MBA Essay-亚洲货币的成因与影响.pdfVIP

专业留学生 essay 写作服务机构 MBA Essay-亚洲货币危机的成因与影 MBA Essay-Asian Currency Crisis - Causes and Ef Introduction 简介 One of the key characteristics of money is stability, however a currency crisis is said to occur when the value of a countrys currency becomes unstable and changes rapidly thereby undermining its ability to effectively serve as a medium of exchange. The Asian currency crisis was a period of financial meltdown which began in July 1997 and gripped the major proportion of East Asia. It remains one of the most talked about region-wide crisis in the 1990s, the sharpest to hit the developing countries, which resulted in a massive downward spiral of Asian economies hitherto seen as miracle economies and prompted the largest financial bailouts in history.(Radelet and Sachs 1998) This paper will examine the origin of the crisis, its impact on the economies of the countries involved and the measures that have been adopted to avoid a recurrence of a similar crisis. ORIGIN OF THE CRISIS 危机根源 Upon mutual agreement, based on the plaza accord (1985) between the US, Germany and Japan, the US dollar was devalued by about 60% to the Yen in real terms in order to alleviate the increasing US current account deficit. Japanese firms facing export competitiveness due to the appreciation of the Yen began to move production to south East Asian countries whose currencies were pegged to the dollar. This provided an ideal location for the Japanese firms in terms of international price competiveness. This inflow of investment from Japan to the South East Asian countries accelerated a pattern that led to large inflow of capital from other Asian and foreign countries into the East Asian countries. The fixed exchange rate system gave the south East Asian economies strong exports, low import prices and expecte