The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. It is also commonly referred to as the Asian currency crisis or locally as the IMF crisis although the latter is somewhat controversial. Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines were also hit by the slump. Mainland C ...

Including:

• Asian financial crisis - History
• Asian financial crisis - Thailand
• Asian financial crisis - Philippines
• Asian financial crisis - Hong Kong
• Asian financial crisis - South Korea
• Asian financial crisis - Malaysia
• Asian financial crisis - Indonesia
• Asian financial crisis - Singapore
• Asian financial crisis - People's Republic of China
• Asian financial crisis - The United States and Japan
• Asian financial crisis - Laos
• Asian financial crisis - Myanmar
• Asian financial crisis - Consequences
• Asian financial crisis - External Reference

Read more here: » Asian financial crisis: Encyclopedia - Asian financial crisis

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Asian financial crisis, Asian financial crisis - History, Asian financial crisis - Thailand, Asian financial crisis - Philippines, Asian financial crisis - Hong Kong, Asian financial crisis - South Korea, Asian financial crisis - Malaysia, Asian financial crisis - Indonesia, Asian financial crisis - Singapore, Asian financial crisis - People's Republic of China, Asian financial crisis - The United States and Japan, Asian financial crisis - Laos, Asian financial crisis - Myanmar, Asian financial crisis - Consequences, Asian financial crisis - External Reference

Read more here: » Asian financial crisis: Encyclopedia II - Asian financial crisis - Consequences

The Singaporean economy managed to turn in a relatively healthy performance in comparison to her Asian peers during and as a result of the financial crisis, although its strong linkages and dependency on her regional economies still entailed some negative effects on her economy. Singapore, unlike Hong Kong, remained attached to the liberal free market openess that had originally built its wealth. As a result, Singapore weathered the crisis far better than all other countries and by 2001 was experiencing a GDP growth rate of nearly 10%. Its o ...

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Asian financial crisis, Asian financial crisis - History, Asian financial crisis - Thailand, Asian financial crisis - Philippines, Asian financial crisis - Hong Kong, Asian financial crisis - South Korea, Asian financial crisis - Malaysia, Asian financial crisis - Indonesia, Asian financial crisis - Singapore, Asian financial crisis - People's Republic of China, Asian financial crisis - The United States and Japan, Asian financial crisis - Laos, Asian financial crisis - Myanmar, Asian financial crisis - Consequences, Asian financial crisis - External Reference

Read more here: » Asian financial crisis: Encyclopedia II - Asian financial crisis - Singapore

Until 1997, Asia attracted almost half of total capital inflow to developing countries. However, Thailand, Indonesia and South Korea had large private current account deficits and the maintenance of pegged exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. Economists have advanced the impact of Mainland China on the real economy as a contributing factor to the crisis but the main cause of the crises was excessive real estate speculation. Chin ...

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Asian financial crisis, Asian financial crisis - History, Asian financial crisis - Thailand, Asian financial crisis - Philippines, Asian financial crisis - Hong Kong, Asian financial crisis - South Korea, Asian financial crisis - Malaysia, Asian financial crisis - Indonesia, Asian financial crisis - Singapore, Asian financial crisis - People's Republic of China, Asian financial crisis - The United States and Japan, Asian financial crisis - Laos, Asian financial crisis - Myanmar, Asian financial crisis - Consequences, Asian financial crisis - External Reference

Read more here: » Asian financial crisis: Encyclopedia II - Asian financial crisis - History

The crash started overnight in Asia as Hong Kong's Hang Seng Index plummeted 6%. The Japanese Nikkei 225 fell 2% on the day. The massive losses spread to the European markets where London's FTSE 100 Index fell 98.90 points, or just about 2%, to 4,871.30. Frankfurt's DAX index fell sharply as well. The U.S. markets were widely expected to open lower for the day. The Dow, NASDAQ, and S&P 500 all sank, never going to positive territory. At 2:36 P.M., the Dow smashed through its first trading curb halt when it fell 350 points. Trading ...

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October 27 1997 mini-crash, October 27 1997 mini-crash - Synopsis, October 27 1997 mini-crash - By the numbers, October 27 1997 mini-crash - Controversial halts, October 27 1997 mini-crash - Closing time, October 27 1997 mini-crash - October 28, October 27 1997 mini-crash - Massive losses and sharp rebounds

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In the 1980s, the PRC tried to combine central planning with market-oriented reforms to increase productivity, living standards, and technological quality without exacerbating inflation, unemployment, and budget deficits. The PRC pursued agricultural reforms, dismantling the commune system and introducing the household responsibility system that provided peasants greater decision-making in agricultural activities. The government also encouraged nonagricultural activities, such as village enterprises in rural areas, and promoted more self-man ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

Read more here: » Economy of the People's Republic of China: Encyclopedia II - Economy of the People's Republic of China - Background

From 1988 to 1997, the economy experienced a period of broad diversification and sustained rapid growth averaging 9% annually. By 1999, nominal per capita GDP had reached $3,238. New foreign and domestic investment played a significant role in the transformation of Malaysia's economy. Manufacturing grew from 13.9% of GDP in 1970 to 30% in 1999, while agriculture and mining which together had accounted for 42.7% of GDP in 1970, dropped to 9.3% and 7.3%, respectively, in 1999. Manufacturing accounted for 30% of GDP (1999). Major product ...

