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The Asian Economic Crisis Of 1997 - 1998

 

            The Asian Economic Crisis of 1997 - 1998 .
            
            
             The purpose of this paper is to identify and explore the causes of the 1997 and 1998 Asian economic crisis; and to research the effects of the crisis in each of the following categories: 1. The effects of the crisis in the countries involved in the economic crisis of 1997-98. 2. The effects on the governments affected by the crash, and 3. The effects that the Asian crisis has had on the differing world markets. The paper will first look at the causes behind the crash. The main factors include current-account imbalances, financial over-lending, banking problems, extremely open economies, and a list of other factors. Next, an analysis of how to avoid these problems in the future and what the repercussions will be in the Asian and Global markets will be discussed. The paper will be concluded with a look at preventative measures to insure that the Asian Crisis doesn't happen again.
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             Many people were surprised as well as affected by the Asian economic crash of 1997. During that time, Asian economies had been following an economic model developed by the Japanese since World War II. The model used by Asian economies favored export markets, domestic investment, and lower savings vs. higher investment (current account imbalance) to list a few. (Issues and Controversies, 1998) This model saw strong, consistent growth in the GDP of the countries in the time that they used the model. Since 1960 the region's top performers---Japan, Hong Kong, South Korea, Singapore, Taiwan, Indonesia, Malaysia and Thailand---grew more than twice as fast as the rest of East Asia, three times as fast as Latin America and South Asia, and five times faster than sub-Saharan Africa. Average real income per person quadrupled in the five Northeast Asian countries and doubled among the three Southeast Asians.


Essays Related to The Asian Economic Crisis Of 1997 - 1998

1. Korean Economic

Economic Miracle and Crisis Korea, 'The Land of Morning Calm', which is located between two major Asian countries, Japan and China, has founded its basic economic system by producing food such as rice and trading them since B.C. 3000. ... The crisis of 1997-98 has occurred followed by Thailand and Indonesia's crisis. ... In Korea, as many other Asian countries, bank financing historically played the major role in economic development, with relatively undeveloped equity and debt capital market. ... The unemployment rate of 6.8% in 1998, which was dramatically increased right a...

  • Word Count: 1251
  • Approx Pages: 5
  • Has Bibliography

2. asian crisis

Asian Crisis The financial crisis that erupted in Asia in mid-1997 has led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries. ... This decline is expected to halve the rate of world growth in 1998 from the four percent that was projected pre-crisis to an estimated outcome of about 2 percent. ... The Asian crisis of recent falls into this category of inefficient balance of payments facilitated by depreciation of its currency. ... Last year, however, that currency crash triggered a crisis in other East...

  • Word Count: 945
  • Approx Pages: 4
  • Grade Level: High School

3. Vietnam

Between 1989 and 1997 the dollar value of Vietnamese exports rose seven-fold. ... Asian Financial Crisis The Asian financial crisis did not have to seem direct impact on the Vietnamese economy, During 1998, however, the effects of the regional crisis on the Vietnamese economy became increasingly evident: at the end of the year all major macroeconomic indicators suggested that the situation was becoming critical. ... Export growth in 1998 slowed to 0.3 per cent, compared with about 22 per cent in 1997. ... As East Asian countries accounted for around 70 per cent of FDI and over 75 per cent o...

  • Word Count: 2031
  • Approx Pages: 8
  • Has Bibliography

4. Philippine Economics Corruption

In a paper delivered at last week's annual meeting of the Philippine Economic Society, Ellen Palanca, executive director of the Ateneo Center for Asian Studies, noted that the macroeconomic and political stability of other Asian countries has helped them retain a fair share of incoming foreign direct investments even after the East Asian currency crisis of 1997. ... China managed to retain investment inflows because it escaped the negative effects of the East Asian currency crisis, she said. ... She added that it remains uncertain that the investments in China would have flowed instea...

  • Word Count: 412
  • Approx Pages: 2
  • Has Bibliography
  • Grade Level: Undergraduate

5. Vietnam's Economic Growth From 1990-2004

Their participation in the Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, and World Trade Organization has made the country became more integrated into the world economy. ... This paper will discuss the benefits and challenges during the growing period in Vietnam Economy, and how the 1997 Financial Crisis socially impacted the country as a whole. ... (PART C)Economically, one of the most significant event in history was the East Asian Financial Crisis in 1997. ... However, the 1997 Asian Financial Crisis did eventually affect Vietnam at moderate level particularly...

  • Word Count: 1435
  • Approx Pages: 6
  • Has Bibliography
  • Grade Level: Undergraduate

6. Brazil Economy

By 1998 capital inflows, international reserves, and FDI all saw enormous increases, FDI alone nearly doubled between 1997 and 1998. ... INTERNATIONAL CRISIS" It can be argued that the pressure Cardoso was feeling, came directly from the Asian and Russian monetary crisis" of 1997 and 1998. ... The crisis in Asia heightened fears that similar countries could receive the same fate. ... The resolutions of the economic crisis in Asia and Russia have been quite different. ... Most of the Asian countries involved with the economic crisis, however, and recovered somewhat. ...

  • Word Count: 1759
  • Approx Pages: 7

7. China Staves Off Devaluation

(Dornbusch, 1997). The second reason why China came to the forefront of the international finance scene following the East Asian financial crisis is China's economic performance became the key to the current economic stability of East Asia. During 1997 - 1998, China was the only country in the region to sustain significant growth. ... China's decision not to devalue in the face of internal pressures has been credited for stabilizing Asia's economic situation. ... China's GDP grew at 8.8% in 1997 and 7.8 percent in 1998. ...

  • Word Count: 4519
  • Approx Pages: 18
  • Has Bibliography

8. Aids in Thailand

Current Situation Since the financial crisis of 1997, Thailand's overall economic condition still has not recovered to the previous stage. ... However, by 1998, the number of HIV-positive patients had increased to 1 million (Utopia-Asia, 1998). Health experts in Thailand also said that the 1 million HIV-positive people are the ones most affected by the country's current economic crisis (Utopia-Asia, 1998). ... Researchers from the Johns Hopkins School of Public Health studied more than 100,000 AIDS cases in Thailand between 1994 and 1998 and found that the number of reported cases...

  • Word Count: 2122
  • Approx Pages: 8

9. Argentina's Currency Crisis

Argentina's Currency Crisis INTRODUCTION Following a series of military regimes, the "Radical" party - headed by Alfonsin was appointed to power in 1985. ... Therefore, although financial stability seemed to settle in Argentina up to 1997, the Asian currency crisis and the subsequent impact on Brazil (which resulted in the devaluation of the Real - the Brazilian currency) proved incredibly detrimental to Argentina as economic development had been mainly (as explained above) achieved by increasing exports. ... The economic depression in Argentina became gradually more severe from 199...

  • Word Count: 1586
  • Approx Pages: 6
  • Grade Level: Undergraduate