Asian Crisis
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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