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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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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 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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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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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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The Asian Financial Crisis of 1997, 2002.
An analysis of the Asian Financial Crisis of 1997 which struck Thailand in July 1997, soon engulfed most of the countries in the region ,and at one time threatened to spread the world over.
3,200 words (approx. 12.8 pages), 15 sources, APA, $ 92.95
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Abstract
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."
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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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The Asian Financial Crisis of 1997, 2006.
A review of the impact of the Asian financial crisis on the economies of the world.
3,375 words (approx. 13.5 pages), 5 sources, $ 133.95
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Abstract
This paper reviews the Asian Financial Crisis of 1997, thought to have marked a dramatic end to a period of unprecedented economic growth among newly industrializing nations of East Asia. Analysis of the crisis indicates that the revelation of its origins in the hidden and often corrupt relationships between government banks and enterprises of many of these economies has fostered a lack of confidence in the health and transparency of these economies. According to this paper, the lack of confidence has been with the fading of the immediate economic shocks of the Crisis the most lasting impact of this event.
From the Paper
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The Financial Crisis of 1997, 2005.
A discussion on the financial crisis of 1997 and its impact upon Thailand.
1,800 words (approx. 7.2 pages), 7 sources, $ 71.95
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Abstract
The paper reviews the impact of the financial crisis upon Thailand, which then spread through Southeast Asia, and also reviews its present impact upon that nation and whether or not this impact can be considered positive or negative. The paper takes the view that the 1997 crisis was devastating initially for the people of Thailand. However, if there are any lingering effects, they are largely positive ones as the country has remodeled itself and revamped a financial sector that was plagued by a lack of transparency, proper over-sight and inefficiency.
From the Paper
"The 1997 financial crisis in Southeast Asia was a water-shed moment in many ways. Not least of all, the crisis in Thailand brought an unceremonious end to the heady optimism that had spread through the region during the course of the booming 1980s and 1990s. While economic growth in Asia during this period rewarded various groups unevenly - as is generally to be expected in predominantly free markets - there was a general economic healthfulness that offered the promise of still more gains in the future. Suffice it to say, these roseate projections for the future were turned up-side-down by the sudden collapse of the Thai baht and the subsequent currency devaluation experienced in other parts of Asia. This paper will briefly review the impact of the crisis upon Thailand (the nation wherein the problem began)."
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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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East Asian Economic Crisis, 1999.
Analyzes the causes and effects of the monetary crisis of 1997-1998. Examines the impact on Europe, politics, stock market, bailout plans and banking.
1,350 words (approx. 5.4 pages), 10 sources, $ 47.95
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Abstract
The financial turmoil in East Asia has affected markets in different parts of the world and has had a particularly devastating effect on the countries of East Asia itself. Since the beginning of this year, the stock markets of Asia have collectively lost $400 billion in value, and the losses in Hong Kong in mid-October created concern around the world and affected other stock markets, including that in the U.S., which lost a large percentage of its value in one day. The effect on Europe has been more as a threat on the one hand and an opportunity on the other. While the monetary collapse affected markets around the world, the primary effect on Europe has come from changed relations with the financial markets in East Asia.
From the Paper
"The financial turmoil in East Asia has affected markets in different parts of the world and has had a particularly devastating effect on the countries of East Asia itself. Since the beginning of this year, the stock markets of Asia have collectively lost $400 billion in value, and the losses in Hong Kong in mid-October created concern around the world and affected other stock markets, including that in the U.S., which lost a large percentage of its value in one day. The effect on Europe has been more as a threat on the one hand and an opportunity on the other. While the monetary collapse affected markets around the world, the primary effect on Europe has come from changed relations with the financial markets in East Asia.
The failure of the monetary system has been blamed on the political systems in East Asia as much as on any economic ..."
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Asian Financial Crisis, 2005.
An analysis of the Asian financial crisis of 1997, its causes and repercussions.
1,575 words (approx. 6.3 pages), 6 sources, APA, $ 55.95
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Abstract
This paper presents a review of the Asian financial crisis, triggered by the devaluation of Thailand's national currency, the baht, in 1997, and the role that the IMF played in making the crisis worse than it had to be.
From the Paper
"In July, the Thai government ended a long-time policy of linking the value of their national currency, the baht, to the U S dollar and it triggered a financial crisis in Asia. A rapid devaluation of the baht suddenly reduced export revenues, made imports much more expensive and made capital investments in Thailand less attractive. This was an economic meltdown that soon spread to Malaysia, Indonesia, the Philippines and Japan. Asian stock prices plunged as a result and there were worldwide repercussions. Some analysts suggest that speculators and the..."
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The Asian Financial Crisis, 2008.
This paper explores the causes of the Asian Financial crisis of 1997 and suggests preventative policies.
2,398 words (approx. 9.6 pages), 8 sources, MLA, $ 73.95
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Abstract
The paper looks at the role of the International Monetary Fund (IMF) and how its policies and oversights made problems worse in Southeast Asia and looks at Korea as an example. The paper looks briefly at the role of "crony capitalism" in Southeast Asia and focuses on Malaysia and Thailand in particular. The paper also examines structural factors, reviews the inherent irrationality of investors and explains the role of capital control regulations and premature liberalization in producing or deepening the crisis. The paper concludes that the IMF must allow developing nations to take matters into their own hands when looking at structural issues, while those countries must develop comprehensive oversight and "firewalls" that reduce cronyism and incompetence.
From the Paper
"The causes of the Asian Financial Crisis of 1997 are too numerous to be easily synthesized into one neat capsule. Nonetheless, looking at the matter from afar, it appears as though there was excessive foreign borrowing, far too much over-lending (although it is not clear if this over-lending was domestic, it may be inferred that too much bank capital went towards dubious, speculative ventures) and such an over-reliance upon foreign capital that, when the industrial sector began to slow down, the outflow of foreign capital was utterly debilitating."
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