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History of the Currency Crisis, 2008.
This paper discusses the history of the currency crisis focusing on Asia and Mexico.
2,011 words (approx. 8.0 pages), 12 sources, APA, £ 44.95
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Abstract
This document discusses currency crises and utilizes the Asian financial crisis of 1997 to 1998 and the Mexican peso crisis of 1994 as illustrative examples. In both of these examples, the writer notes that the currency crises were precipitated by sudden capital flights out of the markets in question which exacerbated the devaluation of the currencies. In essence, the writer maintains that currency crises occur because investors, internal or external, leave a market suddenly and with little prior indication. The writer concludes that regardless of how valid the investor assumption of impending currency devaluation is the fact of their sudden flight from the market always leads to the devaluation they were predicting.
Outline:
Abstract
Currency Crises in Asia and Mexico
Overview
Asian Financial Crisis
South Korean Crisis
Central Bank & OMO
Exchange Rate Behavior
Conclusion
Mexican Currency Crisis
Overview
Build up to Crisis
The Trigger
Conclusion
From the Paper
"Thus, because of the currency speculators, who are typically foreign institutional investors, introduce a degree of risk simply through the size of their investment in a single currency that would not otherwise be there if the speculation was limited to smaller investors. While there are a whole slew of factors that must accompany a genuine currency crisis, in general, a crisis develops as these large institutional speculators perceive a decline in value of the currency and dump their investments en masse. The ensuing devaluation of the currency in question is unsustainable and the event often exposes other fundamental economic weaknesses that were disguised previous to the onset of the currency crisis, such as credit over extension in the market and a lack of foreign capital reserves."
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Thailand's Currency Crisis, 2007.
This paper examines Thailand's currency crisis in light of its background, the reasons behind the crisis, and its immediate effect and aftermath.
3,091 words (approx. 12.4 pages), 7 sources, MLA, £ 63.95
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Abstract
This paper looks at the currency crisis in Thailand, which started in the summer of 1997 and rapidly engulfed a number of East Asian "Tiger economies" in a major financial crisis. This crisis became a an interesting case study for economists who were interested in analyzing the pros and cons of globalization and laissez faire market economies. The author further examines the effects of the East Asian currency crisis, on Thailand itself, which underwent a painful re-adjustment of its economy.
Outline:
Background
The Danger Signals
Foreign Exchange Reserves
Current Accounts Deficit
Excessive Credit Expansion
Why Did the Growth Slow Down?
The Housing and Real Estate Bubble
The Stock Market Bubble
The Crisis
The Aftermath of the Crisis for Thailand
Conclusion
From the Paper
"The country took a number of measures to attract foreign capital during the 1980 and early 1990s. These included lifting of restrictions on foreign investments, elimination of most barriers on foreign ownership of export oriented industries, granting of tax incentives to foreign mutual funds and investments in the stock market, creation of closed-end mutual funds, and reduction of taxes on dividends remitted abroad (Antczak 40-41). These measures along with a pegged exchange rate policy (i.e., the Thai currency baht was pegged to the dollar and its value rose and fell with dollar's value), and the large differential in interest rates provided comfort to foreign investors who came to Thailand in droves. "
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Currency and Financial Crisis in Southeast Asia, 2004.
This paper analyzes the Asian financial crisis of 1997-1998 in Korea, Thailand, Malaysia, and the Philippines.
6,090 words (approx. 24.4 pages), 28 sources, MLA, £ 101.95
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Abstract
This study applies ordinary least squares (OLS) estimation procedures, with and without lags, to identify the causes of currency crises in selected economies during the 1997-98 East Asian currency and financial crisis. The author states that the cause of the crisis was attributed to initial macroeconomic conditions, weak macroeconomic fundamentals, financial sector regulation, and policy reaction. The paper relates that the empirical results were consistent with previous literature on currency crises; episodes of depreciation appear to be associated with the depletion of foreign exchange reserves and the increase in foreign liabilities. Equations. Tables.
