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The 1998 Russian Financial Crisis, 2000.
An analysis of the factors which led to the 1998 Russian financial crisis.
2,140 words (approx. 8.6 pages), 4 sources, $ 66.95
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From the Paper
"The largest of the several countries to experience currency crises related to the ?Asian Flu? of 1997-1998, Russia precipitated the collapse of its currency, the ruble, by announcing a moderate devaluation and a ?freeze,? or effective default, on much of its outstanding debt. Ultimately, Russia?s currency crisis was caused by a fundamental inconsistency between its domestic policies: Russia could not maintain the ruble at a high fixed exchange rate while running a money-financed budget deficit. The magnitude of the crisis that ultimately occurred was aggravated by the phenomenon of economic contagion. As currency crises struck several Asian emerging economies, international investors increasingly scrutinized their Russian holdings, while their confidence in the Russian government declined. Indeed, Russia stands apart from the other nations that suffered from the Asian economic crisis, because Russia repeatedly suffered economic crises since Russian markets were created in 1992. Declining government revenues provided the shock sufficient to provoke a crisis. "
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The Russian Financial Crisis of 1998, 2002.
A historical look at the financial crisis in Russia in the lat 1990's and how it effected the region.
900 words (approx. 3.6 pages), 10 sources, $ 35.95
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Abstract
The paper will emphasize the particular significance of a Russian financial collapse, not so long after Glasnost and the introduction of a capitalist economy. The 1998 crisis was taken very seriously by international financial institutions, in view of Russia's economy being the most developed and promising of those emerging from the former Soviet bloc.
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Russian Financial Crisis 1998: A Self-made Crisis, 2002.
A paper that covers the financial crisis that hit Russia in August 1998.
4,694 words (approx. 18.8 pages), 14 sources, MLA, $ 120.95
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Abstract
This paper contains an analysis of factors, both internal and external, that caused the financial crisis in Russia in 1988. The main argument of the paper is that the main causes of the crisis originated from inside. The monetary system that the Russian government created after the fall of the USSR failed to provide a stable channel for the implementation of an adequate monetary policy. The paper shows that the banking system was ill-designed and corrupt, mainly serving as a channel for government funds to favored industries. Finally, the paper shows that the extreme usage of government debt (often for the personal benefit of the Russian officials) was the factor that shut the whole economy down. Bonds were printed like paper, which is unsustainable even in the short-run.
Table of Contents:
A Self-made Crisis
Fake Monetary System
The Banks that Weren?t
Russian FIGs
A Pyramid of Bonds
The Fall of the Babylon
The Responsibility
Works Cited
From the Paper
"In 1998 Russia was hit by a large-scale financial crisis. The bad news of Russian default (or payment suspension) in August 1998 was one of the primary concerns of almost all Russian and western media. The events and outcomes of the crisis were relatively similar to the ones that took place in Asia in 1997 or, more recently, in Argentina (the latter has recently defaulted on the largest government debt in history). These amounted, but were not limited to: national currency being largely devaluated, collapse of the banking system, and political unrest resulting in dramatic changes in the government."
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Asian Financial Crisis 1997-1998, 2008.
An examination of the external factors in the Asian financial crisis of 1997-1998.
1,687 words (approx. 6.7 pages), 6 sources, APA, $ 54.95
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Abstract
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."
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Asian Financial Crisis of 1997-1998, 2006.
A discussion regarding the impact of the Asian Financial Crisis on the global economy.
3,600 words (approx. 14.4 pages), 8 sources, $ 142.95
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Abstract
This paper reviews how in the contemporary context in the middle of the first decade of the 21st century, the Asian Financial Crisis of 1997-1998 seems a distant memory that has been obscured by the meteoric economic boom of China and the global changes that have occurred post-September 11, 2001. However this perspective risks ignoring the significance of this crisis given that the underlying structures of the global economy during this crisis, in particular the phenomenon of globalization and its primary institutions the International Monetary Fund (IMF) and World Trade Organization (WTO) continue to shape our economy today.
From the Paper
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The Financial Crisis in East Asian Economies, 2006.
