The financial turmoil in East Asia

The failure of the monetary system has been blamed on the political systems in East Asia as much as on any economic troubles in the area. This situation will change "only when Asian politicians finally push their countries to get their battered economic houses back in order" (Chowdhury and Paul 96). That will require making tough choices. Singapore's Senior Minister Lee Kuan Yew recently observed: "In nearly every economic crisis, the root cause is political, not economic." Even if all goes well for the countries of East Asia, it could take as much as two years for these nations to work their way out of their current problems. Economists agree that growth in the short term in Southeast Asia will slow from around 8 percent this year to 5 percent

. . .
ding of globalization. The response of those in the market, however, was less a direct result of the crisis and more a common reaction to the perception of a problem: While the overall plunge in stock prices can be traced back to the East Asian currency crisis that emerged in Thailand in July, and while nearly every expert argues that the turmoil on Wall Street and across Europe is a classic market panic that has nothing to do with fundamental economic factors, the reality is that investor stampedes can have an impact on the real economy. Thus many of the changes brought about in the U.S. and Europe were the result of the panic of investors and not the East Asian crisis alone. Some nations were more concerned than others. Britain was concerned about the stability of the pound, and one of the things that might cause trouble for the pound would be more serious fallout from the East Asian financial crisis than currently seems likely. Fears about the impact of the crisis were greatest in the early weeks after it surfaced, but in time the World Bank determined that the impact of the East Asian financial crisis on the rest of the world would be rather benign, indeed causing some unanticipated beneficial effects virtually ba
. . .

Some common words found in the essay are:
East Asia, Southeast Asia, East Asian, Korea Thailand, World Bank, Stats Europe, United Japan, Hong Kong, Bill Clinton, South Korea, east asia, world economy, east asian, european leaders, stock markets, countries east, international herald, herald tribune, international herald tribune, world bank, east asian financial, foreign debt, december 2 1997, countries east asia, asian financial crisis,
Approximate Word count = 1784
Approximate Pages = 7 (250 words per page)