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Essay / Research Paper Abstract
This 4 page paper examines each of these crises which are compared and contrasted. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: RT13_SA847fin.rtf
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after the baht was allowed to free fall. Hans Werner Sinn (2008) puts it this way: "After the 1982 debt crisis, the savings and loan crisis in the United States
in the late 1980s, and the Asian financial crisis of 1997, the subprime mortgage crisis is the fourth major banking crisis since World War II, and by far the biggest"
(p. 60). Here, in a nutshell, there is a summary of the world financial crises and an acknowledgement that the final one is indeed the largest. According to IMF, the
total loss for this one is predicted to be $1 trillion (Sinn, 2008). In comparing and contrasting the current financial crisis to the one that occurred in 1997, there are
differences and similarities. Obviously, the stakes are higher now because the economy has grown since that time. The Asian financial crisis did begin in Asia, but it would be felt
worldwide. It was a major surprise ("Timeline of the Panic," 2008). Of course, the present crisis is a bit of a surprise too. Despite some warnings, no one expected a
financial disaster of this magnitude. The Asian financial crisis would begin in Thailand, but then spread to other Asian nations like Indonesia, Malaysia and the Philippines ("Timeline of the Panic,"
2008). By the autumn of that year, the financial crisis would affect China, South Korea and Hong Kong ("Timeline of the Panic," 2008). Brazil and Russia would feel its effects
in 1998 when their economy would also enter a free fall situation ("Timeline of the Panic," 2008). By then, stock markets from Tokyo to New York were experiencing problems ("Timeline
of the Panic," 2008). The immediate cause of the 1997 crisis was attached to the devaluation of the currency aligned with four Southeast Asian nations ("The financial crisis and ASEAN,"
...