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"The Asian crisis (East Asian currency crisis of1997/98) may have been only incidentally about currencies - Instead, it was mainly about bad banking and its consequences" (Krugman, Jan1998) - Discuss.
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"The Asian crisis (East Asian currency crisis of 1997/98) may have been only incidentally about currencies. Instead, it was mainly about bad banking and its consequences." (Krugman, Jan 1998) Discuss. In 1997 the 'miracle' of the Asian tigers, typified by strong growth and high foreign investment, came to an end with the collapse of major corporations, banks, finance institutions, the stock markets and currencies. The five East Asian economies (Asian 5) hardest hit by the crisis were Indonesia, Korea, Malaysia, the Philippines and Thailand. This essay looks at what happened in these five countries leading up to and during the crisis. The essay seeks to discover whether currency crisis theory adequately explains the Asian collapse or whether these crises were based on other factors. Krugman and Sachs suggest that the Asian crisis differs from previous currency crises. It was not speculative attacks but weakness in the financial systems the instability of...
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