets.
Krugman would be seen by many as prescient after the financial crisis became full-blown, though he himself stated that he had not predicted the crisis or foreseen its depth.
en.wikipedia.org /wiki/Asian_crisis   (4903 words)

 Asian Financial Crisis
In response to the financial crisis in Asia, the Campaign for America’s Future held a forum on Capitol Hill in December to explore the issue and educate congressional aides.
In cause and in effect, this is not an Asian crisis.
But the root of the crisis is a systemic flaw in the global system itself: over-investment and competition for market share leads companies and countries to build surplus capacity.
www.ourfuture.org /onmessage/borosage/7_20_98.cfm   (1673 words)

 IMF's Role in the Asian Financial Crisis
Many of the same institutions and people who recently celebrated the Asian "tigers" as the engine of world growth into the 21st century now speak of them as a source of financial contagion, or, as the trigger for global deflation.
The main lesson to be learned from the Asian financial crisis, critics of the IMF contend, is that there is an urgent need to reverse current practices and re-regulate global capital flows.
However, even before the Asian financial crises, the IMF already had plans for a total capital increase of $90 billion that would be drawn mainly from the G-7 countries.
www.ifg.org /imf_asia.html   (949 words)

 The Asian Financial Crisis
What the world financial community did not know at this point, was that with the blessing of his superiors, a foreign exchange trader at the Thai central bank had locked up most of Thailand’s foreign exchange reserves in forward contracts.
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).
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)

 Asian Financial Crisis: Causes, Cures, and Systemic Implications -- Morris Goldstein, Peter G. Peterson Institute for ...
The turmoil that rocked Asian markets after the middle of 1997 and that spread far afield was the third major currency crisis of the 1990s.
In an effort to contain the crisis, almost $120 billion was pledged in IMF-led official rescue packages.
He traces the crisis through its three interrelated origins: financial sector weaknesses; external sector problems; and the contagion that spread from Thailand to other countries.
bookstore.petersoninstitute.org /merchant.mvc?Screen=PROD&Product_Code=22   (276 words)

 Asian financial crisis   (Site not responding. Last check: 2007-10-19)
Indonesia, Singapore, South Korea and Thailand were the countries most affected by the crisis.
Hong Kong, Malaysia and the Philippines were also hit by the slump.
Culturally, the Asian financial crisis killed the idea of Asian values which presumed that East Asia had found a political and economic structure that was superior to the West.
asian-financial-crisis.kiwiki.homeip.net   (1998 words)

 IP: THE ASIAN FINANCIAL CRISIS----HOW AND WHY IT HAPPENED   (Site not responding. Last check: 2007-10-19)
THE ASIAN FINANCIAL CRISIS----HOW AND WHY IT HAPPENED The Crisis in Southeast Asia It was only yesterday when we talked about the "Asian economic miracle." But, as if a big earthquake suddenly hit that region, it's now all gone and replaced by turmoil, confusion, and hardship in many of the Asian economies.
What is now known as the "Asian financial crisis" started in early July, 1997, when Thailand had to devalue its currency, the baht, about 20% against the US dollar, as a result of intense pressure in the foreign exchange market.
As a result, their financial system as a whole became so vulnerable, and once it was attacked by speculators, there was a massive outflow of short-term capital from the system, leading to the market overreaction.
www.interesting-people.org /archives/interesting-people/199809/msg00003.html   (1366 words)

 1997 asian financial crisis: essaysource.com - the best free essay, term paper, book report source on the internet
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www.essaysource.com /term-papers/19/1997-asian-financial-crisis.html   (435 words)

 Asian Financial Crisis
If you own stocks or an export business and the uncertainty in Asian financial markets has you worried, don't expect any big changes soon.
Another difficullty, according to Monson, is that many Asian countries have no policy in place to penalize corporations which default on their payments.
Monson believes the Asian crisis may have been caused by too many non-performing loans coming due at the same time, putting banks in the awkward position of being unable to repay their creditors.
www.admin.mtu.edu /urel/breaking/financialCrisis.html   (630 words)

 The Asian Financial Crisis   (Site not responding. Last check: 2007-10-19)
This book analyzes the social impact of the Asian financial crisis and its policy implications.
It documents the severe rise in unemployment and its repercussions in the worst-affected countries (the Republic of Korea, Thailand, and Indonesia) and how this has, to a varying extent, overwhelmed the underdeveloped systems of social protection.
The policy issues raised are of relevance not only to the crisis-affected Asian countries but also to other emerging economies that are facing similar challenges in an era of rapid economic and financial globalization.
www.brook.edu /Press/books/clientpr/ilo/fncrisis.htm   (282 words)

 The Effect of the Asian Financial Crisis on the Performance of Korean Nationwide Banks
The Asian financial crisis spread its effect quickly across a number of countries.
The Asian crisis did not affect the normal rules of good bank management.
"The effect of the Asian financial crisis on the performance of Korean nationwide banks," Applied Financial Economics, Taylor and Francis Journals, vol.
ideas.repec.org /p/uct/uconnp/2002-32.html   (466 words)

 Roubini Global Economics (RGE) Monitor
Yongding: Continued sterilization will damage profitability of banks and financial efficiency
China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients
From 1997 to 2007: En Route to Another EM Financial Crisis or Toward a Safer Place?
www.stern.nyu.edu /globalmacro/asian_crisis/basic_readings.html   (675 words)

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