Please use this identifier to cite or link to this item: https://doi.org/10.1080/12265089908449755
Title: The financial crisis in Southeast Asia and South Korea: Issues of political economy
Authors: Sikorski, D. 
Issue Date: 1999
Source: Sikorski, D. (1999). The financial crisis in Southeast Asia and South Korea: Issues of political economy. Global Economic Review 28 (1) : 117-129. ScholarBank@NUS Repository. https://doi.org/10.1080/12265089908449755
Abstract: Foreign capital began a mass exodus from East Asia in the summer of 1997. A run on currencies and stock markets started in Thailand and spread throughout Southeast Asia, then on to South Korea before year-end. Thailand, Indonesia and South Korea had high ratios of foreign debt to local GDP and lacked sufficient reserves to meet short-term foreign exchange obligations. All required assistance from the International Monetary Fund which imposed a long list of reforms. However, there is a perception that the IMF has not been effective in the Asian Crisis so far. Pinpointing and effecting some control over the actual forces at work, including politics and other nonmarket factors that contributed substantially to the crisis, will not be easy. Obviously, South Korea and Southeast Asian countries need to restore confidence through reform of their financial institutions and practices, but all Asians still tend to do things in their own characteristic manner. Asian capitalism has not been entirely discredited and should be seen as part of the solution rather than the problem in bringing about financial development and change.
Source Title: Global Economic Review
URI: http://scholarbank.nus.edu.sg/handle/10635/44823
ISSN: 1226508X
DOI: 10.1080/12265089908449755
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

SCOPUSTM   
Citations

1
checked on Dec 5, 2017

Page view(s)

59
checked on Dec 8, 2017

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.