Nobody downloaded yet

Asian financial crisis of 1997 - Essay Example

Comments (0) Cite this document
As countries is Asia were gearing for some fast paced development, the Asian currency1 suddenly took a nosedive bring the economy down like a house of cards. History tells us that the Asian…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.4% of users find it useful
Asian financial crisis of 1997
Read TextPreview

Extract of sample
"Asian financial crisis of 1997"

Download file to see previous pages the place and the fact that Thailand was already buried in debts that it could no longer hope to recover without any active and strenuous intervention from the international community. As the baht sank like a rock, it took with it the currencies of other neighboring countries. Malaysia and Indonesia were among the first casualties and the rest of the Asian countries followed. North Korea suffered an economic meltdown together with the rest of the nations in Asia. One of its biggest car producers, Kia Motors buckled down under the crisis. Kia Motors was one of the hardest hit companies during the crisis in Asia. On the other hand, The Philippines was also badly shaken during the Asian crisis. In fact, the value of the Philippine peso sank so badly that its value was almost zero. The once promising economy of the Philippines once again slumped down and threatens to a government that is already heavily laden with foreign debts.
The Asian economic crisis happened just about 24 hours after the United Kingdom turned over the sovereignty of Hongkong back to China. Despite the economic turmoil and the uncertainty that had been brought about by the change of powers in Hongkong, the Hongkong banking system, with the strong backing of the China, survived the crisis but suffered some major losses. The economy because sluggish and save for the economies of Singapore and Taiwan that were able to withstand the onslaught in spite of some serious hits in passing, the rest of Asia was in a state of economic shock.
The Asian economic crisis opens the eyes of the world of the volatility of the economy. The Asian crisis affected the entire world and triggered some economic difficulties even in the developed nations. To facilitate the economic recovery of the countries most affected by the crisis, major changes in the economic strategies and policies were instituted in the area (IMF 2000). Major changes in the business environment include the opening up of the economies of these ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Asian financial crisis of 1997 Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Asian financial crisis of 1997 Essay Example | Topics and Well Written Essays - 3000 words. Retrieved from
(Asian Financial Crisis of 1997 Essay Example | Topics and Well Written Essays - 3000 Words)
Asian Financial Crisis of 1997 Essay Example | Topics and Well Written Essays - 3000 Words.
“Asian Financial Crisis of 1997 Essay Example | Topics and Well Written Essays - 3000 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Asian Currency Crisis
...The Asian Financial Crisis The Asian Financial Crisis begun with the collapsed of the Thai baht when the Thai government decided to float its currency (baht) against the dollar, pegging its value away from the US dollar after supporting its artificial expansion which was largely real estate driven. This was a period beginning in July of 1997 that caused international fear of recession due to the financial contagion that started in much of Asia. The Asian financial systems were subject to two additional risk fators: maturity mismatches due to excessive liabilities that...
2 Pages(500 words)Research Paper
Financial Crisis in South Korea in 1997
...? xxxxx No. 12345 Financial Crisis at South Korea in 1997 ABC xxxxx xxxx College Department of xxxxx xxxxx 0 May, 2013 Table of Contents Contents Page Introduction 03 Economic Policies and Performances 04 Causes of the Economic Crisis 09 Contribution of IMF in Reviving South Korea Economy 14 Conclusion 15 References 18 Introduction In 1997, South Korea observed the most severe financial crisis during of its history which forced the government of that time to seek out the economic assistance from International Monetary Fund (IMF). Despite of the fact that there were lots of risks involved with South Korea, even the till...
15 Pages(3750 words)Research Paper
Asian Financial Crisis 1997
...level of economic activity, i.e. consumption and investment. Nevertheless, that flow did not last long; in fact, during 1997/98 there was a huge outflow of capital accompanied by a very low level of economic activity, which led to the financial crisis of 1997/98. This crisis went beyond the country's control, and the International Monetary Fund stepped in to bail Thailand out with billions of dollars. From 1975 to 1989, economic and political conditions, both internal and external, were conducive to Thailand's growth. Whereas most of the lesser developing countries (LDCs) were pursuing import substitution policies to achieve self-sufficiency, Thailand...
