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Topic: Asian-financial-crisis

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Asian financial crisis of 1998

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Asian financial crisis - Wikipedia, the free encyclopedia The role of the International Monetary Fund (IMF) was very controversial during the crisis, causing many locals to call the crisis the "IMF crisis." To begin with, many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast track capitalism", meaning liberalization of the financial sector (i.e. 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. 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   (4211 words)

Brookings Institution Press, Weathering the Storm, Taiwan, Its Neighbors, and the Asian Financial Crisis Mismanagement of the crisis by the IMF and the Suharto government, espe- cially the ill-advised idea of establishing a currency board, aggravated the depth of the country's financial crisis, and, according to Radelet, caused eco- nomic contraction far greater than was either necessary or inevitable. Moreover, even though globalization of financial mar- kets in the world economy is an irresistible trend, the institution of some policy measures is necessary for developing countries to insulate themselves from the potential shocks of short-term capital flows, especially hedge funds and foreign portfolio investments. In the early l990s Korea still required its financial institutions to report long-term foreign loans to the government authorities concerned, but it did not require reporting of their short-term loans, which were regarded as trade-related financing. brookings.nap.edu /books/0815713991/html/3.html   (2472 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. 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. 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. www.imf.org /External/np/exr/facts/asia.HTM   (2853 words)

Reinterpreting Asian Financial Crisis Proponents of Asian exceptionalism asserted that the crisis was an outcome of deeply rooted corruption and of the over-regulation of the economy throughout the region [e.g., Rubin’s speech at Georgetown University, Treasury News, 1/21/98; Safire, 1998]. The Mexican economy’s vulnerability to a financial crisis was exacerbated by the fact that the government’s foreign exchange reserves totaled $6b at the end of 1994 and that tesebonos worth $29b were due to mature in 1995 [Finance and development, 1997]. In the context of the unfolding Asian and domestic crisis, the President, Fernando Henrique Cardoso, announced on November 11, 1997 a severe austerity program that was designed to boost foreign investors’ confidence in the economy (and in the currency) by cutting the budget deficit and raising $15b in revenue [NYT, 2/8/98]. www.mtholyoke.edu /courses/sgabriel/ilene_grabel.htm   (11918 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. The financial crisis in Asia began in currency markets, but this exchange rate instability was caused primarily by problems in the banking sectors of the countries in question. www.fas.org /man/crs/crs-asia2.htm   (11595 words)

Asia Times - Asia's most trusted news source The Asian Development Bank (ADB) suggested in its annual Asian Development Outlook this week that a failure to loosen fixed exchange rates and astutely manage burgeoning offshore reserves had heightened the risks of another financial crisis. Lehman Brothers ranked Thailand as the country least at risk from a recurrent financial crisis in its quarterly Damocles Financial Crisis report. While there are signs that some countries are wavering and may move back to fixed regimes to improve their attractiveness to foreign investors, it appears that they will embrace hybrid systems rather than the rigid linkages of the 1990s. www.atimes.com /atimes/Asian_Economy/FE01Dk01.html   (1577 words)

Asian Financial Crisis 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. 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. www.admin.mtu.edu /urel/breaking/financialCrisis.html   (630 words)

Asian financial crisis --  Britannica Student Encyclopedia Following the Asian financial crisis in the late 1990s, New Zealand's tourism suffered a major decline, but it was recovering by the early 21st century. After reviewing the financial statements of the largest companies and banks in Indonesia, Malaysia, the Philippines, South Korea, and Thailand, the UN Conference on Trade and Development (UNCTAD) concluded in a report released in November that the Asian financial crisis would have been detected earlier if the institutions involved had been forced to follow stronger... Article on the East Asian financial crisis and the reformation efforts made by the government of these economies. www.britannica.com /ebi/article-9309959   (806 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. 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. Since the Asian economic crisis began to manifest itself in July 1997, Thailand, South Korea and Indonesia have gone to the IMF for emergency loans and help in renegotiating their foreign debts. www.dsp.org.au /dsp/dsp-asia.html   (3577 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)

Statement on Asian Financial Crisis According to the Congressional Research Service (CRS): "One implication of a continuing financial crisis in Asia and Korea in particular is that imports of Asian and especially Korean steel could displace domestic output. Chairman, I want to thank you and the other of the members of the Banking and Financial Services Committee for allowing me to appear before you today to testify on the Asian financial crisis. Instead, Asian countries must be encouraged to make the necessary reforms to their financial systems and further develop their domestic markets. www.house.gov /visclosky/t_asia.htm   (1311 words)

The Asian Financial Crisis - diplom.de One explanation of the Asian financial crisis states that the affected countries suffered from constantly deteriorating fundamentals, such as worsening cur-rent account deficits, growing dependence on short-term loans, slowing export growth, and a rising share of non-performing loans. The first model explains the Asian melt-down with moral hazard-induced over-investment, while the second model likens the Asian crisis to a financial panic caused by a loss of investors’ confidence. Chapter 2 reconstructs the most important developments leading to the Asian financial crisis and briefly describes the un-folding of the crisis in Thailand and the subsequent spread to other countries in the region. www.diplom.de /db/arbeit90101568.html   (1630 words)

The Asian financial crisis The Asian financial crisis caused the Indonesian economy to go into a recession. Below is a short sample of the essay "The Asian financial crisis". Problems before the crisis, such as flaws in the banking sector have now been addressed, and any further crisis would not be so severe. www.coursework.info /i/555.html   (579 words)

Abstract Asian Financial Crisis During and after the East Asian crisis, there is a switch in export destination, as exports to the crisis hit countries in the region stagnate during the crisis. The East Asian crisis is a good example of this exposure to risk. In addition, world price for rice increases in the crisis year (also unrelated to the crisis in the region), thus pulling up the import value. www.vern.org.vn /veem/Abs_FC.htm   (451 words)

