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Topic: Financial crisis

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	The Global Financial Crisis (Site not responding. Last check: 2007-11-06)
		In 1987 national currencies remained relatively stable; in contrast to the crashes of 1987 and 1929, the present financial crisis is characterised by the concurrent collapse of national currencies under the brunt of large scale speculative activity.
		The seriousness of the financial crisis is trivialised: Alan Greenspan, Chairman of the Federal Reserve Board reassured Wall Street pointing authoritatively to "the contagious character of national economies, spreading weaknesses from country to country".
		The social consequences and geo-political implications of the global financial crisis are far-reaching particularly in the uncertain aftermath of the Cold War.
	www.mediafilter.org /econowar/mf.chossu-gfc.html (3768 words)

	Text: Sound Policies Can Prevent Financial Crisis, Official Says
		Financial sectors were weakened by political interference in lending decisions and the moral hazard associated with wide-ranging, albeit often implicit, government credit guarantees.
		Financial sector weaknesses, rigid exchange rate regimes, and volatile capital flows combined to yield a highly combustible mixture that, with the spark of adverse external shocks, ignited currency and debt crises, including the collapse of banking systems throughout the region.
		She proposed that, in the event of an imminent financial crisis by an IMF borrower, there should be, among other policies, an IMF-sanctioned temporary standstill on debt-service payments and negotiated restructurings under IMF auspices of debts to private-sector creditors.
	www.usembassyjakarta.org /econ/financial_crisis.html (5306 words)

	FRBSF: Economic Letter What Caused East Asia's Financial Crisis? (8/7/98)
		In particular, financial intermediaries were protected by implicit or explicit government guarantees against losses, because governments could not bear the costs of large shocks to the payments system (McKinnon and Pill 1997) or because the intermediaries were owned by "Ministers' nephews" (Krugman 1998).
		These responses further weakened the financial position of lenders and contributed to the uncertainty that triggered the financial crisis towards the end of 1997.
		Financial sector vulnerability was accentuated by a tendency not to hedge foreign currency borrowing in countries with pegged exchange rates.
	www.frbsf.org /econrsrch/wklyltr/wklyltr98/el98-24.html (1911 words)

	Thai Financial Crisis 1997
		Fifth, the basic idea of financial institutions cannot be bankrupt led to the ignored control and investigation of the financial institutions.
		The first group is the macroeconomic mismanagement which is the cause of the bubble economy growth, using of the financial liberalisation by unchanging the controlling and investigation of financial institutions, organising the tools policy for any new situation, the fixed exchange rate system, and the high domestic interest rate policy.
		On the other hand, the financial management which is not rigid in risk analysis of project, the less of strict in revising credit and reducing value of asset that use for guarantee credit, and concealing of non performance loan (NPL).
	www.angelfire.com /mac/aphisit/ThaiCrisis.htm (710 words)

	East Asian financial crisis - Wikipedia, the free encyclopedia
		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, as investors lost confidence in emerging markets.
		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.
	en.wikipedia.org /wiki/Asian_financial_crisis (4935 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)

	World Press Review - Argentina - Financial Crisis - IMF - Currency
		Argentina's financial crisis, which had long simmered, finally boiled-over on Dec. 19 amid looting and rioting (Photo: AFP).
		True, at the same time the ideologues of the IMF and the international financial community imposed “structural reforms,” consisting of abruptly dismantling the Peronist heritage of a state-directed economy and a social safety net.
		Financial crises would then be entirely managed by the private sector.
	www.worldpress.org /americas/0302observateur.htm (1549 words)

	Farm Financial Crisis Educational Program
		The pilot Farm Financial Crisis Program is proposed for Southwestern North Dakota as this is one of the several areas of the state not currently covered by the State's Farm Business Management Program.
		The financial analysts/mentors should be expected to collect the input, enter the data, and do the computer processing needed to evaluate farming and ranching business alternatives being considered by participating farmers and ranchers.
		While financial analysis mentors should be made available to do the computer processing, county agents (agriculture and home economics) should still facilitate the initial farm family contact and also the final presentation back to the farm or ranch family.
	www.ag.ndsu.nodak.edu /aginfo/change/crisis/crisis.htm (2045 words)

