Essays on Is This the Asian Century Coursework

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The paper "Is This the Asian Century" is a great example of macro & microeconomics coursework. This study will involve an in-depth analysis of the Asia financial crisis in conjunction with the most recent global financial crisis. It will serve to determine the effects of the financial crisis on the proper running of businesses. It will also delve into the solutions to the financial crisis. It will lastly determine whether this is the Asian Century in light of the happenings in the world. Background information (Arndt, 1999) suggested that the Asian’ s have seen a growth in their economy for a long time now.

Their growth has however been slowed down by a few crises here and there. The most notable crisis is the Asian financial crisis that took place in 1997. It climaxed with the plummet of the Thai Baht. The crisis then spread to Indonesia, Korea and Malaysia. This further instigated a bigger problem; a global financial crisis caused by the unstable Asian economy. According to (Roach & Lachman, 2006) the global financial crisis left Brazil’ s Real and Russia’ s ruble dysfunctional.

It led to a distinct decline in currencies, the stock markets, asset prices, it posed a threat to the countries’ financial systems, impaired their real economies and also caused a humanitarian crisis. (Stiglitz, 1999) suggested that the Asian crisis also affected areas without the Asian region; it put a lot of pressure on upcoming markets outside the region, it played a part in the virulent contagion, it contributed to the volatility in global financial markets and it was projected to half the speed of world growth in 1998 and in 1999. It was expected to cause a fall from the initially predicted 4 percent to about 2 percent (Stiglitz, 1999). Aims To determine whether this is the Asian Century. To determine the causes of the financial crisis. To determine their effects on the economy mainly businesses. To determine the solutions to the crisis. Body Changes made in the Asian Economies According to the (Technical Assistance Report, 2008) Asian economies that are successful for instance Malaysia, Vietnam, Thailand and the People’ s Republic of China have changed in key areas.

The key area in which change has been experienced has been in its structural transformation.

They have experienced a change in their employment and output. They have strategically moved their resources from agriculture and channeled them to value-added sectors like the ones in industry and services.

References

Arndt, W.H (1999) Southeast Asia’s Economic Crisis: Origins. Hall Hill: Beijing.

British Broadcasting Corporation (BBC) News (2009) Timeline: Credit Crunch to Downturn: [online]. UK: BBC News. [Accessed 15th February 2010]. Available at: http://news.bbc.co.uk/2/hi/7521250.stm#table

FullenKamp, C. (2003): The credit card boom (and bust) in Southeast Asia. Retrieved Feb 18th 2010 www.esaf.fazenda.gov.br/esafsite/.../cs-8.1_Credit_Card_Boom_Case.pdf

Government of Japan, (2001) Annual Report on Japan’s Economy and Public Finance 2000. Available at: http://www5.cao.go.jp/zenbun/wp-e/wp-je01/wp-je01-00201.html.

International Monetary Fund, (2001), IMF Concludes 2001 Article IV Consultation with Kenya. Available at: http://www.imf.org/external/np/2002/pn0243.htm#P29_338.

International Monetary Fund (1999) The IMF’s Response to the Asian Crisis. [Online] Retrieved April 24, 2010 from

Leightner, J.E (2007) Thailand Financial Crisis: it causes, Consequences and Implications.[Online] Retrieved April 24th 2010 from< http://findarticles.com/p/articles/mi_qa5437/is_1_41/ai_n29325863/>

Nathan, R. The Future: A Hydrological SWOT Analysis [online]. Australian Journal of Water Resources, Vol. 11, No. 2, 2007: 133-144.

Pempel, T.J(1999) The Politics of the Asian Economic Crisis. McGraw-Hill: New York

Roach, S.S & Lachman, D (2006) Is China Growing at the United States’ Expense? [Online]Retrieved April 24, 2010 from < http://www.cfr.org/publication/11631/>

Stiglitz, J.E (1999).The Asian Crisis Ten Years After. [Online] Retrieved April 24, 2010 from< http://www.project-syndicate.org/commentary/stiglitz89/English>

Times Magazine (2009) “The Evolution of Asia” 12th October 2009 accessed from <

http://www.time.com/time/magazine/article/0,9171,19271372,00.>

The Wall Street Journal (2010) The Asian Transformation. Retrieved April 28, 2010 from< http://online.wsj.com/home-page>

Yang, Ya-Hwei. (2010): “Coping with Asian financial crisis: The Taiwan experience.” SeoulJournalofEconomics.FindArticles.com. Retrieved Feb 18th 2010 from http://findarticles.com/p/articles/mi_qa5411/is_199801/ai_n21432097/

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