While in the literature concerning the Asian crisis extensive coverage has been given to the course of events in the countries implementing IMF-supported programmes, scant attention has been paid to other countries that also suffered from the crisis. Potential alternatives to the IMF way of handling the crisis are thus in danger of being neglected. Unable to display preview.
My name is Yaro Sadek Tahirou. I am originally from Togo, a country situated in West Africa. I am currently a senior majoring in International Relations with a double minor in Political Science and Economics, and a certificate in Non-Profit Leadership.
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Asian financial crisismajor global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U. In the first six months, the value of the Indonesian rupiah was down by 80 percent, the Thai baht by more than 50 percent, the South Korean won by nearly 50 percent, and the Malaysian ringgit by 45 percent.
This paper examines the impact of the Asian crisis on bank stocks across four Western countries and six Asian countries. In the second half ofWestern banks experienced positive returns. Most of this poor performance is explained by the exposure of the banks to general stock market movements in their countries.
Yen sees China's downturn as trigger for future shock. However, in the face of strong opposition from the U. Twenty years on, Eisuke Sakakibara, Japan's top international finance bureaucrat at the time, or "Mr.
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Thailand joined the IMF on May 3,  and has been the recipient of numerous IMF programs, most notably in its role as the source of contagion in the Asian financial crisis. Thailand currently has a quota of 3, In order to counter this trend, Thailand entered into IMF backed adjustment program in which it devalued its currency while implementing stricter fiscal policies.
The ensuing debate should be a healthy part of the process by which the institution is held accountable to its member countries and governments. But the spotlight on the Fund has also revealed a number of critical misconceptions, relating both to its role in the international monetary system and to its recent activities in Asia. On the role of the Fund: it is often stated that the Fund was established to manage the system of fixed exchange rates set up at the end of World War II, and that since the breakdown of that system init has been searching for a rationale.
Comparison of the two financial crises 2. Where the accusations stem from and whether they express a broad based opinion within the Fund or whether they are merely the attempt to harm a former employer shall not be discussed here. What the letter leads us to is how the IMF has been subject to harsh criticism every time it appeared on stage to manage a financial crisis in any part of the world.