Asian Financial Crisis 1997-1998

Paper Summary:

This paper examines the significance of the Asian financial crisis of the late 1990s and its repercussions. It explains how the financial crisis provided an important lesson to the Asian economies affected in terms of allowing any degree of dependence on foreign investment. The writer discusses how the crisis induced a 'New Asian Miracle' in different Asian economies.

Outline:
Introduction
The Attractiveness of Asia
Reactions to the Crisis
American Dimensions
Asian Perceptions
Concluding Remarks

From the Paper:

"Various domestic conditions have been connected to the Asian financial crisis of 1997-1998 but this paper centers on global forces that created unexpected change to induce the crisis at international as opposed to regional or national levels. Kawai Et Al stress that private capital flows to developing countries grew high in the 1990s so that a sudden drop in investment caused a 1994 crisis in Mexico and South America, then the East Asian crisis. (2005: 185) This World Bank-oriented article is typical of many that rather minimize the role of American patterns of investment that contributed directly to what Asian countries sustained in the 1990s. Throughout East and Southeast Asia governments noted fast falling markets and varied domestic responses as capital ceased to arrive as it had before from developed countries."

Sample of Sources Used:

• Bhalla, A.S. (2001) Market or Government Failures - an Asian Perspective. London: Palgrave
• Blanchard, J-M. F. (2003). East Asia's Slow Recovery from Financial Crisis. 180-185.
• Haggard, S. (2000). The Political Economy of the Asian Financial Crisis. Washington: Institution for International Economics
• Kawai, M., R. Newfarmer and S.L. Schmukler. (2005). Financial Crises - Nine Lessons from East Asia. Eastern Economic Journal, 31, 185-207
• Milner, A. (2003). Asia-Pacific Perceptions of the Financial Crisis - Lessons and Affirmations. Contemporary Southeast Asia, 25, 284-305

More papers on Asian Financial Crisis 1997-1998:

• Research Paper # 90126 : "Asian Financial Crisis of 1997-1998"
• Analytical Essay # 130917 : "External Factors in the Asian Financial Crisis of 1997-1998"
• Cause and Effect Essay # 133287 : "The Asian Financial Crisis: Appropriate Remedies for the Next Time"

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