48 Pages(12000 words)Coursework
Asian Financial Crises 1997
...Asian Financial Crises 1997 Asia is a happening place as far as spread of globalization is concerned. It's a huge market with countries like China, India, Malaysia, Thailand etc. In fact the Asia Pacific region comprises of 46 countries, but the number of big economies is less. It's been ten years since some of the Asian economies suffered badly on account of currency and banking crisis. Situation has now returned to normalcy with upward movements in per capita GDP growth rates and the general investment climate in these nations. The crisis mainly affected Indonesia, Malaysis, Thailand, Korea, Philippines, Singapore and Korea. As the...
11 Pages(2750 words)Essay
The East Asian Financial Crisis in 1997
...The East Asian Financial Crisis in 1997 The East Asian financial crisis in 1997 downturn is believed to have occurred due to fundamental economic weaknesses. "Others have claimed that East Asia fell prey to a sudden shift in investor confidence," (Joosten para 2). The market sector contributed immensely towards the Asian economic growth. The economic weakness had more serious consequences to the upcoming market. Most of these emerging market economies were adversely impacted on and at the end collapsed. The International Monetary Fund (IMF) tried though it delayed in helping to curb the...
8 Pages(2000 words)Essay
South East Asian Financial Crisis
..., the US deficit on trade rises. Next, the crisis has made some of the Asian financial institutions bankrupt. In fact the economic problems are in fact affecting the economy of even Japan. It a may even spread to Latin America and USA. The next point is that the crisis can hamper the progress of trade liberalization of WTO and Asia Pacific Economic Cooperation (APEC) forum. IMF has arranged support packages for Thailand, Indonesia and South Korea and a credit to Philippines. The support packages are based on the request by the country under suffering. Once IMF approves the loan, the affected country is provided the first installment of loan. In December...
14 Pages(3500 words)Essay
This assignment focuses on Hong Kongs special role in the 1997-1998 Asian financial crisis
...This assignment focuses on Hong Kong’s special role in the 1997-1998 Asian financial crisis Has Hong Kong, the global icon οf free-market capitalism, somehow lost its way? Or will some οf the post-colonial concerns that have emerged over the past two years turn out to mark instead one οf those galvanizing moments which have defined Hong Kongs remarkable history? The first question arises, and the affirmative answer to the second is obscured, because Hong Kong continues to be viewed through a prism οf improbable opposites. It prescribed that, come July 1st 1997, once the first local chief executive had taken over from the last British governor, the new...
3 Pages(750 words)Essay
East Asian Financial Crisis
...on the area and try to encompass the causes as well as the impact of the East Asian financial crisis of 1997-98. In addition, a paragraph has been added as a conclusive note about the lessons learnt from the crisis, as figured out by various researchers. Origin of the East Asian Financial Crisis of 1997-98 The East Asian financial crisis of 1997-98 culminated into one of the most devastating global shocks in the twentieth century. Its far-fetched effect could be compared with nothing less than that of the Great...
11 Pages(2750 words)Essay
Asian Financial Crisis and Globalisation
...Asian Financial Crisis and Globalisation Introduction When the world first came up with the idea of globalization, its main aim was to integrate the regional economies, cultures and societies through a global network of political ideas. Through this it was anticipated that the economy of many countries would improve tremendously. However this is not the case in Asia especially in countries like Thailand, Malaysia, Korea and Indonesia. Since the economic crisis of Asia begun two years ago, the region has started to express its doubts about the impacts of globalization on the regional societies (Michie 2003). Most Asian scholars argue that globalization may...
2 Pages(500 words)Essay
1997-1998 Asian financial crisis
...Asian Financial Crisis of 1997-1998 The economic crisis in Asia of 1997-99 was an exceptional event in the territory’s postwar history. Beginning from the growth period during 1950s and 1960s East Asia didn’t seem to experience massive shock of the happening. Huge amount of attention was given to economic scale specifically to forces of the market and choice of the economic policies that might have caused this contraction. More than that, the crisis itself went out to international political level that concentrated on the timeless clash between debtors and creditors within the world economic sphere. At the moment when...
12 Pages(3000 words)Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Asian financial crisis of 1997 for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us