Table of Contents
Introduction
Classical Theory
Empirical Research Explaining Currency Crisis
First Generation Models
Second Generation Models
Third Generation Models
Policy Reactions and the Role of the IMF
Conceptual Model
Initial Conditions
Deterioration of Macroeconomic Fundamentals
International Sector and Financial Regulation
Macroeconomic Policy
Ideal and Actual Data
Measuring the Symptoms
Measuring Currency Crisis
Actual Data
Results and Analysis
Conclusion
Appendix I: Summary of Data and Indicators Used in Previous Studies
Appendix II: General F-Tests
Appendix III: Statistical Analysis for Multicollinearity and Heteroskedasticity
Appendix IV: E-views Output of Granger Causality Tests
From the Paper
"Although Korea, the Philippines and Thailand followed the classic prescription of raising their interest rate to defend their currencies, all three saw continued depreciations, well in excess of what would be predicted by the currency crisis models Furman and Stiglitz (1997). From a policy perspective, Goldfajn and Gupta (1998) look the real exchange rate ?undervaluation? episodes in 80 countries following the crises to assess whether tight monetary policy brings about a recovery in the real exchange rate through a nominal appreciation of the exchange rate. They find that in their total sample, tight monetary policy increases the probability of recovery by about 10 percentage points. But among countries undergoing simultaneous banking and currency crisis, as in East Asia, tight monetary policy is associated with roughly 10 percentage points lower probability of success. Both of these differences are statistically significant."
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Asian Currency Crisis, 1999.
Examines the causes and effects. Discusses devaluation, historic bank failures and the impact on international banking, as well as currency exposure risks. Includes tables.
2,475 words (approx. 9.9 pages), 9 sources, £ 61.95
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Abstract
"This paper is an examination of the Southeast Asia currency crisis in general and its relationship to, and possible impact on, the field of international banking (The BCCI affair..., 1992, Online; Haq, 1998).
From the Paper
"This paper is an examination of the Southeast Asia currency crisis in general and its relationship to, and possible impact on, the field of international banking (The BCCI affair..., 1992, Online; Haq, 1998). One of the primary topics to be discussed is the fact that as a business and practice, an international bank has the primary goal of measuring an economy's performance and the stability of its currency so that investors can identify investment opportunities and thereby make value-added business decisions (Tamburini, 1997, 32).
Another topic addressed in this paper will be to explain and examine the reasons for the fluctuations in currency values, most of which are caused by a phenomenon caused by the currency exchange rate. Simply defined, this means the value comparison..."
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The South East Asian Currency Crisis, 2002.
This study probes at the causes and likely consequences of the ongoing Southeast Asian crisis that began in the second quarter of 1997.
1,775 words (approx. 7.1 pages), 5 sources, £ 46.95
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Abstract
Though the situation is still unfolding and surely will continue to for many years to come it can confidently be said that this is the worst economic crisis the world has experienced since the Great Depression of the 1930s. Until very recently, most analysts had confined the crisis to Indonesia, South Korea, Malaysia, and Thailand. Some obdurate analysts even continue to suggest that the Asian 'miracle' is still far from over! These, and many other predictions that the crisis would result in only a short, sharp downturn with almost no impact on the major capitalist countries, have all proved to be wrong. Severe economic crisis in Japan along with economic slowdown in China, currency lows in Canada, South Africa, Mexico and many other countries, and the finale of the stumbling American economy, do clearly suggest that the crisis is endemic to the entire global system. This is an ugly and painful realization, but it is indeed reality. Not only does it seem that the Asian miracle is surely over, but that the burgeoning global economy is headed for a drastic slowdown.
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Russian Financial Crisis 1998: A Self-made Crisis, 2002.
A paper that covers the financial crisis that hit Russia in August 1998.
4,694 words (approx. 18.8 pages), 14 sources, MLA, £ 85.95
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Abstract
This paper contains an analysis of factors, both internal and external, that caused the financial crisis in Russia in 1988. The main argument of the paper is that the main causes of the crisis originated from inside. The monetary system that the Russian government created after the fall of the USSR failed to provide a stable channel for the implementation of an adequate monetary policy. The paper shows that the banking system was ill-designed and corrupt, mainly serving as a channel for government funds to favored industries. Finally, the paper shows that the extreme usage of government debt (often for the personal benefit of the Russian officials) was the factor that shut the whole economy down. Bonds were printed like paper, which is unsustainable even in the short-run.
Table of Contents:
A Self-made Crisis
Fake Monetary System
The Banks that Weren?t
Russian FIGs
A Pyramid of Bonds
The Fall of the Babylon
The Responsibility
Works Cited
From the Paper
"In 1998 Russia was hit by a large-scale financial crisis. The bad news of Russian default (or payment suspension) in August 1998 was one of the primary concerns of almost all Russian and western media. The events and outcomes of the crisis were relatively similar to the ones that took place in Asia in 1997 or, more recently, in Argentina (the latter has recently defaulted on the largest government debt in history). These amounted, but were not limited to: national currency being largely devaluated, collapse of the banking system, and political unrest resulting in dramatic changes in the government."
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Energy Crisis Causes Governor Crisis, 2002.
An overview of the Californian energy crisis and its impact on the Governer's hopes for re-election.
