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Essay / Research Paper Abstract
This 12 page paper considers the impact of the financial crisis of 1997 on development within South East Asia. The paper considers economic development such as financial controls aimed at aiding recovery, the way in which international investment patterns changed and slowed down internal technological development as well as economic development. Issues such as social development and environmental development are also included. The bibliography cites 6 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEasia97.rtf
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Unformatted sample text from the term paper:
conditions that were felt. The development of the areas has been effected, the shock of the slow down and losses has changed the pattern of investment, this has a knock
on effect in terms of development. In some areas there has been the development of greater capital controls, where it was foreseen that the full development of the area required
liberalisation. Other areas have seen that liberalisations. However, in looking at the real development, the way that technology has spread, and associated issues that are linked with development, such as
social conditions and the environment have also seen as reduction in their rate of development. The causes of the crisis during 1997 is subject to great debate, causes have
been cited as under regulation, over regulation, a disproportionate reliance in international trade which created a domino effect as well as the irresponsible behaviour of financial institutions inside and outside
the region. One of the first developments to emerge was the increased level of capital controls in some areas. Malaysia has successfully
recovered economically, even if other aspects of development have slowed down. Malaysia saw the collapse of many of its financial institutions, loans
had been made with insufficient consideration, when the economy collapsed interest rates increased and the value of security plummeted, leaving financial companies over exposed. Malaysia saw a change in the
structure if the financial institutions. If they were to survive they had to merge and combine reducing from 39 finance companies in the beginning of 1998 down to eight (The
Economist, 1998 p81). This changes the number of intuitions, they also adapted their lending criteria. However, the government also decided that direct actions was required with changes in capital controls
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