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  • Asian Crisis - 1,925 words
    Asian Crisis Introduction A financial crisis swept like a bush fire through the tiger economies of South East Asia between June 1997 and January 1998. One country after another, local stocks markets and currency imploded. When the dust started to settle, the stock markets in many of these countries had lost over 70% of their value. Leaders of some these nations had to approach the International Monetary Fund (IMF) to beg for massive financial assistance. The crisis in Asia has occurred after several decades of outstanding economic performance and growth. Annual Gross Domestic Product (GDP) growth in the ASEAN- 5 (Thailand, Malaysia, Singapore, Indonesia and Philippines) averaged closed to 8% ...
    Related: asian, asian countries, asian crisis, crisis, east asian, economic crisis, financial crisis
  • Asian Crisis - 291 words
    Asian Crisis The continuing Asian economic crisis that began in mid-1997 ranks as Asia's second biggest event since World War II. The crisis suddenly halted the region's unprecedented three decades of rapid economic growth. Within Asia itself, the crisis has had not only serious domestic social, political, and economic impact, it has affected intra- and extraregional international relations, as well as intellectual and policy discourse. At the same time, the crisis has almost incompatibly, spawned the deepest uncertainty yet among Asian government and business leaders and the public at large about the wisdom of following the universalistic (but really Western, especially American-propagated) ...
    Related: asian, asian crisis, crisis, economic crisis, hong kong
  • Asian Crisis - 1,978 words
    Asian Crisis On the 2nd of July 1997, Asia was hit by one of the most devastating financial crises it has ever seen. Of all the financial crisis that have taken place, this was one of the most distressing in that it was totally unexpected. The purpose of this paper is to show that particular developmental strategies employed by these economies eventually led to their downfall. It will attempt to find out where the origins of the crisis lie, and what events started the cycle that eventuated with this disaster. In order to trace the events that led to the eventual collapse of the Asian economies, one must venture across the ocean to the United States. The issue of liberalisation first gained a ...
    Related: asian, asian countries, asian crisis, crisis, east asian, financial crisis, southeast asian
  • Asian Crisis - 1,034 words
    Asian Crisis There are many speculations about the causes of the Asian Crisis. From my research I found out that there is quite a number of reasons for the Asian currency crisis. There is a book called; The East Asian Miracle, which was published by the World Bank. This book expressed the relationship between government, the private sector, and the market. (See Hoover Digest 1998 No.3. William McGurn. What went wrong?) The book talks about the economic bloom in Southeast Asia. The East Asian countries borrowed a lot of money from the IMF and World Bank and used it to create a better economy for themselves. I found out that the following countries due to their reoccurrence during my research ...
    Related: asian, asian countries, asian crisis, asian values, crisis, east asian
  • Asian Crisis - 998 words
    ... dollar attractive they would have to keep the interest rate therefor business would slump. (see why did it happen?) Another article; Four myths of the Asian economic crisis. 12-18 January 1998. Web site www.newaus.com, disagrees with the view that pegged currencies is one of the problems. The article states that pegging currencies cannot be damaging as long as they are pegged at their market rates. It says that the only way a problem could arise is if the currency of an economy begins to inflate against the currency to which it is pegged. The countries will then begin to experience the crisis. "They find their currencies become overvalued, current account problems begin to emerge and spe ...
    Related: asian, asian crisis, asian financial, asian financial crisis, asian market, crisis, economic crisis
  • Asian Crisis - 1,338 words
    Asian Crisis A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates. It is hard to understand what these declines will actualy do to the world market. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt, loose government regulation, and corruption. Due to East Asia's large impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially tro ...
    Related: asian, asian countries, asian crisis, asian nations, crisis, east asian, economic crisis
  • Asian Crisis - 1,309 words
    ... debt dried up. "This financial crisis will probably lead to loss of confidence by investors in Thailand's economy and a slow down and then a slump would ensue", she predicted. Key Indicators to Watch Unemployment. Unemployment is already a problem, concentrated for the moment in urban areas, and affecting both skilled and unskilled workers in Asia. It is expected that in Thailand an estimated 900,000 workers will have lost their jobs by the end of 1999; in Indonesia, it is estimated that unemployment may have increased by some 2 million people, with predictions of substantial further rises in the coming months. In other countries with rigid rules governing hiring and firing, such as Kore ...
