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| | Asian financial crisis - Wikipedia, the free encyclopedia |
 | | The role of the International Monetary Fund (IMF) was very controversial during the crisis, causing many locals to call the crisis the "IMF crisis." To begin with, many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast track capitalism", meaning liberalization of the financial sector (i.e. | | | Pre crisis, Malaysia had a large current account deficit of 5 %of GDP. | | | A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto, Japan on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the General Agreement to Borrow and the Emergency Finance Mechanism. |
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http://en.wikipedia.org/wiki/Asian_financial_crisis
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| | Factsheet - The IMF's Response to the Asian Crisis |
| | Although private sector expenditure and financing decisions led to the crisis, it was made worse by governance issues, notably government involvement in the private sector and lack of transparency in corporate and fiscal accounting and the provision of financial and economic data. | | | The financial crisis that erupted in Asia in mid-1997 led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries (Figure 1); threatened these countries' financial systems; and disrupted their real economies, with large contractions in activity that created a human crisis alongside the financial one. | | | Transparency is being increased, both as regards economic (on external reserves and liabilities in particular) and fiscal data, and in the financial and corporate sectors. |
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http://www.imf.org/External/np/exr/facts/asia.HTM
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| | Brookings Institution Press, Weathering the Storm, Taiwan, Its Neighbors, and the Asian Financial Crisis |
| | Mismanagement of the crisis by the IMF and the Suharto government, espe- cially the ill-advised idea of establishing a currency board, aggravated the depth of the country's financial crisis, and, according to Radelet, caused eco- nomic contraction far greater than was either necessary or inevitable. | | | In the early l990s Korea still required its financial institutions to report long-term foreign loans to the government authorities concerned, but it did not require reporting of their short-term loans, which were regarded as trade-related financing. | | | Financial markets should be liberalized only when liberalization is ac- companied by appropriate supervision and public scrutiny. |
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http://brookings.nap.edu/books/0815713991/html/3.html
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| | CRS Report: THE 1997-98 ASIAN FINANCIAL CRISIS |
| | In the Asian countries, the immediate effect of the change in the value of their currencies and outflows of capital is to reduce their trade deficits, and, in some cases, to generate a trade surplus. | | | For example, prior to the financial crisis in Thailand, even though the IMF might have warned the country that it was headed for trouble, it was difficult for the Thai leaders to muster the political support to restructure the 58 financial institutions that eventually became insolvent. | | | The financial crisis in Asia began in currency markets, but this exchange rate instability was caused primarily by problems in the banking sectors of the countries in question. |
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http://www.fas.org/man/crs/crs-asia2.htm
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| | Reinterpreting Asian Financial Crisis |
| | In the context of the unfolding Asian and domestic crisis, the President, Fernando Henrique Cardoso, announced on November 11, 1997 a severe austerity program that was designed to boost foreign investors’ confidence in the economy (and in the currency) by cutting the budget deficit and raising $15b in revenue [NYT, 2/8/98]. | | | The Mexican economy’s vulnerability to a financial crisis was exacerbated by the fact that the government’s foreign exchange reserves totaled $6b at the end of 1994 and that tesebonos worth $29b were due to mature in 1995 [Finance and development, 1997]. | | | In efforts to stem the crisis, governments were compelled (either on their own account or as a precondition for IMF assistance) to pursue the very macroeconomic policies that exacerbated their risk potential. |
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http://www.mtholyoke.edu/courses/sgabriel/ilene_grabel.htm
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| | Asia Times - Asia's most trusted news source |
| | Lehman Brothers ranked Thailand as the country least at risk from a recurrent financial crisis in its quarterly Damocles Financial Crisis report. | | | The Asian Development Bank (ADB) suggested in its annual Asian Development Outlook this week that a failure to loosen fixed exchange rates and astutely manage burgeoning offshore reserves had heightened the risks of another financial crisis. | | | While there are signs that some countries are wavering and may move back to fixed regimes to improve their attractiveness to foreign investors, it appears that they will embrace hybrid systems rather than the rigid linkages of the 1990s. |
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http://www.atimes.com/atimes/Asian_Economy/FE01Dk01.html
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| | Asian Financial Crisis: The Movie |
