The Asian Financial Crisis


As you know Asia is going through a financial crisis right now. What we have to realize is, that in the global economy everything is connected to everything else.
The global effects of the crisis are practically everywhere. It’s caused the Gross Domestic Product to callapse 38% in the nations know as the Asian Tigers. The economist estimates China’s bad bank debt at 18% of GDP however, the Tunnel, an accurate unofficial Chinese magazine, estimates bad debt at 70% of GDP.
Now the way that the crisis has effected the US are interest on the 30 year bonds are at record lows and the US bond future, are at record highs. Last year Thailand canceled a $400 million purchase of eight F/A-18s made ...

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hit their lowest point in more than four years. The cause of all of this is too much borrowed money and too much corruption. It’s also affecting steel factories and Washington apple growers. Despite all this the US economy is steaming ahead.

The actions that are being taken to deal with what is taking place in Asia and America is that Japan is plans a bank-bailout plan worth $573.7 billion. The US and Japan announced proposals to pump an additional $10 billion into troubled Asian economies. Japan is also lowering interest loans to help troubled Asian countries. The loans will be far project such as roads, bridges, power stations and airports, this will help Japan because the contractors must be Japanese companies.

This should tell you that all of the world’s economies affect each other. It’s especially important when Japan is our #1 trading partner and when the slump might affect Latin America and other Third World regions. To stop the problem from escalating and ...

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PAPER DETAILS
Added: 3/4/2007 09:34:19 PM
Category: Economics
Type: Premium Paper
Words: 386
Pages: 2

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