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The financial crisis that erupted in Asia in mid-1997 has led

to sharp declines in the currencies, stock markets, and other

asset prices of a number of Asian countries. It is hard to

understand what these declines will actually do to the world

market. This decline is expected to halve the rate of world

growth in 1998 from the four percent that was projected

pre-crisis to an estimated outcome of about 2 percent. The

countries that are included in the East Asian crisis, known as

"Tiger" economies, are Hong Kong, Indonesia, South Korea,

Malaysia, the Philippines, Singapore, Taiwan and Thailand. For

these countries to participate effectively in the exchange of

goods, services, and assets, an international monetary system

is needed to facilitate economic transactions. To be effective

in facilitating movement in goods, services, and assets, a

monetary system most importantly requires an efficient balance

of payments adjustment mechanism so that deficits and......

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Approximate Word Count: 744
Approximate Pages: 3 (250 words per double-spaced page)

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