    Related: asian, asian countries, asian crisis, asian economy, asian financial, asian financial crisis, asian nations
  • Asia - 1,308 words
    ... ried up. This financial crisis will probably lead to loss of confidence by investors in Thailand's economy and a slow down and then a slump would ensue, she predicted. Key Indicators to Watch Unemployment. Unemployment is already a problem, concentrated for the moment in urban areas, and affecting both skilled and unskilled workers in Asia. It is expected that in Thailand an estimated 900,000 workers will have lost their jobs by the end of 1999; in Indonesia, it is estimated that unemployment may have increased by some 2 million people, with predictions of substantial further rises in the coming months. In other countries with rigid rules governing hiring and firing, such as Korea, unemp ...
    Related: asia, east asia, economic downturn, government interference, fulfilling
  • Asian Economic And Financial Crisis - 322 words
    Asian Economic And Financial Crisis Asian Crisis The crisis began in Thailand in July 1997 and spread to Indonesia, the Philippines and Malaysia, then to Hong Kong, Korea and Japan. Financial systems in Thailand, Korea and Japan all came under intense strain, but nowhere as destructively as in Indonesia, which by early 1998 had become the worst-affected victim. The 1997 Asian financial meltdown began in Thailand on July 2 after the collapse in late June of 16 finance companies alerted investors to the strains on the financial system. After surging ahead in the mid 90s Thai exports had shrunk in 1996. The government was shaky, economic growth was slowing, and there had already been two specul ...
    Related: asian, asian crisis, asian financial, crisis, economic growth, financial crisis, financial system
  • Asian Fall - 773 words
    Asian Fall East Asian Economy A large economic downturn in East Asia threatens to end its nearly 30-year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices high foreign debt, loose government regulation, and corruption. Due to East Asias large impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other Countries to worry about the affect on their own economies and offer aid to the financially troubled nations (The Great Wave). The East Asian crisis has affected ...
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  • Asian Financial Crisis - 1,333 words
    ... Often times, banks were pressured to make loans at the request of the government. The government felt if this cycle of borrowing and reinvesting in domestic industries continued, so would the economic growth. By 1997, many Asian businesses had debts valued at between three and six times the total amount of cash invested in their companies. These massive debts quickly led to bankruptcy when currencies fell and no one was willing to extend any more loans in Asian countries. Corruption was also rampant in this region, causing further problems in Southeast Asia. In June 1997, 11 prominent businessmen, bankers and politicians were convicted of embezzling funds and pressuring banks to make ill ...
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  • Case Study Disney - 2,278 words
    ... for USD 1,446 million of operating income in the year 1999. This is about 45% of the total operating income of the company and therefore one of the company's most important sources of income. One reason for the company to be able to keep costs relatively low is the fact that the company has strict salary regulations. In the park in Florida, for instance, a low-educated full-time worker generally earns USD 6.25 per hour, which is the minimum wage required by the government. (The fact that the company offers a high number of jobs that require no or hardly any education (such as maintenance or attraction host) also has the advantage that there is a low unemployment rate in the area around t ...
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  • East Asian Economy - 697 words
    East Asian Economy annon A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt, loose government regulation, and corruption. Due to East Asia’s large impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially troubled nations (Sanger 1). The East Asian crisis has affected almo ...
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  • Economic Openness - 1,473 words
    Economic Openness Does greater economic openness between nations lead towards economic growth and convergence? Greater economic openness between nations does lead towards economic growth and convergence. All of the first world countries demonstrate greater economic openness then third world countries demonstrate. Although economic openness may be a solution to gain economic growth and convergence, free trade may not be the answer. There are two different views on free trade; the conservative view and the liberal view. In an economic age in which speedy transactions of imports and exports are essential, free trade is a necessity for aiding worldwide economic development. Even today, the Unite ...