An analysis of the East Asian financial crisis of 1997-1998 and whether the crisis is really over.
1,800 words (approx. 7.2 pages), 3 sources, $ 71.95
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Abstract
This paper discusses the East Asian financial crisis of 1997-1998 and how it represented not only a shock to the regional economies of East Asia but, in a larger context, a blow to the confidence of global financial markets in the fundamental structural soundness of East Asian economies. The paper points out that the East Asian economies that were at the center of the crisis - in particular, Thailand and South Korea - were also among those being most highly praised for their market liberalization and fiscal prudence during the regional economic boom of the 1990s. This, in particular, represented troubling concerns for the global economic community in terms of the validity and trustworthiness of assessments of East Asian economies. With this in mind, this paper considers whether it is safe to assume that the crisis is truly over.
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Currency and Financial Crisis in Southeast Asia, 2004.
This paper analyzes the Asian financial crisis of 1997-1998 in Korea, Thailand, Malaysia, and the Philippines.
6,090 words (approx. 24.4 pages), 28 sources, MLA, $ 143.95
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Abstract
This study applies ordinary least squares (OLS) estimation procedures, with and without lags, to identify the causes of currency crises in selected economies during the 1997-98 East Asian currency and financial crisis. The author states that the cause of the crisis was attributed to initial macroeconomic conditions, weak macroeconomic fundamentals, financial sector regulation, and policy reaction. The paper relates that the empirical results were consistent with previous literature on currency crises; episodes of depreciation appear to be associated with the depletion of foreign exchange reserves and the increase in foreign liabilities. Equations. Tables.
Table of Contents
Introduction
Classical Theory
Empirical Research Explaining Currency Crisis
First Generation Models
Second Generation Models
Third Generation Models
Policy Reactions and the Role of the IMF
Conceptual Model
Initial Conditions
Deterioration of Macroeconomic Fundamentals
International Sector and Financial Regulation
Macroeconomic Policy
Ideal and Actual Data
Measuring the Symptoms
Measuring Currency Crisis
Actual Data
Results and Analysis
Conclusion
Appendix I: Summary of Data and Indicators Used in Previous Studies
Appendix II: General F-Tests
Appendix III: Statistical Analysis for Multicollinearity and Heteroskedasticity
Appendix IV: E-views Output of Granger Causality Tests
From the Paper
"Although Korea, the Philippines and Thailand followed the classic prescription of raising their interest rate to defend their currencies, all three saw continued depreciations, well in excess of what would be predicted by the currency crisis models Furman and Stiglitz (1997). From a policy perspective, Goldfajn and Gupta (1998) look the real exchange rate ?undervaluation? episodes in 80 countries following the crises to assess whether tight monetary policy brings about a recovery in the real exchange rate through a nominal appreciation of the exchange rate. They find that in their total sample, tight monetary policy increases the probability of recovery by about 10 percentage points. But among countries undergoing simultaneous banking and currency crisis, as in East Asia, tight monetary policy is associated with roughly 10 percentage points lower probability of success. Both of these differences are statistically significant."
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Globalization and the South Korea Crisis, 1997-1998, 2008.
This paper analyzes, in detail, the South Korean economic crisis from 1997 to 1998, which the paper contends was caused by globalization.
4,235 words (approx. 16.9 pages), 5 sources, MLA, $ 112.95
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Abstract
This paper states that, although globalization has many powerful benefits, financial globalization is not necessarily always a force for good, as in the case of South Korea. The author points out that, before the 1997 crisis, South Korea had embraced globalization and had become one of the great economic success stories in history. The author relates that financial liberalization and globalization were perverted by powerful business interests, which resulted in a banking crisis, a currency crisis and, finally, a full-fledged financial crisis. The paper stresses that the villains of the Korean crisis were the family-owned conglomerates called "chaebol" and their allies in the pre-crisis Korean government. The paper also describes the steps taken by South Korea to stem the downturn and to re-emerge as the strongest economy among all the countries that have experienced financial crises.
