The Asian Financial Crisis of 1997

Paper Summary:

This paper is about the Asian Financial Crisis of 1997, one of the severest financial meltdowns to hit a group of countries in modern day history. It describes how the crisis developed, gives a hypotheses about its causes followed by evidence from research, explaining the causes in detail. Effects of the crisis and a conclusion containing a summary of the research and lessons learnt are also included.

From the Paper:

"The unprecedented economic growth of the Southeast Asian countries in the 1980s and 90s was a result of "opening-up" of their economies to take advantage of the globalization trend. This coincided with rapid appreciation of the Japanese yen in the mid-1980s that drove the cost of production sky high in Japan, forcing several Japanese companies to move their production facilities offshore initially, to South Korea and Taiwan. The Japanese also started an aggressive policy of monetary expansion resulting in "asset price bubble," and triggering massive capital inflows into South Korea and Taiwan. By the late 1980s, the Korean and Taiwanese economies experienced a similar appreciation in their currencies, followed by similar policies and large capital outflows to the neighboring Southeast Asian countries."

More papers on The Asian Financial Crisis of 1997:

• Analytical Essay # 130917 : "External Factors in the Asian Financial Crisis of 1997-1998"
• Research Paper # 90957 : "The Asian Financial Crisis of 1997"
• Research Paper # 90126 : "Asian Financial Crisis of 1997-1998"

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