	Financial crisis - Wikipedia, the free encyclopedia
		Until a few decades ago a financial crisis was equivalent to a banking crisis.
		He theorized that financial fragility is a typical feature of any capitalist economy.
		Contagion is the idea that a financial crisis in one country is very likely to cause a crisis in another.
	en.wikipedia.org /wiki/Financial_crisis (504 words)

	[No title] (Site not responding. Last check: 2007-11-06)
		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.
		The boom-bust cycle created by financial excess preceded the currency crises because the financial crisis was the real driver of the whole process, with the currency fluctuations more a symptom than a cause.
	web.mit.edu /krugman/www/DISINTER.html (5234 words)

	WTO \| News - Beyond the Financial Crisis - PRESS/113
		Yet this crisis should also be an occasion for the United States and others to address, not simply the problems of the financial system – which are immediate ones - but the much broader challenges raised by the global technological and economic revolution unfolding around us.
		Indeed, one of the biggest casualties of the current crisis is the assumption that global economic progress is inevitable – that we could make the transition from the Cold War era to a new global era painlessly, and with little effort or imagination on our part.
		The current crisis is exposing these new complexities - and also the new frictions – of our interdependent world, and raising a whole new set of questions about how to manage them.
	www.wto.org /english/news_e/pres98_e/pr113_e.htm (3365 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.
		It is an international crisis of the global economic system, with U.S., European and Japanese banks and investment houses central participants in the folly.
		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)

	Debt and the Global Economic Crisis of 1997/98/99 - Global Issues
		Their phrases used (an Asian Financial Crisis, crony capitalism which was the fault of people in the affected countries and so on), their angles portrayed, the influences of western corporations etc. all resulted in coverage that tended to implicitly, sometimes explicitly, blame others.
		While various Asia/Pacific countries are in the process of recovering, they must learn the lessons of the financial crisis by relying on domestic roots for growth, diversifying exports and deepening social safety nets, says a United Nations Economic and Social Survey of Asia-Pacific report.
		The IMF transformed a financial crisis into an economic and social crisis not only by demanding tight macroeconomic policy but also by ensuring that the cost of financial sector restructuring was transferred from predominantly private institutions to the public purse.
	www.globalissues.org /TradeRelated/Debt/EconomicCrisis97.asp (659 words)

	The Social Impacts of Asian Financial Crisis (Site not responding. Last check: 2007-11-06)
		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.
		The role of financial liberalization and globalization in the eruption of the crisis is closely examined.
		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)

	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.
		With Korea facing imminent financial meltdown, the prospect of an IMF led bailout of the country was being openly discussed.
		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).
	www.wright.edu /~tdung/asiancrisis-hill.htm (10007 words)

	Asian Financial Crisis (Current Issues Brief 23 1997-98)
		By 27 October the crisis had had a world wide impact, on that day provoking a massive response on Wall Street with the Dow Jones industrial average falling by 554.26 or 7.18 per cent, its biggest point fall in history, causing stock exchange officials to suspend trading.
		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.
		Concerns of a 1929 type crash were allayed and the financial crisis remained confined largely to financial circles.
	www.aph.gov.au /library/pubs/cib/1997-98/98cib23.htm (4265 words)

	Asian Financial Crisis
		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.
		To alleviate problems in financial markets—such as sudden, destabilizing flights of capital—the global financial system and multilateral institutions like the IMF need to be substantially reformed.
	www.fpif.org /briefs/vol3/v3n8fin_body.html (2555 words)

	Financial Crisis Looming
		One of the major indicators of financial health is the volatility of gold.
		They are a great threat to yours and my financial life and could cause a USD crisis all by themselves.
		And there may be a hidden financial crisis looming out there that is waiting to manifest, and is only being telegraphed by gold price rises.
	www.gold-eagle.com /editorials_05/laird121205.html (1527 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.
		Local businesses and governments had relied too much on foreign capital to cover their obligations and now had to pay the price of excessive optimism.
		In the meantime, Monson and Sen believe that financial restructuring such as that required by the recent International Monetary Fund bailout programs for Indonesia and Korea may help those countries manage the crisis in the short run, but further deflation in these
	www.admin.mtu.edu /urel/breaking/financialCrisis.html (630 words)

