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Topic: Asian financial crisis of 1998

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	Asian Financial Crisis Clouds Global Growth Prospects - ADB.org
		The financial crisis in Southeast Asia and Republic of Korea is likely to slow down economic growth in the Asian and Pacific region drastically in 1998, and in the process undermine the growth momentum in the rest of the world, according to an Asian Development Bank (ADB) report released today.
		In 1998, the crises are projected to slow the growth of the United States, the European Union, and the OECD (Organisation for Economic Co-operation and Development) member countries by less than one percentage point, and of Japan by 1.4 percentage points.
		As a result of the financial crisis, the economy of Thailand, whose currency depreciation triggered substantial falls in other Asian currencies during the latter half of 1997, is seen as contracting by three percent in 1998 after negative growth of 0.4 percent in 1997.
	www.adb.org /printer-friendly.asp?fn=%2FDocuments%2FNews%2F1998%2Fnr1998026%2Easp (1397 words)

	Asian financial crisis - Wikipedia, the free encyclopedia
		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.
		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 (2442 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 (2886 words)

	EMPFORM (CD/ART) - Preface: The social impact of the Asian financial crisis: Technical report for discussion at the ...
		Responses to the Financial Crisis in East and
		The present report was written as the main technical paper for the ILO's High-Level Tripartite Meeting on Social Responses to the Financial Crisis in East and South-East Asian Countries to be held in Bangkok from 22 to 24 April 1998.
		It suggests priority areas for policy and institutional reform that need to be addressed immediately in order to overcome the current crisis, to reduce the risk of similar crises in the future, and to improve the capacity to cope with a large and unanticipated rise in unemployment and poverty.
	www.ilo.org /public/english/bureau/intpol/bangkok/preface.htm (376 words)

	CFR Publications: The Economics and Politics of the Asian Financial Crisis of 1997-1998 (Site not responding. Last check: 2007-11-01)
		Financial markets were taken by surprise on July 2, 1997, when the Bank of Thailand withdrew its support of the baht in the foreign exchange market and the baht plunged in value, setting off the Asian financial crisis.
		The crisis will only end when foreign bankers are convinced that financial stability has returned and that the government or private sector will be able to repay the foreign debt despite and because of its lower-valued currency.
		The crisis cannot fully end until the political regime that has succeeded President Suharto indicates it is capable of forming a coherent plan to revive the economy and begins to implement it.
	www.cfr.org /publication.php?id=135 (19250 words)

	After the Asian Financial Crisis: Can Rapid Credit Expansion Sustain Growth? (2004-38, 12/24/2004)
		Because the financial sectors of the affected countries proved to be too weak to monitor the effective investment of foreign credit, funds were directed to unproductive projects.
		The ensuing crises led to the collapse of the financial sector and of economic activity.
		Because of the rapid outflow of foreign funds and the collapse of the financial system in both South Korea and Thailand, the effect of a large currency depreciation was not sufficient to boost output.
	www.frbsf.org /publications/economics/letter/2004/el2004-38.html (1740 words)

	IMF and Asian Crisis 1998
		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 /analysis/imf/imf_asia.htm (938 words)

	Assignment: Asian Financial Crisis
		"The Asian Crisis, the IMF, and the Japanese Economy." Speech by Stanley Fischer of the IMF.
		"Is the Asian Crisis Over?" A speech by Michel Camdessus, Managing Director of the International Monetary Fund in April 1998, indicating cautious optimism that the financial crisis of Asia may be abating.
		Somewhat broader in scope concerning the social implications of the financial crisis.
	www.iup.edu /politicalscience/courses/ps383/a-financ.htm (1171 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)

	Michael Youssef, "The Impact of the Asian Financial Crisis on the World Economy"
		The Asian financial crisis started on July 2, of last year, when the government of Thailand abandoned its efforts to maintain a fixed exchange rate of the baht.
		Nevertheless, Asian financial and economic crisis have caused jitters throughout East Asia as currency traders reassessed their positions and foreign investors withdrew short-term investment funds.
		The impact of the crisis on world trade is even harder to assess because of the large changes in relative prices of currencies and the difficulty of assessing the speed and magnitude of adjustments of trade flows to exchange rate changes.
	www.shsu.edu /~his_ncp/AsiaCris.html (1275 words)

	Asian Financial Crisis (Current Issues Brief 23 1997-98) (Site not responding. Last check: 2007-11-01)
		Virtually all of the Asian economies that have been mentioned in the context of the Asian financial crisis have based their economic strategies on export promotion.
		Asian countries have repeated the mistakes of many of their western counterparts (in many of which, in varying degrees, those errors persist).
		At the end of June, 1998, currency and stock markets still seem to display a fair amount of volatility but the trend is no longer downward and the markets seem to be well off their lows.
	www.aph.gov.au /library/pubs/cib/1997-98/98cib23.htm (4265 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.
		The program gathers some of the worldís leading financial analysts to unravel the reasons for the crash of 1998 and to predict whetheróand whenóit will happen again.
		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)

	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)

	Citations: The East Asian Financial Crisis: Diagnosis, Remedies, Prospects - Radelet, Sachs (ResearchIndex)
		Macro economic policy induced: basically, the financial crisis is the result of the pursuit of a set of inconsistent macro economic policies.
		do not see the current Asian crisis as a result of carelessness on the part of the investors because they were sure to be bailed out in a crisis.
		A banking crisis could be defined in either of the two ways: financial distress meaning a situation of insolvency of banks, or financial panic referring to illiquidity in the banking....
	citeseer.ist.psu.edu /context/951879/0 (2021 words)

