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The “Asian economic miracle” unmasked The political economy of the reality

The “Asian economic miracle” unmasked The political economy of the reality The onset of the 1997 Asian financial crisis took the world by surprise. Its severity and the alarming speed at which it spread sent shock waves around the world. There is still no consensus as to the real causes of this catastrophe although a steep fall in export demand with exchange rates pegged to an appreciating US dollar clearly caused current account deficit problems, which were exacerbated by imprudent bank lending and debt management practices. The economies of Thailand, Indonesia, Malaysia, South Korea and the Philippines were vulnerable to speculative runs on their currencies and rapid foreign investment repatriation with a collapse of investor confidence. It soon became evident that globalisation has its downside for economies unable to withstand the massive capital surges caused by hedge fund manipulation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

The “Asian economic miracle” unmasked The political economy of the reality

International Journal of Social Economics , Volume 27 (7/8/9/10): 14 – Jul 1, 2000

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References (13)

Publisher
Emerald Publishing
Copyright
Copyright © 2000 MCB UP Ltd. All rights reserved.
ISSN
0306-8293
DOI
10.1108/03068290010335235
Publisher site
See Article on Publisher Site

Abstract

The onset of the 1997 Asian financial crisis took the world by surprise. Its severity and the alarming speed at which it spread sent shock waves around the world. There is still no consensus as to the real causes of this catastrophe although a steep fall in export demand with exchange rates pegged to an appreciating US dollar clearly caused current account deficit problems, which were exacerbated by imprudent bank lending and debt management practices. The economies of Thailand, Indonesia, Malaysia, South Korea and the Philippines were vulnerable to speculative runs on their currencies and rapid foreign investment repatriation with a collapse of investor confidence. It soon became evident that globalisation has its downside for economies unable to withstand the massive capital surges caused by hedge fund manipulation.

Journal

International Journal of Social EconomicsEmerald Publishing

Published: Jul 1, 2000

Keywords: Asia; Foreign currency accounting; Debt; Economic growth; Economic systems

There are no references for this article.