The Underlying Reasons for the Southeast Asian Financial Crisis and the Effects of the Crisis on Our Country
The Mexican financial crisis broke out at the end of 1994, reached its most serious stage in the first quarter of 1995, and had basically concluded in the first half of 1995; by the end of 1995 Mexico had shaken off the crisis. The Southeast Asian crisis, on the other hand, broke out in early July 1997, has gone through three high tides, and is showing signs of becoming increasingly severe. In the main, only one countryâMexicoâwas hurt by the Mexican crisis, whereas the majority of the Southeast Asian countries have been hurt by the Southeast Asian crisis. The damage caused by the Mexican crisis was limited to one locality in Latin America, whereas the Southeast Asian crisis has not only directly inhibited economic growth in the East Asian region, it has also affected the United States and Europe and reduced the economic growth rate of the entire world by 1 percentage point. The United States and the International Monetary Fund (IMF) used funds amounting to between U.S. $40 billion and U.S. $50 billion to rescue Mexico from its crisis. This time, however, the IMF used U.S. $57 billion to assist South Korea, and the IMF, the World Bank, and the United States have, up to now, thrown U.S. $113 billion into a rescue action to assist East Asia. This is much more than was used in Mexico, but the amount is far from sufficient. It is estimated that the crisis has already caused bad debts of more than U.S. $100 billion for Southeast Asian banks, and South Korea's bad debts also surpass U.S. $100 billion. The Southeast Asian financial crisis has damaged the countries in that region not only by greatly depreciating their currencies, but also by sharply curtailing their economic growth.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 32 (1999)
Issue (Month): 1 (January)
|Contact details of provider:|| Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=110901|
When requesting a correction, please mention this item's handle: RePEc:mes:chinec:v:32:y:1999:i:1:p:40-45. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.