    Related: economic development, economic growth, economic performance, economic stability, global economic, openness
  • Imf - 1,131 words
    ... fied the crisis was the fact that the nations seeing all of elements that are comprising the crisis occur in their economies have lost confidence in their currencies and the financial institutions. However, what turned this bad financial situation into a catastrophe was the loss of confidence that turned into self-reinforcing panic. Although, the world was shocked at the intensity of the crisis they - meaning the United Nations, the IMF and the affiliated countries began getting involved in order to start the recovery process as soon as possible. This aided Asia's troubled markets from spreading their 'virus' onto the nearby, vulnerable markets and then to the apparently unconnected mark ...
    Related: international financial system, foreign exchange, macroeconomic policy, corporate
  • Imf In Korea - 1,654 words
    Imf In Korea The subject matter that will be discussed within this paper are the effects of the IMF (International Monetary Fund) in relation(s) to South Korea and other neighboring Asian countries in the same economic distress. It will also tie into the use of media and other aspects of international communications Korea and the United States used to cover the crisis. The economic crisis of South Korea has hit many of the citizens of Korea very hard. Many companies went bankrupt and with that many people lost their jobs. This economic crash was not only felt by the Koreas living in Korea, but also by the ones who live abroad. Many international students had to return back home because they ...
    Related: korea, south korea, inflation rate, international monetary fund, relation
  • International Trade - 1,265 words
    International Trade Introductuion Hong Kong, the pearl of Asia has been the center of trade and finance in Asia since the early 20th century. In a short history of about 150 years, Hong Kong has become the source of growth for many nearby economies. In a certain sense, it can be even said that it is a merchant city founded and managed by businessmen. Traditional hongs or trade houses of Hong Kong were the pillar of the economy. Jardine Matheson and Hutchison were major hongs that led the economy and the Hong Kong & Shanghi Bank were the financier of these hongs and has today grown to become one of the largest bank in the world. These firms were the critical factors of the growth for Hong Kon ...
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  • International Trade - 1,211 words
    ... poa Dock Company and create the Hutchision Whampoa. Hong Kong Bank was looking for a suitable investor to take over the pre-opium war hong and eventually they chose a rising real estate tycoon, Li Ka Shing. There are many reasons that Hong Kong Bank chose Li Ka Shing, but two reasons stand out the most, His reputation as a honest and able businessman and his contacts with the government in Beijing. Today, Hutchison Whampoa has grown into one of Hong Kong's largest blue chip companies with over 70,000 employees worldwide. The Group operates five core businesses : Property Development and Investment, Ports and related services, Retailing and manufacturing, Telecomminications and Media, and ...
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  • Rise In The Context Of Globalization - 1,085 words
    Rise In The Context Of Globalization Rise in the Context of Globalization We have stepped into the age of globalization. Like anything new, globalization is double-sided. On the one hand, globalization is brewing new changes so fast in so many fields that many challenges and opportunities are presented to us. On the other hand, instead of spreading wealth around, globalization and its current macro-economic policies have brought Asian countries a strong negative impact, such as the financial crisis and unemployment. The Asian woman is the most direct victim. Before many people overcome their "future shock" aroused by globalization, some Asian women have already risen to the positive and nega ...
    Related: context, globalization, female students, social issues, careers
  • Russian Crisis - 1,566 words
    ... loyment problem, the decline in economic growth has set back attempts to reduce it. 3. High interest rates Another cause was the high interest rates which Russia was experiencing. For a critical period in 1998, Russian interest rates increased sharply as a sign of loss of investor confidence. In May 1998, interest rates on GKOs, that is Russian treasury bills used to finance government budget deficits, roughly doubled from 27.8% the month before, to 54.8%. They continued to climb and peaked at 135.3% in August 1998. Other critical interest rates also climbed to very high levels. The Russian Central Banks's refinancing rate spiked at 150% during the week of May 27 to June 4, 1998. While r ...
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