The Asian Crisis

Paper Summary:

This paper discusses the Asian crisis whereby many were unable to recover from the mounting debt and major banks, and businesses began defaulting on their loans leading to a myriad of bankruptcies and financial collapse of the Asian economy. The author looks at whether the Asian miracle was destined to collapse denuding what was once a roaring economy. This paper explores the Asian "miracle," the embryonic stages of the crisis, the impact of debt and corruption, and the role of the International Monetary Fund (IMF) to bring upright a sinking economy.

From the Paper:

"The "miracle" in the 1980s and the early 1990s in Asia frequently refers to the unprecedented economic growth that Thailand, Japan, South Korea, Malaysia, and Indonesia enjoyed. Extraordinary for two reasons, first the unimaginable economic growth or expansion over several years of over 8%. Second, all of this took place with very little unemployment and a nearly immeasurable wealth gap. That is, the rich did not become exponentially wealthier than the middle class or poor sectors."

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