From the Paper
"South Korea's macroeconomic fundamentals were strong before the crisis. In 1996 inflation in South Korea was below 5%, real output growth was close to 7%, and the country was expected to grow at a rate of more than 6% in 1997. The government budget was in slight surplus, while the current account deficit had fallen from 4.4% of GDP in 1996 to less than 2% in 1997. From a macroeconomic point of view, the South Korean economy seemed well managed, so the financial crisis cannot be attributed to macroeconomic fundamentals. Instead, the source of the crisis was perversion of the financial liberalization process, which had some particularly strange elements."
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The Problems of Project Finance in American Business after the Asian Economic Crisis of 1998, 2000.
A look at the efforts made to recover from the financial crisis.
3,400 words (approx. 13.6 pages), 10 sources, $ 96.95
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Abstract
The Future of Project Finance
After taking a battering from spectacular failures due to the Asian economic crisis impact on emerging nations and markets worldwide, project finance is making a cautious, conservative rebound. Private and institutional investors are taking an increasing part in financing domestic and international major infrastructure, power and utility projects through innovative funding structures.
From the paper:
"Limited recourse loans are a well-defined form of borrowing; any transaction that does not include elements unique to this structure does not strictly qualify as project finance. Limited recourse loans were invented in the late 1920s and early 1930s to provide US wildcatters with longer-term production finance. During the 1930s, drilling became deeper and resultant cost higher; more extended financing terms were needed. The improved engineering techniques of the early 1940s provided the ability to forecast the future recovery of oil reserves, and some banks applied these new techniques to justify production loans in excess of the three years? limited term previously applied. Since the project itself was deemed able to support a level of production that would provide for repayment from the project?s cash flow, the creditworthiness of the borrower was irrelevant."
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Russian Democratic Crisis of the 20th Century, 1999.
This paper explores the idea of Russian democracy at the end of the 20th century. The writer discusses the history of democratic movement in Russia as well as the unique characteristics and problems modern Russia faced at the end of the century.
2,092 words (approx. 8.4 pages), 7 sources, MLA, $ 65.95
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Abstract
The paper attempts to explain why the idea of democracy was new to the Russian people and the implications this had on its attempts at reform. The writer shows that at the end of the twentieth century, there were several reasons why Russia was approaching its second democratic crisis: Yeltsin's presidency, economic failure, military upheaval and organized crime.
From the Paper
"For the past seventy years Russia was the heart of the Soviet Union. The fall of the ?Evil Empire? in 1991 shocked the world. Many democratic nations were happy to see its enemy turning into a new democratic country based on capitalistic economy and Western ideologies. But not that many people asked if Democracy would work in Russia. In the long run, Russia had a democratic experience in 1917, for half a year and it failed (Daniels, 1972). Will the history repeat itself or will Russia eventually become democratic? It is still hard to tell. Our democratic experience from February to October 1917 and today?s situation are very similar. As in 1917, modern Russia experiences political, economic, and cultural crisis."
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The Russian Economic Crisis Of the 1990s, 1999.
Examines causes, domestic & global effects, threat of debt default, politics, reform, trade, foreign investment, ruble, banking, hedge funds.
2,925 words (approx. 11.7 pages), 13 sources, $ 103.95
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Abstract
The possible default of Russia on her debt has precipitated a crisis around the world, and coming at the same time as the Asian crisis, this may be a devastating second-tier of financial woe with effects far from Moscow.
From the Paper
"INTRODUCTION
The possible default of Russia on her debt has precipitated a crisis around the world, and coming at the same time as the Asian crisis, this may be a devastating second-tier of financial woe with effects far from Moscow. The Russian crisis has already affected investment in certain hedge funds and has frightened a number of analysts who realize what more could happen if the crisis is not resolved. Many Americans see Russia as far away and not related to American interests since the downfall of the Soviet threat, but this is not the case. The Russian crisis has already had an effect on the American economy and may have an even greater one. This may or may not be an argument for bailing Russia out, but it is certainly cause for some concern."
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Crisis in Brazil 1998, 2001.
