1997 Asian Financial Crisis

but this rapid of growth is unprecedented (Fenby, 2008). Madison (1997) summarized the development history of the world economy of two hundred years, and considered that, in the long term, the big four factors determine the sustained high growth of output per person: technology、the accumulation of material capital、and accumulation of human capital. In October 1997, with the impact of the Asian financial crisis, most of the Asian countries’ economic were malaise (Sharma, 2003), even China. In 1998

oil price shock, defects still existed. As Anne Krueger, the Acting Managing Director of the IMF, said in a report: “Failure to heed warnings by the Fund will inevitably lead to crisis in some causes. Crisis in individual countries have been frequent, but they have rarely brought widespread description to the global financial system. I come back to my point: that the multilateral framework put in place in the post-war decades has served the international economy well. (Krueger, June3 2004)” The price

International Reserve System: Is it Feasible? During the last decade, the world saw some of the most severe economic shocks and crises since The Great Depression of the late 1920’s. The crises of Mexico in 1994, Russia in 1995, Asian countries in 1997 and even recently in Latin America in 2000 have shown us that the economic shocks have a very drastic and crippling effect on the stricken countries. Rapid capital outflow; firms and banks overwhelm by bad debts; inability to provide loans; bank

particular due to increases in world trade and capital movement. Examples of this occurring can be found in studies from authors such as Katechos 2011, Ehrmann 2011 and Pan & Liu 2012 among others. This globalisation as well as the development of financial liberation means that currency represents one of the main determinants of business profitability and share prices therefore making the link between the two markets vital. A key debate that is highlighted relates to the macro-level in particular

1.0 INTRODUCTION Association of Southeast Asian Nations (ASEAN) is a political organization, culture and economy in Southeast Asia. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. ASEAN should promote economic and political interests in the region when dealing with other areas of the world. ASEAN also promotes social and cultural development and regional stability. While ASEAN countries have different styles of government, ASEAN also

South Korea turned to alternative exports to assist in both the restructuring of the nation’s financial strength and its reputation in international markets. As a result, pop-cultural exports such as films, television dramas, pop music and celebrities associated with these forms of media discourses have found growing popularity in China, Hong Kong, Taiwan; as well as many other East and Southeast Asian countries. This growing popularity of pop-cultural exports has proved to be a tool in constructing

A Case Study of a Currency Crisis: The Russian Default of 1998 Abbigail J. Chiodo and Michael T. Owyang currency crisis can be defined as a speculative attack on a country’s currency that can result in a forced devaluation and possible debt default. One example of a currency crisis occurred in Russia in 1998 and led to the devaluation of the ruble and the default on public and private debt.1 Currency crises such as Russia’s are often thought to emerge from a variety of economic conditions, such

THE FINANCIAL CRISIS Preparing the grounds: The role of global macro policies and the poor US regulatory framework Introduction The financial crisis from 2007-2009 is beeing caused at two levels: global macro policies affecting liquidity and a poor regulatory framework 1 The policies affecting liquidity created a situation like a dam overfilled with flooding water 2 The regulatory system have been the faults in the dam, directing the liquidity into the real estate market

At present, China is the largest economy in the world, overtaking the US in January 2015. It is also the world’s second largest oil consumer behind the US (Chen 2015) and the world’s largest net importer of crude oil (Dunn 2014). Its net importer status was driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth (EIA 2014). China is also the fourth largest oil producing country in the world (Refer to Appendix ___). The growth in the developing

through this paper focusing on the time period of 1997 to 1999. Those indicators are: economic growth as measured by real GDP, price level, interest rates, targets and goals of monetary policy and the Fed Chairman’s leadership in attaining them. 1997 marks the beginning of the Asian financial crisis that shook the global financial markets. However, “The U.S. economy remained largely insulated from the Asian crisis and the dollar held firm all through 1997-1999”( Laidi, p, 46). Figure 1 represents the