Abstract This paper reviews ten articles on the currency crises of the past 20 years. The paper examines the global impact a crisis in one country or area has on the world, such as the Asian currency crisis of the 1990s, and discusses the notion that currency crises are self-fulfilling. The paper also looks at whether currency crises are predictable.
From the Paper "Currency crises have gained much attention in the past years because they have apparently occurred with greater frequency than in the past or perhaps because the global nature of today's financial markets make a currency crisis in one nation a concern around the world. Increasingly, currency stability is of interest to more than just economists and policy makers, with companies and individual investors noting the movement or stability of various currencies with interest .These are not necessarily new stakeholders with regard to..."
Tags: Currency crises, currency crisis, literature review
Abstract Three times in the past two decades we have seen an economic crisis hit developing countries. These were the debt crisis in the 1980s, the Tequila Crisis in 1994-1995, and the Asian Crisis that started in 1997. Each of these had impacts that affected other countries as well. This paper looks at the ways in which such crises start and possible means to determine which countries are susceptible to them. The ways in which this type of crisis spreads is also examined, since it appears that the same methods of determining whether a country might be the source of such a problem can also show if a country is open to contagion in the event a crisis does occur in another country. The paper begins by looking at some of the events involved in the three crises discussed. Only the latest crisis-in Asia-is discussed in detail. The two prevailing hypotheses to explain these events are then discussed with their shortcomings. One interpretation is that the governments are to blame. This outlook claims that the latest crisis-in Asia-is the result of weak government regulations and strong government guarantees. This also leads straight into the moral hazard theory. The other side focuses on economics and claims that fragile markets in the region can allow a crisis in one market to trigger a panic and financial collapse in others. In the case of the Asian crisis this is traced back to Thailand. It is shown that by putting these two hypotheses together, rather than trying to keep them mutually exclusive, a more cohesive picture-and hypothesis-can be created. Information concerning the three crises examined is shown to be more readily explained by using the approaches together rather than separately.
Paper Outline:
Introduction
A Brief Look at Three Debt Crises A Look at Prevailing Theories and Problems with Them
Tying the Two Approaches Together
Contagion
Conclusion and Comments
Works Cited
From the Paper "Financial system reform is another area in which the realms of government and economics are clearly linked. Such reforms are virtually always the result of government action and not due to the efforts of business and industry. In fact, these reforms are often done despite the desires of the various sectors of commerce. The IMF again gives us striking examples of this. The conditions the IMF places on loans frequently require that a government take actions that will affect the economy. That is, in fact, the rationale behind the conditions."
Abstract A good home is clearly a basic human need. This fact is clearly stated in Article 25 of the Universal Declaration of Human rights adopted by the United Nations Organization (UNO) in 1948. This paper examines both the causes of the global hosing crises and its impact on the environment as well as on the health of the people. Also examined in this paper are the steps taken to address this global problem in various countries. Outline Introduction Causes of the Global Housing Crises Population Growth Urbanization Natural and Political Disasters Poverty and Economic Stagnation The Impact of the Global Housing Crises Poor Housing and Health Poor Housing and Environmental Pollution
From the Paper "The economic situation in a country could also affect the state of housing in that country. In some countries, a lot of people are so poor that they could barely afford the basic necessities of life such as food and clothing. It is thus an uphill task for people under this category to afford descent living places. High interest rates and inflation push bank loan payments far out of reach of many families, and soaring utility costs make it difficult for people to get ahead. Unemployment rates as high as 20 per cent in some lands make it almost impossible to make ends meet. These and other factors has forced hundreds of millions in every corner of the earth to settle for substandard housing. People live in old buses, shipping containers, and cardboard boxes. "
Tags: urbanization, poverty, economic, stagnation, population
Abstract The paper describes the London smog of 5-8 December, 1952 and the fire at Sandoz Ltd, Switzerland, during November, 1986 and the identification and management of these disasters. The paper reveals the consequences and lessons learned from these crises and shows how events like these often result in large-scale losses of either human life, assets or ecological harmony. The paper emphasizes that in terms of future crisis management, it is crucial to investigate such crises of the past and learn from our past mistakes.
Outline:
London Smog
The Fire at Sandoz Ltd.
From the Paper "The world in which we live has become increasingly industrial, technological, and digital. As such, many hazards present themselves in terms of phenomena such as pollution and its effects. As a result, unforeseen events might occur that result in low-intensity crises. The way in which these are identified, monitored and managed can mean the difference between life and death, and also the difference between tens or thousands of injured persons. In terms of future crisis management, it is also crucial to investigate crises of the past. This will ensure that past mistakes will not be repeated, and that lessons will be implemented for future improvement of crisis management systems."