1,150 words (approx. 4.6 pages), 4 sources, £ 31.95
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Abstract
This paper explores the recent energy crisis in California and how that affects the Governor and his hopes for re-election. A chronological explanation of the crisis is provided as well as some thoughts about the political problems this is going to cause for the governor in the future.
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Asian Financial Crisis, 2002.
An analysis of the Asian Financial and Currency crisis that hit the economies of the South East Asian countries in the summer of 1997.
5,950 words (approx. 23.8 pages), 17 sources, APA, £ 99.95
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Abstract
This paper is about what came to be known as the Asian Financial Crisis of 1997-98, which hit Thailand in July 1997, soon engulfed most of the countries in the region and at one time threatened to spread the world over. It traces the history and background of the crisis, the reasons why it happened, the effects it has had socially, politically and economically. The paper also covers the approaches adopted by the countries involved, and the international financial institutions to overcome the crisis and the lessons that need to be learnt from it. The focus of the paper is on the business and economic aspects of the crisis and only briefly covers its cultural, social, and political ramifications.
From the Paper
"The next country to be affected by the Thai contagion was Philippines. Its central bank tried to support its currency by increasing the interest rates overnight. The Thai finance minister who was against devaluing the country?s currency resigned on June 19. The Thai prime minister continued to declare that his country would ?never devalue the baht? as late as June 30. But things had already gone out of hand as the Thailand?s central bank had limited reserves of dollars and soon ran out of them in trying to defend the bath. The Bank of Thailand was forced to announce a managed float of the currency on July 2 with an SOS to IMF for help. This resulted in a sudden devaluation of baht to record lows against the dollar and the start of the currency crisis in East Asia was well and truly underway."
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The Asian Economic Crisis, 2005.
Examines and analyzes the Asian economic and currency crisis that rocked the Asian markets in 1997.
2,468 words (approx. 9.9 pages), 7 sources, APA, £ 53.95
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Abstract
This paper explores the causes of the Asian economic crisis in 1997 and traces the roots of the crisis back to the area?s economic growth that started in the early 1990s. The paper explains that, while the crisis is believed to have begun in Thailand, conditions that existed throughout the region contributed to the destabilization of the economies of the other Southeast Asian countries as well.
From the Paper
"Throughout the early 1990s, growth in southeast Asia attracted much foreign capital. However, by 1995 and 1996, Thailand?s current account deficit had grown (from 5.7% in ?93 to 8.5% in ?96 [Pesenti et al., 1998]). When domestic production slowed, this account imbalance represented an even greater percentage, when compared to GDP. Much of the instability in Thailand?s economy was brought about by heavy short-term borrowing that required stringent debt maintenance. A boom in real estate and the Thai stock market attracted foreign speculation that could not be sustained in the face of investor doubts. The Thai government attempted to shore up shaky investor confidence by officially backing the financial institutions that were heavily indebted abroad."
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The Mexican Peso Crisis, 2007.
This paper discusses the economic and political conditions in Mexico that led to the Mexican peso crisis in the 1990s.
824 words (approx. 3.3 pages), 2 sources, MLA, £ 20.95
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Abstract
The paper reveals that the cause of the currency crisis was because the Mexican peso was pegged to the dollar and this type of fixed exchange rate limited investment in Mexico. The paper relates that the only natural thing to do was to devalue the peso. The paper explains that the problem was that the political and security situation in Mexico was not necessarily one that would encourage foreign investment. The paper explains the 20 % devaluation, intended to take place some time in December 1994, turned into a 50 % devaluation of the peso due to pressure from investors and a subsequent significant economic crisis. The paper examines the Mexican government's response to this currency crisis, "tesebonos", and shows the gains from this external trade growth.
From the Paper
"The response to this currency crisis that the Mexican government used was the so - called "Tesebonos", "a short-term security whose principal was indexed to the dollar" . Practically, these were a form of insurance or governmental guarantee for the foreign investors. This was type of security guaranteed the foreign investor that the investment he made in Mexico would not be affected by the peso devaluation and that it would still be calculated with direct connection to the US dollar."
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Effective Crisis Management Techniques, 2002.
This paper examines how an organization can handle a crisis. The steps an organization takes during a crisis will determine how they come out of it. This paper lays out how an organization can effectively deal with crisis to prevent lasting damage.
1,430 words (approx. 5.7 pages), 8 sources, £ 33.95
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Abstract
This paper looks at the importance of a company's crisis management strategy and how the strategy that an organization takes during a crisis can affect the long-term health of that organization. It also puts forth the theory that organizations often collapse because when a crisis occurs they are not equipped to deal with it in a quick and timely fashion.
