The Asian Crisis

The financial crisis that erupted in Asia in mid-1997 has led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries. It is hard to understand what these declines will actually do to the world market. This decline is expected to halve the rate of world growth in 1998 from the four percent that was projected pre-crisis to an estimated outcome of about 2 percent. The countries that are included in the East Asian crisis, known as "Tiger" economies, are Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand. For these countries to participate effectively in the exchange of goods, services, and assets, an ...

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depreciating its currencies, Asia is exporting its deflation, its overcapacity and its lack of growth to the West, particularly to the US.
The past ten or fifteen years have seen an unprecedented expansion in the extent to which the countries of the world are tied together, both by instant communication and by international trade, institutions, and markets, including financial markets. On the whole, this process of globalization has been an enormously positive development. It has opened new markets, enhanced competition, spurred innovation, and provided new opportunities for workers, farmers, and businesses around the world. For example more than 40 percent of US exports today are absorbed by developing countries, an extraordinary increase over past export patterns, and the jobs associated with these exports are high-paying, good jobs. The increasing productivity of our trading partners has helped keep inflation down and improve standards of living in the United States. And ...

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The Asian Crisis. (2004, November 7). Retrieved February 27, 2020, from
"The Asian Crisis.", 7 Nov. 2004. Web. 27 Feb. 2020. <>
"The Asian Crisis." November 7, 2004. Accessed February 27, 2020.
"The Asian Crisis." November 7, 2004. Accessed February 27, 2020.
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Added: 11/7/2004 08:59:41 AM
Category: Economics
Type: Premium Paper
Words: 737
Pages: 3

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