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Essay / Research Paper Abstract
An 8 page paper in two parts. The largest discusses the Asian currency crisis as it related to Malaysia and examines the actions that contributed to events of the crisis. It also describes Malaysia's current fiscal policy, which includes recent elimination of pegging to the US dollar in favor of management by assessing the ringgit against a combination of other currencies. The second, much smaller part of the paper discusses what covered interest arbitrage is and how it works. The Harvard-style bibliography lists 13 sources.
Page Count:
8 pages (~225 words per page)
File: CC6_KSfinXchgMalay.rtf
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Unformatted sample text from the term paper:
The Asian currency crisis was one that came on suddenly but was in no hurry to move on its way. Rather, it lingered to adversely
affect the economy of Southeast Asia - and other parts of the world - for an extended period. Its persistence in Japan even led to alteration of business law
that had stood for decades. There is evidence that Malaysia acted ill-advisedly in terms of exercising monetary policy control and controlling the flow of capital out of the country.
Allowing the ringgit to free-float is attributed as being one of the causes of the Asian currency crisis. Today, Malaysia has a
strong, export-driven economy that on world standards is considered to be a middle-income economy (Malaysia 2005). Further, healthy "foreign exchange reserves, low inflation, and a small external debt are
all strengths that make it unlikely that Malaysia will experience a financial crisis similar to the one in 1997" (Malaysia 2005). Prevention The
largest single error leading to the collapse of the ringgit was allowing it to free-float against other world currencies. It lost much of its value literally overnight, continuing to
lose value for several months until it had lost nearly 60 percent of its original value by the time the slide halted (Shameen 2005). Prime minister Mahathir Mohamad blamed
currency speculators - particularly American George Soros - for preying on the ringgit and causing its precipitous fall. Because the Malaysian economy was so highly dependent on exports to
other world markets, capital began fleeing the country as the ringgit continued to lose value. "At the height of the Asian financial crisis, Mahathir ignored Western free-market advisers ...
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