	Financial Crisis
		The Russian financial crisis of 1998 brought one major benefit to the national economy.
		‘The financial crisis reversed this process and acted as a trigger to get out of the trap.
		In conclusion, the paper highlights the benefits that a financial crisis can bring.
	www.cepr.org /press/LM750.htm (579 words)

	United Nations Financial Crisis - Global Policy Forum (Site not responding. Last check: 2007-11-06)
		Yet for nearly two decades, the UN has faced a debilitating financial crisis and it has been forced to cut back on important programs in all areas.
		This section provides some background information on UN finance, including a history and a detailed chronology of the UN financial crisis.
		This section posts articles and documents on the UN financial situation, including the status of member states’ payments to the UN and how some countries, including in particular the US, fail to pay on time and in full.
	www.globalpolicy.org /finance (373 words)

	Financial Crises in Emerging Markets
		Professors Sebastian Edwards and Michael Dooley, both members of the NBER Program on International Finance and Macroeconomics, are codirectors with Professor Frankel of two of the conferences, producing respectively the two volumes: Preventing Currency Crises in Emerging Markets, and Managing Currency Crises in Emerging Markets.
		The volume, Economic and Financial Crises in Emerging Market Economies, edited by Martin Feldstein, also contains background papers on various aspects of crisis prevention and crisis management.
		The Onset of the East Asian Financial Crisis
	www.nber.org /crisis (1341 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.
		International Monetary Fund chief Michel Camdessus flies to Indonesia to explain to the people of all Asia why they are being forced by the IMF to bear the burden of a financial collapse that is not their doing.
		Unemployment in Asia, triggered by the ongoing financial crises in most of the region, is rising at an alarming rate, says the United Nations.
	www.hartford-hwp.com /archives/50/index-a.html (716 words)

	BBC NEWS \| Middle East \| Abbas warns of financial crisis
		Palestinian leader Mahmoud Abbas has said the Palestinian Authority (PA) is facing a "real financial crisis".
		therefore we are currently in a real financial crisis," he told reporters in Gaza.
		He confirmed that the United States had asked the PA to return $50m following Hamas' victory, but he said talks on the subject were continuing, AFP news agency reported.
	news.bbc.co.uk /2/hi/middle_east/4730568.stm (534 words)

	Global Financial and Economic Crisis (Site not responding. Last check: 2007-11-06)
		Lessons of the crisis for policy and so on
		The Debate on the International Financial Architecture: Reforming the Reformers
		SPECIAL FOCUS: Argentina's Crisis - A Crisis of the IMF?
	www.twnside.org.sg /crisis.htm (53 words)

	The Korean Currency Crisis
		Financial Contagion in the East Asian Crisis With Special Reference to the Republic of Korea
		Financial Crisis and Credit Crunch in Korea: Evidence from Firm-Level Data
		The Korean Financial Crisis of 1997- A Strategy of Financial Sector Reform
	www.nber.org /crisis/korea_agenda.html (369 words)

	Financial Counseling Center (Site not responding. Last check: 2007-11-06)
		We have all the resources available to provide any type of information or solution available in regard to any consumer debt problem.
		A consultation with our firm entails an in depth analysis of your financial situation, whether your problems be of a credit and collection nature, an IRS or tax lien problem, foreclosure or any number of other financial counseling circumstances our clients come to us with.
		We are almost always able to propose a workable solution and proceed to work with you to navigate out of what has seemed like an impossible and very stressful situation.
	www.financialcrisiscenter.com (250 words)

	General Articles - UN Financial Crisis - Global Policy Forum
		A US-backed spending cap threatens to put the UN in a financial crisis by July 2006, unless the organization implements management reform.
		UN Deputy Secretary General Mark Malloch Brown decries the extent to which the US uses its financial contributions to control the UN.
		Fearing that Bolton’s US-centered attitude will further isolate the US and undermine the UN’s financial situation, a coalition of NGOs sent a letter to US Secretary of State Condoleezza Rice requesting that the US cooperate with the UN.
	www.globalpolicy.org /finance/docs/index.htm (1969 words)

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