Causes of asian crisis exchange rate










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Due to high rates of economic growth and a booming economy, private firms and corporations looked to finance speculative investment projects. Investors realised the previous optimism was starting to look misplaced. However, the devaluations caused debt repayments to become more expensive and as a result firms and countries started to default on their debt repayments. Also, interest rates were used to maintain the value of a currency. This made currencies vulnerable to speculation. This closeness encouraged private firms to place less emphasis on the costs of projects and an assumption expansion plans would be supported by the government Over-exuberance.

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What Did We Learn From The Asian Crisis

Hit by the loss of confidence and rise in debt repayments, firms cut back on investment, leading to lower growth. Economists such as Joseph Stiglitz and Sachs emphasised the importance of market sentiment in increasing the magnitude of the problem. However, the devaluations caused debt repayments to become more expensive and as a result firms and countries started to default on their debt repayments. Inflation — devaluation caused import prices to rise.

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The economic crisis in east asia

Hot money flows were accumulated because of higher interest rates in the East. With a strong political desire for rapid economic growth, governments often gave implicit guarantees to private sector projects. The current account deficits were financed by hot money flows on capital account. Current account deficits.

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Description: Due to high rates of economic growth and a booming economy, private firms and corporations looked to finance speculative investment projects. With a strong political desire for rapid economic growth, governments often gave implicit guarantees to private sector projects. Countries like Thailand, Indonesia, South Korea had large current account deficits. this meant they were importing more goods and services than they were exporting — it was a reflection of very high rates of economic growth and consumption. Also, interest rates were used to maintain the value of a currency. Typically countries experienced rapid devaluation and capital outflows as investor confidence turned from over-exuberance to contagious pessimism as the structural imbalances in the economy became more apparent. Current account deficits. Due to the financial instability, the IMF was requested to intervene. However, their intervention has proved very controversial, with many arguing that their intervention made things worse. However, firms overstretched themselves and a combination of factors caused a depreciation in the exchange rate as they struggled to meet the payments.
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