Asian economic crisis effects philippines

We meet at a time of troubles for East Asia and the world - which is also a time for the kind of whole-hearted cooperation between Asia and America that this society was organized to promote. East Asia enjoys the dubious distinction. It is the first to experience the downside of the globalized economy created by capitalism and technology. The financial crisis has dealt our part of the world - once the site of the "East Asian Economic Miracle" - one of the most drastic reversals of fortune in economic history. Between and , average incomes in Malaysia, Indonesia, and Thailand multiplied four times - doubling every seven and a half years. And, in South Korea, incomes multiplied seven times - doubling almost every four years.

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1997 Asian financial crisis

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Asian financial crisis - Wikipedia

Foreword Over the past decade, attention was focused on Asia as the fastest growing region in the world. Then, in , many of these fast-growing economies, seemingly without warning, turned around and faced economic collapse as a result of financial and currency crises that spread all over Asia as well as other emerging markets in the world. One of the basic causes of the crises is that the affected currencies had pegged their exchange rates to the U. Cheap short-term foreign currency funds led to overexpansion in non-profitable plant investments as well as speculation in real estate and the stock market, leading to an asset bubble. When the bubble burst, the firms, banks and investors that relied on external borrowing could not easily repay the large stock of short-term foreign debt that was called. There were excess debt and weaknesses in the financial system. The simultaneous rush to cover foreign currency liabilities once the currencies started to depreciate exacerbated the fall in the currencies.
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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 almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt.
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