An in-depth overview of the 1997 Asian currency crisis and its consequences.
Written in 2008; 2,707 words; 12 sources; APA; $ 81.95
Paper Summary:
The paper provides the background of the 1997 Asian currency crisis and explains the five main causal factors. The paper then explores the effects of the Asian currency crisis on the Asian economic paradigm and concludes by relating that major hindrances still remain in the banking system.
Outline:
Main Explanations of the 1997 Asian Currency Crisis
Implications of the Crisis for the Asian Economic Paradigm
From the Paper:
"The Asian currency crisis started in two phases of currency depreciations which were underway since the initial part of summer of 1997. The first round was marked by a steep decline of the Thai Bhat, the Malaysian Ringgit, the Philippine Peso and the Rupiah of Indonesia. Following the stabilization of the currencies, the second round set off with downward pressures hitting the Taiwan dollar, Won of S. Korea, Singaporean and Hong Kong Dollar. The governments of these nations had countered weakness in their currencies through the process of selling foreign exchange reserves and raising interest rates that in effect rendered economic growth sluggish and have made interest-bearing securities more appealing compared to equities. The currency crises also brought to light acute problems within the banking and financial sectors of the burdened Asian economies. (Nanto, 1998)"
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