East Asiatic Economic Crisis A large economic d holdturn in East Asia threatens to end its nearly 30 year run of high growth rates. The crisis has caused Asiatic currencies to transcend 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt, on the fence(p) government regulation, and corruption. Due to East Asias large refer on the world economy, the panic in Thailand, Indonesia, Korea, and other Asiatic countries has prompted other countries to worry about the affect on their profess economies and offer aid to the financially troubled nations (Sanger 1).
The East Asian crisis has affected almost all of the Asian nations, but the triple hardest hit countries are Thailand, Indonesia, and South Korea. The panic began in Thailand in May of 1997 when speculators, worried about Thailands slowing economy, exces sive debt, and semipolitical instability devalued the ba...If you want to get a wide-cut essay, order it on our website:
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