Abstract This paper discusses the crises on the Korean Peninsula, focusing on the tension caused by North Korea as a result of its conducting a nuclear weapons program. The paper also illustrates the conditions that led to the critical condition on the Korean peninsula. This paper also highlights the reaction of countries, such as the United States, China, Japan, and South Korea towards North Korea's nuclear weapons development.
From the Paper "While the United States worries about the deadly nuclear weapons created by North Korea, South Korea on the other hand is perturbed about North Korea's economic conditions and the possibility of troop demobilization on both sides of the Demilitarized Zone. North Korea posses the following problems to the international communities, namely its determination to follow its own path to development renders the society nearly impervious to foreign advice and assistance. The array of institutions and processes which have been available to most other developing countries has been largely rejected by Pyongyang."
Abstract This paper analyzes three of Walt Whitman's poems and parallels them to various crises he experienced in his personal life. The poems analyzed are "When Lilacs Last in Dooryard Bloom'd"; ?O Living Always, Always Dying"and "Calamus-Leaves".
From the Paper "Walt Whitman was a revolutionary poet of his time in terms of the free-verse style of his poetry and the fundamental yet sensitive issues he chose to elaborate. Like all poets his works can be seen to evolve and mirror various facets of his character and experiences in life. Whitman's life was a rich mixture of traditional values and free-spirited ideas. His impassioned belief in democracy and nationalistic feeling were driving forces in his life. His love of nature and both the human body and spirit are depicted in his verse. (Kaplan 1980)"
Abstract This paper examines how during 2003, Toronto's tourism and hospitality industry was significantly hampered by four major crises: An outbreak of SARS, West Nile Virus, Mad Cow disease and an electrical blackout. It discusses how although every individual within the Greater Toronto area (GTA) was affected in some manner, the tourism industry was the most radically influenced and how the cumulative onslaught of the aforementioned events drastically reduced the number of visitors to the once thriving metropolis and threatened the livelihood of the city. It details the issues encountered by Toronto's tourism industry during 2003 and the recovery methods that were instituted in order to endorse the city as an attractive tourism destination.
From the Paper "In order to regain the trust of travellers, positive advertising campaigns were initiated through mass mediums to the general public to highlight the positive elements that Toronto had to offer. The majority of the campaigns launched throughout the city were aimed at promoting Toronto through two key marketing concepts. These included (1) product bundling - offering a complete package to consumers at a reduced rate, and (2) reduced pricing - discounts placed upon specific offerings of the tourism sector. These concepts were based upon a loss-leader marketing strategy, whereby a very low price is charged for a product or service to entice customers into subsequently purchasing higher cost items. Mirvish Productions initiated one of the first examples of product bundling."
Abstract This paper is a critical review of Ira Katznelson's definition of urban crises, his account of the class order and group relations in America and the solutions he offers for the urban crises in America.
From the Paper "Katznelson doesn?t start by examining the heterogenous, working-class Washington Heights-Inwood community which he studies in the rest of the book. Rather he discusses the development of the working class in the period after rapid industrialization in eighteenth century London. He says that one of the main aspects of the new industrialized order was "a new kind of social crisis that was associated with the emergence of a cycle of boom and bust" (43). Work and community began to separate, greatly altering economic and social experience. At work, people saw themselves primarily as laborers whereas at home they saw themselves primarily through ethnic and territorial lenses."
Abstract This paper will explore how Argentina, Brazil, and Mexico have fared in this turbulent environment. Over the 1990s, each of these country's experienced major shifts in their economic structures. All experienced debt crises, high inflation, high interest rates, and high dependence on commodity exports. However, we do see some differences between their economic performance. Through an empirical analysis that looks at the role of interest rates, commodity prices, and each country's real experiences with debt crises, this paper will provide ideas on how these economic phenomenon are linked in Latin America. An appendix of raw data is included.
Abstract This paper is an analysis of middle adulthood and midlife crises that are commonly exhibited today. The primary example used is the character Lester from the film "American Beauty". The paper discusses, in detail, the components of marital relationships, sex deprivation, identity, dreams, motivation, goals, stress, and physical/emotional/cognitive changes and development.
Abstract This essay compares and contrasts two American presidents, Abraham Lincoln and Franklin D. Roosevelt, who both navigated the U.S. through difficult times. We will focus on their styles of leadership in their respective political crises: the Civil war, and the Great Depression, respectively, in hopes of making some suggestions on the nature of unwavering leadership in the pursuit of national interest.
Abstract This paper examines the Cold War in context and argues that the period beween the launching of Sputnik in 1958 and the Cuban Missile Crisis were the most dangerous years. It looks at how the launching of Sputnik, the Berlin crises of 1958-9 and 1961 and the U-2 Spy plane incident and Bay of Pigs fiasco fuelled the confrontational nature of Soviet-American relations and increased the possibility of a potentially ruinous conflict. It also shows how the influence of the Kennedy-Khrushchev relationship and the mutual shift in weight of Soviet and American foreign policy from an ideologically based, offensive strategy to one of defence, served only to diminish the chances of a peaceful conciliation.
