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Essay / Research Paper Abstract
7 pages in length. The Southeast Asian economic crisis has created quite a ripple effect upon the rest of the world's economic status. Having been caused by a number of occurrences, the crisis has created a great deal of financial hardship for the primary Asian countries involved: Japan, Korea, Thailand and Malaysia. Determining their pattern of individual economic development has led to a better understanding of how such a catastrophic situation could escalate to its current status. The writer discusses economic development as it pertains to Japan, Korea, Thailand and Malaysia. Bibliography lists 11 sources.
Page Count:
7 pages (~225 words per page)
File: D0_AsianEc.rtf
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Asian countries involved: Japan, Korea, Thailand and Malaysia. Determining their pattern of individual economic development has led to a better understanding of how such a catastrophic situation could escalate
to its current status. The factors involved in the Asian crisis are many and varied: inferior banking practices; a habitual tendency to utilize debt to finance long-term investments; deflated currency
as a result of being "tied to an appreciating U.S. dollar" (Chimerine, 1998, p. PG), among other incriminating situations. While these stood to work together as a significant reason
why the crisis took place, they were all but a part of an even "bigger force" (Chimerine, 1998, p. PG): the fact that a majority of Asian countries are all
seeking to gain export growth strategies at the same time. In attempting to flood the foreign market with their goods -- primarily to the United States, which is one
of the only genuinely open economies -- they have created a substantial overabundance in product that is directly attributable to the economic crisis. Without a doubt, these financially devastating times
in Southeast Asia will also result in difficult times for the United States, as well, with the "sharp increase" (Chimerine, 1998, p. PG) of an already disproportionate trade deficit.
Also affected by the crisis will be the causes that generate consumer spending, inventory levels and interest rates, just to name a few. Capital goods producers that do a
great deal of business with Asia, as well as those that are direct competitors of Asian imports, will feel a decidedly strong pricing impact from complications caused by the crisis.
Additionally, the financial woes that Japan, Korea, Thailand and Malaysia are currently facing will also be felt within the banking industry (Chimerine, 1998).
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