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East Asian Crisis In The Econo
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A large economic downturn in East Asia threatens to end its nearly
30 year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt, loose government regulat ....
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....ead 4-5).
Other major countries touched by the crisis are Japan, China, Malaysia, and the Philippines. Japan’s economy is burdened by $300 billion in bad bank loans and a recession. Chinese banks may carry bad banks loans of up to $1 trillion. The banks lend 66% of China’s investment capital to state-run industries that only produce 12% of Chi.... |
| Word count: 684 |
Page count: 3 |
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