MIM 513 Pacific Rim Economies Class Three – Collapse in Asia.

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MIM 513 Pacific Rim Economies Class Three – Collapse in Asia

Collapse in Asia -What do we know? 1998 IMF had to loan over $100B Players: –South Korea, Thailand, Indonesia, Philippines & Malaysia –Brazil & India –World Bank, IMF, Japan & USA Currency devaluation and deflation due to overseas borrowing and real estate bubble. IMF tactics – Americanize or no $$$ Causes? –Japan raising rates causing a sell off of other currency –The 5 countries borrowed at low rates to expand –Japan-like strategy of governance in particular industries –Trade deficits

Questions Causes? –Japan raising rates causing a sell off of other currency –The 5 countries borrowed at low rates to expand –Japan-like strategy of governance in particular industries –Trade deficits What did Wolf, Thurow, Stiglitz, Sachs, & Cooper think? Regulation or free market? Dialectic effects? Emotion or IMF policies?