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Economy of Malaysia, Economy of Malaysia - Background, Economy of Malaysia - Tiger economy, Economy of Malaysia - Asian financial crisis and subsequent recovery, Economy of Malaysia - Trade, Economy of Malaysia - External link

Read more here: » Economy of Malaysia: Encyclopedia II - Economy of Malaysia - Tiger economy

October 27 1997 mini-crash - Controversial halts. The reason why this action was so controversial is because when the Dow went through its first trading curb at 350 points, the loss in the Dow only equated to 4.54%, not nearly enough to justify halting trading. One must also consider the fact that the Dow has fallen more than 4.5% on eleven different occasions between 1945 and 1997. Currently, the New York Stock Exchange sets the curbs at 10, 20, and 30%, and determines how much 10, 20, and 30% exactly is in point terms by where the Dow finishes at the end of the quarter.

October 27 1997 mini-crash, October 27 1997 mini-crash - Synopsis, October 27 1997 mini-crash - By the numbers, October 27 1997 mini-crash - Controversial halts, October 27 1997 mini-crash - Closing time, October 27 1997 mini-crash - October 28, October 27 1997 mini-crash - Massive losses and sharp rebounds

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U.S. stock markets were widely expected to open lower for October 28. Asian markets fell even more than they did on the 27th. Hong Kong's Hang Seng Index declined a staggering 14%. The Nikkei fell 4.26%. The U.S. stock markets initially continued their drop from the 27th, but abruptly turned sharply higher. The Dow was down as much as 186 points by 10:06 A.M., and soon thereafter the rally started. By 10:20 A.M. The Dow was down only 25 points. Five minutes later, the Dow roared back into positive territory and was up 50 points ...

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October 27 1997 mini-crash, October 27 1997 mini-crash - Synopsis, October 27 1997 mini-crash - By the numbers, October 27 1997 mini-crash - Controversial halts, October 27 1997 mini-crash - Closing time, October 27 1997 mini-crash - October 28, October 27 1997 mini-crash - Massive losses and sharp rebounds

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Main agricultural products: rice, wheat, potatoes, sorghum, peanuts, tea, millet, barley, cotton, oilseed, pork, fish. Just under half of China's labor force is engaged in agriculture, even though only about 15.4% of the land is suitable for cultivation. There are 329 million Chinese farmers - roughly half the work force - mostly laboring on small pieces of land relative to U.S. farmers. Virtually all arable land is used for food crops, and China is among the world's largest producers of rice, potatoes, sorghum, millet, barley, ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

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Main industries: iron and steel, coal, machine building, armaments, textiles and apparel, petroleum, cement, chemical fertilizers, footwear, toys, food processing, automobiles, consumer electronics, telecommunications, electronic information. Industrial production growth rate: 12.6% (2002 est.) Major state industries are iron, steel, coal, machine building, light industrial products, armaments, and textiles. These industries completed a decade of reform (1979-1989) with little substantial management change. The 19 ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

Read more here: » Economy of the People's Republic of China: Encyclopedia II - Economy of the People's Republic of China - Industry

The year 1997 saw the drastic changes in local scenarios. Foreign direct investment fell at an alarming rate and Ringgit depreciated substantially from MYR 2.50 per USD to much levels lower (up to MYR 4.80 per USD at its bottom) as capital flowed out. The Kuala Lumpur Stock Exchange’s composite index fell from approximately 1300 to nearly merely 400 points in a few short weeks. In response, the Malaysian government imposed capital controls and pegged the Malaysian Ringgit at 3.80 to a US dollar while refusing economic aid from Internationa ...

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Economy of Malaysia, Economy of Malaysia - Background, Economy of Malaysia - Tiger economy, Economy of Malaysia - Asian financial crisis and subsequent recovery, Economy of Malaysia - Trade, Economy of Malaysia - External link

Read more here: » Economy of Malaysia: Encyclopedia II - Economy of Malaysia - Asian financial crisis and subsequent recovery

One of the hallmarks of China's socialist economy was its promise of employment to all able and willing to work and job-security with virtually lifelong tenure. Reformers targeted the labor market as unproductive because industries were frequently overstaffed to fulfill socialist goals and job-security reduced workers' incentive to work. This socialist policy was pejoratively called the iron rice bowl. In 1979-1980, the state reformed factories by giving wage increases to workers, which was immediately offset by sharply rising inflati ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

Read more here: » Economy of the People's Republic of China: Encyclopedia II - Economy of the People's Republic of China - Labor

Malaysia is an important trading partner for the United States. In 1999, two-way bilateral trade between the U.S. and Malaysia totaled U.S. $30.5 billion, with U.S. exports to Malaysia totaling U.S.$9.1 billion and U.S. imports from Malaysia increasing to U.S.$21.4 billion. Malaysia was the United States' 12th-largest trading partner and its 17th-largest export market. During the first half of 2000, U.S. exports totaled U.S.$5 billion, while U.S. imp ...

