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Aid Policy Conclusions in an Era of Financial Crisis

In: US Economic Development Policies towards the Pacific Rim

Author

Listed:
  • Nan Wiegersma

    (Fitchburg State College)

  • Joseph E. Medley

    (University of Southern Maine)

Abstract

In 1997 Asia became the site of a financial crisis that spread to threaten markets and economies around the world. Despite the persistently positive economic performance of most East and Southeast Asian countries – characterized by high growth rates, low inflation rates, high private savings, budget surpluses, and strong exports international currency speculators attacked Asian currencies and provoked a panicked withdrawal of massive amounts of short-term capital. Starting with the Thai baht and spreading to currencies up along the east coast of Asia, affected currencies lost half of their value in less than a year. Stock markets in those countries dropped by about 50 per cent (IMF 1998c). Accustomed to their recent economic successes, many in Asia struggled to understand why the crisis occurred, why it has been so severe and what the implications are for the East Asian model of development.

Suggested Citation

  • Nan Wiegersma & Joseph E. Medley, 2000. "Aid Policy Conclusions in an Era of Financial Crisis," Palgrave Macmillan Books, in: US Economic Development Policies towards the Pacific Rim, chapter 8, pages 133-154, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98386-7_8
    DOI: 10.1057/9780333983867_8
    as

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