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The Asian financial crisis: Why some countries were more vulnerable than others, using Russia and China, in particular, as case studies. / Miles Harris

Swansea University Author: Miles Harris

Abstract

In my study I attempt to show that all of the emerging market financial crises of the 1990s have particularly affected those economies that exhibit certain fundamental weaknesses. Chapter One discusses the rapid growth of the Asian region and outlines the fundamental weaknesses that caused the Asian...

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Published: 2001
Institution: Swansea University
Degree level: Master of Philosophy
Degree name: M.Phil
URI: https://cronfa.swan.ac.uk/Record/cronfa42235
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Abstract: In my study I attempt to show that all of the emerging market financial crises of the 1990s have particularly affected those economies that exhibit certain fundamental weaknesses. Chapter One discusses the rapid growth of the Asian region and outlines the fundamental weaknesses that caused the Asian financial crisis in 1997. Subsequently, I examine the sustainability of the economic recoveries in Asia. Chapter Two considers the effects of the Asian financial crisis on the Russian economy, highlighting Russia's vulnerability to crisis and the indirect causes of these fundamental weaknesses. Russia's current economic trends are investigated. Chapter Three outlines China's similar weaknesses to the crisis-hit economies. But the Chinese currency was not forced to abandon its exchange rate peg. I will, therefore, analyse China's avoidance of the Asian financial contagion, and the obstacles which may jeopardise China's long-term economic growth. I then discuss the controversies that have arisen from the experiences of East Asia, Russia and China. This primarily concerns reducing the vulnerability of emerging markets to financial crises. Chapter Four considers the dangers that global financial integration presents for emerging markets. I appraise initiatives that attempt to maximise the benefits of capital account liberalisation while minimising the costs. Chapter Five seeks to examine the exchange rate dilemma, outlining the costs and benefits of the various regimes available, and the suitability of each arrangement for emerging market economies. Chapter Six examines the current role of the International Monetary Fund (IMF). I analyse the Fund's push for free capital mobility and its financial assistance programmes prescribed to Thailand, Indonesia and South Korea. A discussion on the future role and proposed reforms of the IMF follows.
Keywords: Economic history.;Asian history.;Russian history.
College: Faculty of Humanities and Social Sciences

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