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IMF/World Bank Response to Asian Crisis - Assignment Example

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In the paper “IMF/World Bank Response to Asian Crisis,” the author discusses the crises in East Asian countries, which reflected a few of the characteristics of earlier financial crises in Central and Latin America. Government budgets had been recording substantial surpluses…
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IMF/World Bank Response to Asian Crisis
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Download file to see previous pages The WB and IMFs conventional prescription in such cases called for reducing central government expenditures and increasing revenues by improving tax collections, raising interest rates to dampen speculation and keep funds in the country, devaluing the country currency to increase exports and contain imports, improving governance and reforming banking. Although serious doubts have been expressed about the Funds' overall, longer-term impact, these remedies appear to have helped restore a degree of fiscal and financial equilibrium in the short run in countries able to muster the political will and public support needed to implement them.
For most of their "miracle" period, in fact, these Asian countries had experienced, besides stunning rates of domestic growth, the rapid expansion of exports and trade account surpluses and a build-up of their foreign exchange reserves [World Bank, 1998, passim].
To promote their exports, the East Asian countries had liberalized their current accounts, but not their capital accounts, and had made their national currencies freely convertible into foreign exchange for current account transactions. Most had also pegged their national currency to the U.S. dollar, thereby all but eliminating exchange risks and the cost of hedging for traders and investors. While it was acknowledged that a corresponding liberalization of capital account transactions would be beneficial in the longer term, these countries central bankers recognized that large, sudden movements of capital could be risky without a banking system. ...Download file to see next pagesRead More
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