From the Paper "Cuba represents the culmination of a five-year diplomatic maelstrom and brought the world as close to nuclear war as at any point in history. Khrushchev's deceit, together with the ?"arrogance, ignorance and impatience" of Kennedy exacerbated tension that ultimately resulted in the creation of a "Hot Line" ? a direct phone line connecting Washington and Moscow. Indeed such an installment suggests both superpowers recognized the gravity of the Cuban confrontation and the extent to which tensions had risen in the five years since 1958. Thus to an extent, from 1963 onwards international crises? could be defused in a phone call and whilst disparities remained on many fronts, the great improvement in high-level Soviet-American communication (so lacking in the Cuban crisis) severely decreased the likelihood of nuclear war from 1964 onwards."
Abstract This paper examines the economic and social problems faced by the Republic of Cameroon, a relatively young independent country of central west Africa. The paper points out that Cameroon achieved its independence from France and Britain in 1960 and quickly unified into one republic from the separate territories controlled by both France and Britain. The paper posits that because Cameroon is extremely diverse, both culturally and demographically, some would assume that having numerous people groups would hinder the progress of unification in such a developing country. However, despite recent social and economic crises, the people of Cameroon have been able to tolerate the many cultural differences present, and have dealt with a less than desirable economy and a growing AIDS epidemic in a respectable manner. The paper concludes that, despite the problem of ethnic fragmentation and regional divisions spawned by a colonial history, the many ethnic groups overcame a civil war and re-united to grow one of the best economies in sub-Saharan Africa.
From the Paper "As noted, from the time that Cameroon declared independence from the colonial rule of the French and British, there has been a seemingly never ending line of economic problems, but, Cameroon's independence began with economic success. Although the economy relied heavily on the exporting of agricultural products such as cocoa, coffee, bananas and palm oil, and remained very dependent on French capital, the economy thrived. The role of the French was still clear in much of Cameroon's economic transactions; nearly 60 percent of Cameroon's exports were to the French, and 55 percent of the imported products were from France. This beneficial partnership allowed Cameroon to be known as a success story in light of the rest of the continent's development, and boasted the title of the most prosperous country in Africa (Konings 248)."
Tags: third world, developing country, Africa economy unification colonization European colony
Abstract The paper analyzes the Federal Reserve Bank's response to the AIG, Lehman Brothers and Merrill Lynch crisis in terms of its implications on financial institutions, interest rates, inflation and the value of the US dollar. The paper discusses how the interconnectedness of these financial institutions made effective measures necessary, but shows how there is no guarantee that these injections into the world economy will boost investor confidence.
Outline:
The Federal Reserve Banks Response to Financial Institution Crises Analysis of The Fed's Response
Implication on Financial Institutions
The Fed's Response and its Implications for Interest Rates
The Fed's Response and Inflation
The Fed's Response and Its Implications on USD
Conclusion
From the Paper "In light of the AIG, Lehman Brothers and Merrill Lynch crisis, the Federal Reserve Bank as well as other large central banks namely the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank have decided to inject USD180 billion in the world economy in an effort to avert further bank failures. It is quite disturbing that in the past few days, three of the financial industry's largest firms collapsed as a result of the rippling effects of the sub-prime mortgage crisis. It is good, however, that the Fed saw fit to act swiftly to remedy this problem but, the question here arises: Will the Fed's response be effective in remedying the crises at hand. Also, what are the effects of an injection of this magnitude into the world economy? "
Abstract The paper offers a summary of ""Manias, Panics, and Crashes: A History of Financial Crises" by Charles P. Kindleberger, which is about the way that mismanagement of money and credit has led to financial crashes. The paper outlines the main ideas in the book's twelve chapters and then provides an in-depth analysis of this work. The paper also compares Kindleberger's views about the financial crisis to other economists' views and then concludes by showing how this book illustrates the pathology of the stock market, our economic system and the mentality of exploiting knowledge to turn a profit at another's expense.
Outline:
Summary
Analysis
Comparing of Author's Views about the Financial Crisis to Other Economists' Views
Conclusion
From the Paper "Kindleberger explains technically what that meaning is, and how it affects the financial markets. It is really just excessive expectation, according to Kindleberger. It is based on the herd mentality and the copycat mentality: we are very predictable and routine creatures: frankly speaking, if we see someone engaged in a behavior that makes them money, we will follow their behavior. Mania specifically is movement of cash or money into illiquid assets, with the prevailing hope that these illiquified assets will increase in value and grow faster than would have according to current interest rates of liquid assets. When the herd follows this mentality, then there is a disproportionate illiquidation of assets, of course all following the behavior of the individual who got rich through that particular form of illiquidation behavior thereof."