	ASEAN poised for sharpest growth since Asian financial crisis: ministers
		The ministers painted a buoyant picture of the region's growth prospects after seven years of major setbacks that began with the financial crisis and included terrorist attacks and the outbreaks of Severe Acute Respiratory Syndrome and bird flu.
		It contracted a whopping 7.14 percent in 1998 as the full impact of the crisis was felt before recovering to expand at 3.58 percent in 1998.
		And the finance ministers also cautioned there were "downside risks" to the growth prospects, in particular the impact of the widening current account and fiscal deficits in the region's main export markets, such as the United States.
	www.aseansec.org /afp/34.htm (489 words)

	University of Redlands - The Asian Financial Crisis
		A Carnegie Endowment for International Peace report on the impact of the Asian Financial Crisis on the emerging middle class by Nancy Birdsall and Stephan Haggard (PDF format)
		Mitigating the Human Impact of the Asian Crisis: the Role of UNDP
		The Social Impact of the Asian Financial Crisis
	www.redlands.edu /x24987.xml (1144 words)

	Testimony: The Trade Implications of the Asian Financial Crisis (Site not responding. Last check: 2007-11-01)
		Despite concerns in some quarters that liberalization of national financial markets was a cause of the crisis itself, the members of the World Trade Organization—including all of the crisis countries in Asia—agreed in early December to further opening of that key sector.
		Some of the Asian members of APEC are of course the countries hit most directly by the crisis and it is extremely encouraging that they were willing to continue, and even accelerate, their progress toward achieving the agreed APEC goal of "free and open trade and investment in the region" by 2010/2020.
		The impact of the Asian crisis could be at least as sizable as that initial oil shock and the OECD membership should resolve to avoid beggar-thy-neighbor trade responses.
	www.iie.com /publications/papers/bergsten0298-2.htm (1902 words)

	Asia Society: Publications - The Asian Economic Crisis
		Lim is the founder and editor of the refereed Journal of Asian Business, and has consulted for U.S. companies, private think tanks, United Nations agencies, and the Organisation for Economic Co-Operation and Development.
		The Asian Update series is published by the Policy and Business Programs division of the Asia Society, under the direction of Kevin F. Quigley.
		This Asian Update should not be reproduced in full without the written permission of the Asia Society.
	www.asiasociety.org /publications/update_crisis.html (954 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)

	Federal Reserve Bank of Minneapolis - fedgazette January 1998 - Effects of Asian financial crisis uncertain for district (Site not responding. Last check: 2007-11-01)
		A few things seem to be pretty clear: Growth in several Asian economies, notably Korea, Thailand, Indonesia and Malaysia is likely to be slower over the short-term and medium-term future than most observers thought before the crisis began in mid-1997.
		They are in part institutional—a lack of competition and market discipline in lending, too close an association between government agencies and the financial institutions they regulate, opaque accounting and disclosure practices that make it difficult for lenders and investors to accurately assess profitability.
		Moreover, with the security of almost any Asian investment subject to some doubt after the closing of once prestigious banks and securities firms, many Asian investors may wish to keep some of their portfolio in the relative security of the United States.
	woodrow.mpls.frb.fed.us /pubs/fedgaz/98-01/asia.cfm?js=0 (1251 words)

	SSRN-Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation--with Reference to the ...
		This paper develops a new model of private debt financing with an inefficient financial system at its core, where inefficiency is characterized by costly loan monitoring.
		The model provides guidance about the appropiate policy responses to an inminent crisis by focusing on two important elements: the Safety Buffer, which is a measure of economic vulnerability, and the Size of the Crash, which measures the severity of the crisis.
		Chan-Lau, Jorge A. and Chen, Zhaohui, "Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation--with Reference to the Asian Financial Crisis" (August 1998).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=96622 (359 words)

	The History of the global financial crisis of 1997-99 in Asia as a whole
		Hartford Web Publishing is not the author of the documents in World History Archives and does not presume to validate their accuracy or authenticity nor to release their copyright.
		Unemployment in Asia, triggered by the ongoing financial crises in most of the region, is rising at an alarming rate, says the United Nations.
		Women and children are the primary victims of the Asian crisis says the ILO
	www.hartford-hwp.com /archives/50/index-a.html (716 words)

	WashingtonPost.com: Asian Economies Report
		13: Indonesia's President Suharto tells President Clinton that the IMF is failing to stem his country's financial crisis and he plans new monetary regime.
		27: Financial markets in Asia and elsewhere plunge as investors worry over the worsening crisis.
		27: Traders concerned about financial disarray in Russia send stock markets from Japan to Russia to the United States plummeting again.
	www.washingtonpost.com /wp-srv/business/longterm/asiaecon/timeline.htm (883 words)

	The Asian Financial Crisis & Recovery: An Annotated List
		A Carnegie Endowment for International Peace report on the impact of the Asian Financial Crisis on the emerging middle class by Nancy Birdsall and Stephan Haggard (PDF format)
		Mitigating the Human Impact of the Asian Crisis: the Role of UNDP
		The Social Impact of the Asian Financial Crisis
	newton.uor.edu /Departments&Programs/AsianStudiesDept/general-crisis.html (942 words)

	Asian Development Bank Institute - Sharing development knowledge about Asia and the Pacific
		A decade after the 1997 financial crisis, East Asia has reemerged as a center of economic dynamism.
		ADBI is hosting a workshop to review how countries were able to transform the crisis into opportunities, analyze issues related to the financial, trade, and investment sectors, and to discuss the future of Asia and perspectives for deepening regional cooperation and integration.
		Our latest paper argues that any effort to reform the financial supervisory structure in the Philippines must explicitly address the country’s need to strengthen institutions and governance structures.
	www.adbi.org (208 words)

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