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East Asian Crisis In The Econo
Beginning of essay
A large economic downturn in East Asia threatens to end its nearly
30 year run of high growth rates. The crisis has caused Asian currencies to fall 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 prac ....
Middle of essay
.... bad banks loans of up to $1 trillion. The banks lend 66% of China’s investment capital to state-run industries that only produce 12% of China’s industrial output (Manning 2). Malaysia and the Philippines
are both faced with devalued currencies and lowered stock markets
(Lochhead 5).
The implications of the Asian financial crisis are many. A declining Asian economy will reduce demand for U.S. and other countries’ exports. The devalued currencies of East Asia will make Asian imports seen che.... |
| Number of words: 684 |
Approximate pages: 3 |
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