Role of Brazilian political leadership & external factors (Asian & Mexican economic problems). Market forces. Reform bills.
2,700 words (approx. 10.8 pages), 28 sources, $ 95.95
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From the Paper
This research examines the 1998 crisis in the Brazilian political economy, including the historical context in which the crisis surfaced the role of Brazil's political leadership and the role of external factors such as the Asian economic picture in the course of events as efforts were made to resolve all issues.
The collapse of the Mexican economy in the early 1990s and the subsequent American intervention to save Mexico from international-debt bankruptcy, was controversial in the US. Under leadership of Carlos Salinas, Mexico undertook massive internal reforms in the later 1980s and early 1990s, though domestic conditions worsened, with inflation running at 30%, real wages declining, and economic growth slowing. A longtime political rival of Salinas wrote in early 1990 that Salinas's policies would perpetuate Mexico's status as a subordinate nation to the US ..."
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Energy Crisis Causes Governor Crisis, 2002.
An overview of the Californian energy crisis and its impact on the Governer's hopes for re-election.
1,150 words (approx. 4.6 pages), 4 sources, $ 44.95
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Abstract
This paper explores the recent energy crisis in California and how that affects the Governor and his hopes for re-election. A chronological explanation of the crisis is provided as well as some thoughts about the political problems this is going to cause for the governor in the future.
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History of the Currency Crisis, 2008.
This paper discusses the history of the currency crisis focusing on Asia and Mexico.
2,011 words (approx. 8.0 pages), 12 sources, APA, $ 63.95
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Abstract
This document discusses currency crises and utilizes the Asian financial crisis of 1997 to 1998 and the Mexican peso crisis of 1994 as illustrative examples. In both of these examples, the writer notes that the currency crises were precipitated by sudden capital flights out of the markets in question which exacerbated the devaluation of the currencies. In essence, the writer maintains that currency crises occur because investors, internal or external, leave a market suddenly and with little prior indication. The writer concludes that regardless of how valid the investor assumption of impending currency devaluation is the fact of their sudden flight from the market always leads to the devaluation they were predicting.
Outline:
Abstract
Currency Crises in Asia and Mexico
Overview
Asian Financial Crisis
South Korean Crisis
Central Bank & OMO
Exchange Rate Behavior
Conclusion
Mexican Currency Crisis
Overview
Build up to Crisis
The Trigger
Conclusion
From the Paper
"Thus, because of the currency speculators, who are typically foreign institutional investors, introduce a degree of risk simply through the size of their investment in a single currency that would not otherwise be there if the speculation was limited to smaller investors. While there are a whole slew of factors that must accompany a genuine currency crisis, in general, a crisis develops as these large institutional speculators perceive a decline in value of the currency and dump their investments en masse. The ensuing devaluation of the currency in question is unsustainable and the event often exposes other fundamental economic weaknesses that were disguised previous to the onset of the currency crisis, such as credit over extension in the market and a lack of foreign capital reserves."
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Effective Crisis Management Techniques, 2002.
This paper examines how an organization can handle a crisis. The steps an organization takes during a crisis will determine how they come out of it. This paper lays out how an organization can effectively deal with crisis to prevent lasting damage.
1,430 words (approx. 5.7 pages), 8 sources, $ 47.95
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Abstract
This paper looks at the importance of a company's crisis management strategy and how the strategy that an organization takes during a crisis can affect the long-term health of that organization. It also puts forth the theory that organizations often collapse because when a crisis occurs they are not equipped to deal with it in a quick and timely fashion.
From the paper:
"Planning ahead of time can help soften the negative impact of an ongoing crisis. Decisions made while planning for a potential crisis tend to be more rational then a decision made in the middle of a crisis. Develop a crisis manual that is simple and easy to read and make sure it is used; it is worthless if it sits idle on a shelf. All employees need to be trained so they know what their roles will be during a crisis. This training will help prepare everybody in the organization to avert or effectively manage extraordinary incidents. It is not possible to plan for all potential crises that can occur. Rather an organization should prepare an action plan that involves responses for various aspects of a possible crisis."
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