The Asian crisis

Docs en anglais | 7 pages | 29-04-2006 | Format : | Note : Non noté

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Résumé

The Asian crisis. Could it have been prevented? Are there any features in the Asian Crisis that are common to crises in Europe in 1992 and more recent ones in Latin America and Russia? Word count: 2,290.

Extract:

The financial crisis that hit many Asian countries in the late 1990s shocked economists and policymakers. It was a surprise not only because of the large number of countries affected and the speed of the spreading crisis from a country to another, but also because of the fact that before the crisis many countries were showed as the "Asian miracle". These countries had been showing high growth rates, steady investment in human and physical capital, and responsible government fiscal policies. Since July 1997, one country after another has been stricken by speculative attacks on its fixed exchange rate.

The financial crisis hit firstly the "Tigers" of south-east of Asia and had a domino effect. It began with the devaluation of the Thai baht in July 1997, and which gripped world markets. The concerned countries where unemployment figures were particularly low have been shaken by debts, bankrupts of banks and companies, unemployment, inflation. The shock wave reached rapidly Japan and Korea, even if the economic foundations seemed to be stronger and sounder ...

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