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Essay / Research Paper Abstract
This 4-page paper discusses some of the causes of the East Asian Financial Crisis of 1997 and 1998, and some of the IMF's blunders when it came to trying to deal with the crisis.
Page Count:
4 pages (~225 words per page)
File: D0_MTIMFasi.rtf
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Unformatted sample text from the term paper:
figure out the reasons behind the East Asian Financial Crisis of 1997-1998, which plunged that part of Asia (and several of its trading partners) into severe financial trouble. The additional
difficulty here is that the International Monetary Fund and the United States didnt help matters either, with the policies they "forced" the Asian nations to take on.
When it comes to the cause of the crisis, like with anything this severe, its difficult to pin the cause on just one thing, so
well mention the contributing factors here. Its difficult to determine which country was behind the initial "bad debt," but many things lent
to the problems - one of which was the collapse of one of the Korean chaebols (Hanbo Steel) and a defaulting of debt among companies in Thailand - and this
ultimately led the Thai government to buy the bad property debt from financial institutions (but reneged on the promise), which caused a collapse of financial institutions in that particular country,
causing panic among institutions in other countries as well. Also at work at the time was the decline of the yen (which
experts now believe was the first signal of the crisis). The threat concerned investors, who dumped their Asian currencies, which led to a decline in both currencies and the local
stock markets. But the spark the fanned the flames ultimately led to the huge attack of speculation of the Thai baht (the investeors decided that the poor Thai economy and
political instability meant it was time to dump the baht). The baht was gone, and similar problems hit the Philippine central bank, and the banks of other countries.
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