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What caused the currency and financial crisis in Asian economies ?
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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What caused the currency and financial crisis in Asian economies ? The 1997-1998 financial crisis in Asia is the sharpest to hit the developing world since the debt crisis in 1982.This period highlights the main weaknesses in international capital markets and shows how vulnerable they can be to sudden reversals in market confidence. Many point to the change in market expectations and confidence as the source of the problem while others blame the fundamental imbalances in these Asian economies. Whichever view, it is no doubt that the panic and overreaction of investors, the questionable policy response of the International Monetary Fund {IMF} and policy mistakes made by Asian governments are all factors which only deepened the crisis. In this essay we examine the Asian meltdown and provide reasons for why stricter controls on international capital flows were needed. The countries hit hardest by the Asian crisis were Indonesia, Korea, Thailand, Philippines...
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