East asian economic crisis

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Jump to navigation. Hal HillH W Arndteditors. In the early s, the World Bank labelled seven East Asian economies -- among them, four in Southeast Asia -- as "miracle economies", which had achieved extraordinarily high rates of economic growth for several decades.

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The Asian financial crisis, like many other financial crises before and after it, began with a series of asset bubbles. Growth in the region's export economies led to high levels of foreign direct investmentwhich in turn led to soaring real estate values, bolder corporate spending, and even large public infrastructure projects. Heavy borrowing from banks provided most of the funding.

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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.

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This highly technical term was read for what it was—an extraordinarily strong warning from a sitting central bank governor. It refers to a phenomenon, documented by the celebrated United States economist Hyman Minsky, where over-optimism on the part of borrowers and lenders can lead to poor quality and rapid credit growth and inflated asset values, followed by a sharp financial correction and crisis. The global financial crisis is a prominent recent example of a Minsky moment. East Asia is still delivering a significant share of global economic growth.

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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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The Asia Research Centre is a leading international authority on politics, governance and social change in the contemporary Asian region. We analyse conflicts from the national to the international level, across the dimensions of politics, economics, environmental resources, ethnicity, religion, and culture. Given the unprecedented population growth across Asia, policies that will ensure healthy, sustainable and equitable societies are a particular focus.

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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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The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. As a result of the devaluation of Thailand's baht, a large portion of East Asian currencies fell by as much as 38 percent. International stocks also declined as much as 60 percent.

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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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To what extent does the financial crisis in East Asia differ from earlier crises? This is perhaps the most serious financial crisis since the breakdown of the Bretton Woods system in the early s, in terms of both its scope and its effects. Its impact is much more global than that of the financial crises we have seen in the past two or three decades, including those in Latin America. Today, global financial integration is much more pervasive, and the East Asian countries have a much higher share of world trade and production.

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