| | Northern finance capital was not conned into coming into investing in the region by dishonest Asian banks and enterprises that concealed the actual state of their finances. | | | Playing a critical role as accomplices in the Asian financial crisis were three institutional actors: the business press, the investment analysts, and, last but not least, the majority of academic specialists on the East Asian economies and political systems. | | | One can say that the IMF has been the cutting edge of globalization in the region, since it is financial liberalization that is the cutting edge of the integration of these national economies into the global economy. |
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http://www.foodfirst.org/node/238/print
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| | Asian Financial Crisis |
| | But the root of the crisis is a systemic flaw in the global system itself: over-investment and competition for market share leads companies and countries to build surplus capacity. | | | It is an international crisis of the global economic system, with U.S., European and Japanese banks and investment houses central participants in the folly. | | | Fiscal stimulus — public works spending or progressive tax cuts — can act faster than monetary policy if it puts money in the hands of people who are sure to spend it promptly. |
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http://www.ourfuture.org/onmessage/borosage/7_20_98.cfm
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| | Asian Financial Crisis |
| | Another difficullty, according to Monson, is that many Asian countries have no policy in place to penalize corporations which default on their payments. | | | "Unlike the1970s, when majority borrowers were governments and government entities, this time the private sector, aided by capital account convertibility and financial liberalization, borrowed massively in foreign currencies. | | | Local businesses and governments had relied too much on foreign capital to cover their obligations and now had to pay the price of excessive optimism. |
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http://www.admin.mtu.edu/urel/breaking/financialCrisis.html
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| | Statement on Asian Financial Crisis |
| | Instead, Asian countries must be encouraged to make the necessary reforms to their financial systems and further develop their domestic markets. | | | For many years, Korea and other Asian nations have relied on an economic model which paves the way to economic prosperity by exporting massive amounts of manufactured goods, including steel, through the use of low-cost labor and government- controlled economic policy. | | | Chairman, I want to thank you and the other of the members of the Banking and Financial Services Committee for allowing me to appear before you today to testify on the Asian financial crisis. |
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http://www.house.gov/visclosky/t_asia.htm
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| | Imperialism and the Asian Crisis -- DSP Statement |
| | A number of Asian economies initially benefited from the neo-liberal drive in the imperialist countries as large imperialist firms transferred some of their more labour-intensive operations to the region and a handful of other countries in the Third World, in an attempt to reduce their costs. | | | Since the Asian economic crisis began to manifest itself in July 1997, Thailand, South Korea and Indonesia have gone to the IMF for emergency loans and help in renegotiating their foreign debts. | | | After the 1980s debt crisis, Asian economies became even more attractive to imperialist investors and in the early 1990s accounted for more than 50% of real world GDP growth. |
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http://www.dsp.org.au/dsp/dsp-asia.html
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| | The East Asian Financial Crisis |
| | In addition to immediate financial assistance, the Government has emphasised the need to ensure regional economies and markets remain open, to take decisive action to improve the transparency and accountability of government and corporate decision making, and to support reform of the international financial system. | | | The problems that have led to the present situation stem from a variety of sources: inadequacies in the management of national economies, inadequacies in corporate and financial sector behaviour, and inadequacies in the world's financial system, which have resulted in an increased volatility in international capital flows. | | | Indeed, one of the main findings of the survey report is that, despite the wide range of measures undertaken by Governments in crisis-hit economies and the international community, there is a need to build specialist skills in key areas to facilitate the implementation of institutional and policy reforms. |
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http://www.ausaid.gov.au/hottopics/apec/background.cfm
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| | The Asian Financial Crisis - diplom.de |
| | One explanation of the Asian financial crisis states that the affected countries suffered from constantly deteriorating fundamentals, such as worsening cur-rent account deficits, growing dependence on short-term loans, slowing export growth, and a rising share of non-performing loans. | | | Chapter 2 reconstructs the most important developments leading to the Asian financial crisis and briefly describes the un-folding of the crisis in Thailand and the subsequent spread to other countries in the region. | | | He argues that the gains of capital account liberalization are small4compared to the additional risk that the countries incur. |
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http://www.diplom.de/db/arbeit90101568.html
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| | Asian financial crisis -- Britannica Student Encyclopedia |