From the paper:
"Planning ahead of time can help soften the negative impact of an ongoing crisis. Decisions made while planning for a potential crisis tend to be more rational then a decision made in the middle of a crisis. Develop a crisis manual that is simple and easy to read and make sure it is used; it is worthless if it sits idle on a shelf. All employees need to be trained so they know what their roles will be during a crisis. This training will help prepare everybody in the organization to avert or effectively manage extraordinary incidents. It is not possible to plan for all potential crises that can occur. Rather an organization should prepare an action plan that involves responses for various aspects of a possible crisis."
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The Asian Financial Crisis, 2008.
This paper analyzes the Asian financial crisis by comparing the economies of South Korea and Malaysia.
2,745 words (approx. 11.0 pages), 6 sources, APA, £ 58.95
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Abstract
This paper explains that, because investors lost confidence, the Asian financial crisis was not just a domestic problem but rather spread to other parts of the, world especially Third World countries. The author posits that the recovery from the crisis was dependent on the macro economy prior to the crisis within each country. The paper relates that South Korea and Malaysia have different internal structures, were at different levels of development before the crisis and have different survival rates with very different 'after crisis' scenarios. The author points out that the crisis in Malaysia was more of a currency crisis, which had spillover effects within other sectors of the macro economy; however, South Korea faced more of a banking crisis. The paper discuses the role of the International Monetary Fund, the government's role in each region and the Asian Monetary Fund to present a policy outline for preventing future crises.
Table of Contents:
Introduction
A Historical Debate
Asian Financial Crisis: A Closer Look at South Korea and Malaysia
Role of the IMF
Figure 1: Malaysia's and South Korean Unemployment Worsened by IMF Policies
Asian Monetary Fund: Policies and Procedures for Future Crises.
Figure 2: Economic Growth, the Main Aim of the AMF: Implications for Asia
From the Paper
"There were a lot of issues that caused the financial crisis. Mainly, investors lost confidence in the Asian market and started to remove capital from South Korea and Malaysia. The onset of the loss of confidence by investors began when the economies, such as Mexico had crises that preceded the Asian crisis. Similarly, the United States was increasing interest rates during the period to lower inflation as part of its monetary policy. Investors prefer to invest in the United States versus Asia, since the former is considered less risky."
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The Currency Crises, 2005.
A review of several articles about the currency crises.
2,475 words (approx. 9.9 pages), 10 sources, MLA, £ 61.95
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Abstract
This paper reviews ten articles on the currency crises of the past 20 years. The paper examines the global impact a crisis in one country or area has on the world, such as the Asian currency crisis of the 1990s, and discusses the notion that currency crises are self-fulfilling. The paper also looks at whether currency crises are predictable.
From the Paper
"Currency crises have gained much attention in the past years because they have apparently occurred with greater frequency than in the past or perhaps because the global nature of today's financial markets make a currency crisis in one nation a concern around the world. Increasingly, currency stability is of interest to more than just economists and policy makers, with companies and individual investors noting the movement or stability of various currencies with interest .These are not necessarily new stakeholders with regard to..."
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Globalization and the South Korea Crisis, 1997-1998, 2008.
This paper analyzes, in detail, the South Korean economic crisis from 1997 to 1998, which the paper contends was caused by globalization.
4,235 words (approx. 16.9 pages), 5 sources, MLA, £ 79.95
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Abstract
This paper states that, although globalization has many powerful benefits, financial globalization is not necessarily always a force for good, as in the case of South Korea. The author points out that, before the 1997 crisis, South Korea had embraced globalization and had become one of the great economic success stories in history. The author relates that financial liberalization and globalization were perverted by powerful business interests, which resulted in a banking crisis, a currency crisis and, finally, a full-fledged financial crisis. The paper stresses that the villains of the Korean crisis were the family-owned conglomerates called "chaebol" and their allies in the pre-crisis Korean government. The paper also describes the steps taken by South Korea to stem the downturn and to re-emerge as the strongest economy among all the countries that have experienced financial crises.
From the Paper
"South Korea's macroeconomic fundamentals were strong before the crisis. In 1996 inflation in South Korea was below 5%, real output growth was close to 7%, and the country was expected to grow at a rate of more than 6% in 1997. The government budget was in slight surplus, while the current account deficit had fallen from 4.4% of GDP in 1996 to less than 2% in 1997. From a macroeconomic point of view, the South Korean economy seemed well managed, so the financial crisis cannot be attributed to macroeconomic fundamentals. Instead, the source of the crisis was perversion of the financial liberalization process, which had some particularly strange elements."
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