East Asian Economic Crisis

Paper Summary:

In 1997 East Asia's financial markets collapsed causing economic ramifications that just might reverberate throughout the international community for years.

From the Paper:

"In 1997 East Asia's financial markets collapsed causing economic ramifications that just might reverberate throughout the international community for years. The crisis in East Asia has been briefly but well summarized by Lester Thurow, professor of economics at the Massachusetts Institute of Technology (MIT), in terms of short-run opportunities to make a lot of money overwhelming time worn economic realities (Thurow, 1998, 22). The situation is analogous to a barber's chair. It slowly gets pumped up ever higher, then with a push of a pedal the pressure is released. The chair falls until it returns to the floor.

The symptoms of the 'Asian flu' could just as easily be called the consequences of bad banking. They include a collapse in asset prices (particularly land, because rent is a reflection..."

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