Asian Financial Crisis: The Movie Playing a critical role as accomplices in the Asian financial crisis were three institutional actors: the business press, the investment analysts, and, last but not least, the majority of academic specialists on the East Asian economies and political systems. In assigning the blame for the financial crisis, Mr. In the first months of the crisis, Stanley Fischer, the American deputy managing director of the IMF, was attributing the crisis, not to politicians or to lack of transparency or to crony capitalism but to the investors' herd behavior: "Markets are not always right," he said. www.foodfirst.org /node/238/print   (3425 words)

The Asian Financial Crisis 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. This book analyzes the social impact of the Asian financial crisis and its policy implications. Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia www.brook.edu /PRESS/books/clientpr/ilo/fncrisis.htm   (279 words)

The East Asian Financial Crisis In the decades before the financial crisis in East Asia, economic growth transformed the region. In addition to immediate financial assistance, the Government has emphasised the need to ensure regional economies and markets remain open, to take decisive action to improve the transparency and accountability of government and corporate decision making, and to support reform of the international financial system. Indeed, one of the main findings of the survey report is that, despite the wide range of measures undertaken by Governments in crisis-hit economies and the international community, there is a need to build specialist skills in key areas to facilitate the implementation of institutional and policy reforms. www.ausaid.gov.au /hottopics/apec/background.cfm   (1035 words)

Asian Financial Crisis The Asian economic crisis has come about in part because of plunging currencies and stock prices and bankruptcies, he said. Bailey is a keen observer of Asia's current economic crisis, not only because he's an investor in the region but because he's a scholar of international finance, and what is playing out on the other side of the world is intriguing, he says. The United States, for one, is closely watching the crisis and will likely throw its support behind a bailout plan inked by the International Monetary Fund, although there is some Congressional opposition. www.news.cornell.edu /chronicle/98/2.19.98/Asian.html   (645 words)

The Asian Financial Crisis The turmoil that has rocked Asian foreign exchange and equity markets over the past eight months is the third major currency crisis of the 1990s. Its predecessors were the crisis in the European Monetary system in 1992-93, and the Mexican peso crisis of 1994-95. This short paper has a dual objective: first, to explain how the crisis rose and spread; and second, to outline the kinds of corrective policy measures that would help end the crisis and reduce the chances of a recurrence www.eldis.org /static/DOC5077.htm   (107 words)

The History of the global financial crisis of 1997-99 in Asia as a whole Women and children are the primary victims of the Asian crisis says the ILO The History of the global financial crisis of 1997-99 in Asia as a whole The financial crisis in the world as a whole www.hartford-hwp.com /archives/50/index-a.html   (716 words)

Asian Financial Crisis Trickles Down Financial constraints and entrepreneurship: evidence from the Thai financial crisis. Japan's uncharacteristic vulnerability augured the development of the Asian crisis into a global one. One Year After.(los efectos de la crisis financiera asiática y el futuro) (TA: the effects of Asia's financial crisis and the future) www.infoplease.com /ipa/A0781487.html   (418 words)

Asian Financial Crisis Conference: Introduction Almost one year after the breakout of the Asian financial crisis, we are now in the position to ponder over a series of fundamental questions: What are the inherent institutional structures of the financial sector and government regulation that lead to this crisis? How to restore investor confidence and restructure the financial sector with appropriate reforms in macroeconomic policies, government regulation and the private sector? www.harvardchina.org /conference/may_conference_97/introduction.html   (207 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. Many economists, including Joseph Stiglitz and Jeffrey Sachs, have downplayed the role of the real economy in the crisis compared to the financial markets due to the speed of the crisis. en.wikipedia.org /wiki/Asian_financial_crisis   (207 words)

Authoritarianism - Wikipedia (The notion that authoritarian government is ultimately superior to democracy was also part of the idea of Asian values, although it diminished somewhat after the Asian financial crisis of 1998.) This notion of developmental authoritarianism is a central justification for the rule of the Communist Party of China within the People's Republic of China. en.wikipedia.org /wiki/Authoritarianism   (207 words)

IMF and Asian Crisis 1998 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. 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. www.ifg.org /analysis/imf/imf_asia.htm   (207 words)

CFR Publications: The Economics and Politics of the Asian Financial Crisis of 1997-1998 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 IMF is critical in crisis situations because when it reaches an agreement with a country that includes policy prescriptions along with the promise of additional resources, it is essentially giving its seal of approval, which is expected to restore confidence in the threatened currency. www.cfr.org /publication.php?id=135   (207 words)

Testimony: The Trade Implications of the Asian Financial Crisis 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. 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. www.iie.com /publications/papers/bergsten0298-2.htm   (207 words)

The Asian Financial Crisis 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. Many warned that the Asian proclivity for government directed investment and poorly regulated financial systems was a dangerous mix that could lead to over investment, excessive debt, and financial crises. www.wright.edu /~tdung/asiancrisis-hill.htm   (207 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. The financial crisis in Asia began in currency markets, but this exchange rate instability was caused primarily by problems in the banking sectors of the countries in question. www.fas.org /man/crs/crs-asia2.htm   (207 words)

Asian Financial Crisis (Current Issues Brief 23 1997-98) 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. However, it seems unfair to blame government intervention for the current financial problems without recognising the role of government in producing the dramatic growth in economic activity and living standards in the Asian region in earlier periods. Since the crisis broke there has been a lot of critical comment as to issues such as corporate governance, accountability, transparency of the financial system, and the like. www.aph.gov.au /library/pubs/cib/1997-98/98cib23.htm   (207 words)

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