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Economy of Malaysia, Economy of Malaysia - Background, Economy of Malaysia - Tiger economy, Economy of Malaysia - Asian financial crisis and subsequent recovery, Economy of Malaysia - Trade, Economy of Malaysia - External link

Read more here: » Economy of Malaysia: Encyclopedia II - Economy of Malaysia - Trade

Energy Electricity: production: 1,910 TWh (2003) consumption: 1,630 TWh (2003) exports: 10.38 TWh (2002) imports: 2.3 TWh (2002) Electricity - production by source:' fossil fuel: 80.2% hydro: 18.5% other: 0.1% (2001) nuclear: 1.2% Oil: production: 3.392 million barrel/day (2003 est.) consumption: 4.956 million ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

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The Malay Peninsula and indeed Southeast Asia has been a center for trade for centuries. Various items such as porcelain and spice were actively traded even before Malacca and Singapore rose to prominence. In the 17th century, large deposits of tin were found in several Malay states. Later, as the British started to take over as administrators of Malaya, rubber and palm oil trees were introduced for commercial purposes. Over time, Malaya became the world’s major largest producer of tin, rubber and palm oil. These three commodities along with other raw materials firmly set Malaysiaâ ...

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Economy of Malaysia, Economy of Malaysia - Background, Economy of Malaysia - Tiger economy, Economy of Malaysia - Asian financial crisis and subsequent recovery, Economy of Malaysia - Trade, Economy of Malaysia - External link

Read more here: » Economy of Malaysia: Encyclopedia II - Economy of Malaysia - Background

Main article: Environment of China A harmful by-product of China's rapid industrial development has been increased pollution. A 1998 World Health Organization report on air quality in 272 cities worldwide concluded that seven of the 10 most-polluted cities were in China. According to the PRC's own evaluation, two-thirds of the 338 cities for which air-quality data are available are considered polluted - two-thirds of them moderately or severely so. Respiratory and heart diseases related to air pollution are the leading causes o ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

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The East Asian Tigers were strongly affected by the 1997 Asian financial crisis, which impacted each Tiger to varying degrees. While Taiwan was not as strongly affected, South Korea was badly battered by the crisis. Because of the focus on export-driven growth, many of the Tigers became caught up in a game of currency devaluation. The current criticism of the East Asian Tigers is that these economies focus exclusively on export-demand, at the cost of import-demand. Thus, these econom ...

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East Asian Tigers, East Asian Tigers - Background, East Asian Tigers - Characteristics of the Tiger economies, East Asian Tigers - Criticism of the export-driven trade model, East Asian Tigers - Comparisons, East Asian Tigers - Mainland China, East Asian Tigers - India, East Asian Tigers - Taiwan: A case study

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Statistics Exports: $762.0 billion (2005) Exports - commodities: machinery and equipment, plastics, optical and medical equipment, iron and steel Exports - partners: US 21.0%, EU 18.1%, Hong Kong 17.0%, Japan 12.4%, ASEAN 7.2%, South Korea 4.7% (2004) Imports: $660.12 billion (2005) Imports - commodities: machinery and equipment, oil and mineral fuels, plastics, optical and medical equipment, organic chemicals, iron and steel Imports - partners: Japan 16.8%, EU 12.4%, ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

Read more here: » Economy of the People's Republic of China: Encyclopedia II - Economy of the People's Republic of China - Trade

Foreign investment stalled in late 1989 in the aftermath of the Tiananmen protests. In response, the government introduced legislation and regulations designed to encourage foreigners to invest in high-priority sectors and regions. A significant example of this is the Encouraged Industry Catalogue which sets out the degree of foreign involvement allowed in various industry sectors. In 1990, the government eliminated time restrictions on the establishment of joint ventures, provided some assurances against nationalization, and allowed ...

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Economy of the People's Republic of China, Economy of the People's Republic of China - Background, Economy of the People's Republic of China - Challenges, Economy of the People's Republic of China - Agriculture, Economy of the People's Republic of China - Industry, Economy of the People's Republic of China - Labor, Economy of the People's Republic of China - Energy and mineral resources, Economy of the People's Republic of China - Environment, Economy of the People's Republic of China - Trade, Economy of the People's Republic of China - Foreign investment, Economy of the People's Republic of China - Other, Economy of the People's Republic of China - Currency, Economy of the People's Republic of China - Hong Kong and Macao, Economy of the People's Republic of China - Economy, Economy of the People's Republic of China - Stock exchanges, Economy of the People's Republic of China - Others

Read more here: » Economy of the People's Republic of China: Encyclopedia II - Economy of the People's Republic of China - Foreign investment