| | After reviewing the financial statements of the largest companies and banks in Indonesia, Malaysia, the Philippines, South Korea, and Thailand, the UN Conference on Trade and Development (UNCTAD) concluded in a report released in November that the Asian financial crisis would have been detected earlier if the institutions involved had been forced to follow stronger... | | | Article on the East Asian financial crisis and the reformation efforts made by the government of these economies. | | | These are some job duties that financial managers handle and the minimum education that's required. |
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http://www.britannica.com/ebi/article-9309959
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| | The Asian financial crisis |
| | Problems before the crisis, such as flaws in the banking sector have now been addressed, and any further crisis would not be so severe. | | | The future to Indonesia& growth and prosperity is investment as well as fixing the problems before the crisis. | | | As a result, overall spending increased and the economy began heading for stable, sustained growth. |
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http://www.coursework.info/i/555.html
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| | The Asian Financial Crisis |
| | The policy issues raised are of relevance not only to the crisis-affected Asian countries but also to other emerging economies that are facing similar challenges in an era of rapid economic and financial globalization. | | | Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia | | | The book argues the case for the introduction of unemployment insurance, the expansion of social assistance, and the strengthening of active labor market policies. |
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http://www.brook.edu/PRESS/books/clientpr/ilo/fncrisis.htm
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| | The History of the global financial crisis of 1997-99 in Asia as a whole |
| | A paper that attempts a theoretical catchup after the unexpected severity and complexity of the financial crisis starting in Thailand. | | | The financial crisis in the world as a whole | | | The History of the global financial crisis of 1997-99 in Asia as a whole |
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http://www.hartford-hwp.com/archives/50/index-a.html
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| | Asian Financial Crisis |
| | "It's really not a currency crisis that's been directly precipitated by some government's failed economic policy or from over printing money or hyperinflation," said Bailey, a professor of finance in the Johnson Graduate School of Management, in an interview last week in his fifth floor Malott Hall office. | | | Bank capital has eroded, drying up funding sources and increasing the risk of defaults. | | | Now the currencies are worth less, causing huge debts that seemingly can't be paid off." |
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http://www.news.cornell.edu/chronicle/98/2.19.98/Asian.html
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| | Asian Financial Crisis Conference: Introduction |
| | How to restore investor confidence and restructure the financial sector with appropriate reforms in macroeconomic policies, government regulation and the private sector? | | | What are the inherent institutional structures of the financial sector and government regulation that lead to this crisis? | | | How can China strengthen the robustness of its financial sector and avoid suffering from similar crises in the future through various reforms in its banking industry and state-owned enterprises? |
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http://www.harvardchina.org/conference/may_conference_97/introduction.html
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| | Asian Financial Crisis Trickles Down |
| | While far from completely recovered in 1998, Thailand appeared to be in better condition than many of its Asian neighbors, whose financial downturn provoked political upheaval. | | | When Thailand's economy, once one of the strongest in Asia, collapsed under the weight of foreign debt in 1997, its downfall set off a chain reaction in the region, sparking the Asian currency crisis. | | | Waiting to exhale: small business holds its breath amid Asia's financial crisis. |
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http://www.infoplease.com/ipa/A0781487.html
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| | Abstract Asian Financial Crisis |
| | In addition, world price for rice increases in the crisis year (also unrelated to the crisis in the region), thus pulling up the import value. | | | Regarding imports, the import performance is strongly influence by the performance of the FDI sector. | | | The collapse in imports by this sector during the crisis years affect the overall import performance. |
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http://www.vern.org.vn/veem/Abs_FC.htm
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| | The Asian Financial Crisis |
| | The turmoil that has rocked Asian foreign exchange and equity markets over the past eight months is the third major currency crisis of the 1990s. | | | Its predecessors were the crisis in the European Monetary system in 1992-93, and the Mexican peso crisis of 1994-95. | | | See also the IIE's WWW page on other resources about the crisis at http://www.iie.com/HOTOPICS/ASIACRIS/hotasia.htm |
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http://www.eldis.org/static/DOC5077.htm
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| | Asian Financial Crisis |
| | Source: J. Morgan, World Financial Markets, First Quarter 1998. |
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http://www.isop.ucla.edu/asia/Statistics/97-98flu.asp
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