Consequences of asian crisis

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Infive east Asian countries -- Indonesia, Malaysia, South Korea, the Philippines, and Thailand -- experienced sharp currency and banking crises. The contraction of real GDP was severe in relation to the previous history and in comparison with five east Asian countries that were less affected by the financial crisis. Recoveries in the five crisis countries in were strong in most cases, but it is unclear whether the pre-crisis growth paths will be reattained.

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The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency.

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East and South-East Asian economies account for around a quarter of world merchandise trade and nearly a third of world services imports. According to a preliminary assessment of the trade implications of the Asian financial and economic crisis for developing countries contained in a note prepared by the UNCTAD secretariat for the Cairo meetingeconomic slowdown now encompasses not only those countries where an acute financial crisis has erupted since Julybut also the rest of East and South-East Asia. UNCTAD anticipates that the economic malaise emanating from the region is likely to have a far greater impact on global trade and the world economy than could be concluded by focusing only on those countries where an acute financial crisis has erupted since mid

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Typically countries experienced rapid devaluation and capital outflows as investor confidence turned from over-exuberance to contagious pessimism as the structural imbalances in the economy became more apparent. Due to the financial instability, the IMF was requested to intervene. Unlike the debt crisis in Latin America, the debt crisis in East Asia stemmed from inappropriate borrowing by the private sector.

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This paper documents the social impacts of the financial crisis in Asia. We provide a general overview of the causes and the evolution of the crisis and highlight the differences as well as the similarities among the affected Asian countries. In particular, the impacts of the crisis on unemployment, real wage, poverty, and income inequality are analyzed using a cross-country data set, which consists of all the countries that have received financial assistance from the IMF over the period from to

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The current Asian economic crisis threatens to wipe out the gains from recent years of economic growth, poverty alleviation, and human development in many developing Asian countries. It has significantly weakened the capacity of many East Asian countries to keep a sizeable proportion of their populations from falling into abject poverty and severe food deprivation. During the past two decades, economic growth was the single, most important factor contributing to significant poverty reduction in East Asian countries, especially those in transition from centrally-planned to market economies.

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A warning tremor on May 14 this year presaged the start of massive selling in July. By the end of September, the baht was worth At the time of the Mexican currency crisis almost three years ago, there was concern that sparks from that fire might spread to Asian currencies. However, the situation ended without major repercussions for Asia.

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Asian financial crisismajor global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U.

Predictions for include a drastic slowing of growth and increase in unemployment and poverty. What makes this crisis so important is that of these four economies, the three Southeast Asian countries SEA-3 were promoted as models of successful capitalist development by both the International Monetary Fund and World Bank. On the other hand, officials and economists associated with these two institutions always were ambivalent about the economic success of South Korea, which had relied heavily on state direction of both domestic and international activity. This strategy, of course, was in direct conflict with IMF and World Bank pronouncements on the benefits of free-market capitalism.

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