Models of macroeconomic equilibrium and assessment of economic crises (using the example of the asian financial crisis of 1997-1998)

This article analyzes the possibility of applying the basic models of macroeconomic equilibrium in assessing the dynamics of economic crises in states with a market system. Singapore, Taiwan, Hong Kong, and the Republic of Korea are the "4 Asian tigers" that suffered a similar crisis between 1995 and 1998. The purpose of this work is to identify the feasibility of a full–fledged study of market mechanism shocks using macroeconomic equilibrium models (IS-LM) and (AD-AS). The author of the report considers not only the factors of the onset of the crisis in the above region, directly related to the components of the above models, but also external factors beyond the territorial and economic space of the "4 Asian tigers", taking into account all the interrelationships, while revealing the "overall picture" of the crisis development.