Between June 1997 and January 1998, a financial crisis had a negative influence on Asian economy, thus it was destroyed. Previously, many South-East Asian countries (Singapore, Hong Kong, Thailand, South Korea, and others) reported the best rates of the economic growth worldwide. However, their prosperity was ruined in 1997. It was the time when the currency and local stock markets imploded in these countries.
I purpose to research the causes, effects, and consequences of the financial crisis in Asia. I believe that the analysis of the crisis triggers, the lessons learned, potential crisis features, and the policy implications derived from such analysis as it may prevent other potential crises. In addition, the paper will emphasize the importance of a strong financial and economic basis during the crisis period. The financial crisis in Asia helps learn how existing social systems can function under compulsion.
The first sings of the Asian financial crisis of 1997-1998 became evident a decade ago when the South-East Asian countries experienced rapid economic growth, prosperity, and development. Despite the fact that there were and still are a number of essential differences between these countries, they share many common features and elements.
For many years, exports had been the key driver of the economic growth in these countries. Many states in Asia have transformed into export powerhouses due to the combination of inexpensive and well-educated labor, international trade falling barriers, export-oriented economies, heavy inward investments, etc. During the period of 1990-1996, the Malaysian export had grown by nearly 18% per year. Similar situations was observed with the exports of Indonesia, Hong Kong, Singapore and other countries. The export nature had shifted from basic materials and products, including consumer electronics, automobiles, technology products, and others. Thus, it is essential to thoroughly analyze the early onsets of the crisis in order to recognize future threats.
The students of the economy major are the primary audience. They may already know about the financial crisis in Asia. However, it may be interesting for them to have a deeper look at the problems and become aware of the crisis details, influences, outcomes, and results. The students work in the real time situations and they should be able to identify the first signs of the crisis. Therefore, the topic under investigation will be of great interest to them. They will find the paper to be informative.
In the current research paper, we will discuss the main causes and outcomes of the financial crisis in Asia. The research will focus on the following questions:
The information for current research will be gathered from University of Houston-Victoria (UVH) library and from numerous online sources.
I recently started to pursue a degree in Economics. I have attended several economic courses at the university. I have taken an active part in numerous seminars, workshops, fieldwork, and projects. I have also carries out minor researches in the field of economy, global crises, financial issue solutions, and others. They provided me with proper skills and knowledge to further pursue my interest and move up the academic career ladder. Once I complete my Bachelor’s in Economics, I would like to continue for my Master’s in the same sphere. I am sure that I will substantially increase my existing knowledge and skills and will develop new ones.
I ask for your approval of my topic and the approach I am taking. In case you have any suggestions to improve my research paper, I will eagerly take them into account. I will also welcome new ideas that will help me proceed with the topic under investigation. I look forward to starting work on this research paper.
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