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2000 | Buch

The Social Impact of the Asia Crisis

herausgegeben von: Tran Van Hoa

Verlag: Palgrave Macmillan UK

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Over the past two years, the world has been preoccupied with the Asia crisis, its contagion and its economic impact. The social dimension of the turmoil has only recently become the point of focus for debates and investigations by national and international organizations. This book is the first serious academic contribution to this important dimension and contains extensive research, sound analysis and concise presentation by national and international experts on such issues as poverty, education, training, health, nutrition and employment for a number of major economies in Asia and Oceania affected by the crisis.

Inhaltsverzeichnis

Frontmatter
1. The Social Impact of the Asia Crisis: An Overview
Abstract
During the two-year period July 1997–July 1999, the world as a whole had been preoccupied with the South East Asia crisis, its contagion to East and North Asias, the European Union, North and South Americas, and its economic and financial impact worldwide. Our previous contribution to the subject, to provide a better understanding of the causes, impact, cures, effectiveness and outcomes of the crisis, includes two books, Causes and Impact of the Asian Financial Crisis (editor with C. Harvie) (Macmillan, 1999), and The Asia Crisis: The Cures, Their Effectiveness and the Prospects After (Macmillan, 1999), and a number of other reports and publications.
Tran Van Hoa
2. Indonesia: The Human Dimension of the Asia Crisis
Abstract
The Asian financial or economic crisis that started in July 1997 in Thailand has had a widespread impact on the economic growth, development and political stability of the major countries in Asia. The contagion of the crisis with damaging consequences has also spread to a lesser extent to the countries beyond Asia such as the USSR, Latin and North Americas and the European Union. The economic and political impact of the crisis is serious in the sense that it has retarded decades-long growth and development in the once 'miracle economies' in Asia and destroyed a number of governments in it in the process. But at the same time, this impact may not be that serious if it does not adversely affect the social fabrics or the well-being of the ordinary people of these countries.
Tran Van Hoa
3. Asia Crisis and the Philippines: Counting the Social Costs
Abstract
The Philippines is one among a number of Asian economies that have fallen victim to the Asian crisis, but unlike Thailand, Korea, Malaysia or Indonesia, the impact of the financial crisis to the country has not been as dramatic and alarming. That this is so is, to a large extent, a product of ten years of economic and political reform that the country has gone through since the 'people power' revolution of 1986. The demise of the 20-year-old Marcos dictatorship in the mid-1980s brought with it an era of reform for all aspects of the Philippine economy, inclusive of the government, the financial and the corporate sector. The reform process was led by democratically elected presidents and, though it was slow and often painful, it checked the abuse of power and rampant corruption in government.
Ma. Rebecca Valenzuela
4. Thailand: The Asian Financial Crisis and Social Changes
Abstract
In Thailand, the 1997 financial crisis has resulted in adverse impacts on economic and social systems more seriously than anyone could anticipate. This crisis originated from problems in many sectors: finance, real production, government and management. Since financial liberalization of the early 1990s,1 foreign capital has been attracted to the country by high profit margins in stocks, high interest rates, and a relatively lower risk in Southeast Asia, due to the US dollar-pegged currency (Lauridsen 1998). With cheaper interest rates for off-shore loans and a perceived fixed exchange rate, the Thai private sector continued to borrow. This increased the burden of foreign debt. Without effective management and supervision, the increasing capital inflows mostly came in the form of short-term loans and went into speculative (such as real estate and stock market) rather than productive sectors. Excessive private investment, particularly in risky and non-tradable sectors, and property price inflation soon led to a bubble economy. The increased overconsumption and the high investment–savings gap in the economy caused the balance-of-payment deficit to blow out.
Sauwalak Kittiprapas
5. Korea: Financial Crisis, Structural Reform and Social Consequences
Abstract
The year 1997 was a nightmare for Korea. For three decades before the Asian financial crisis, Korea had experienced very high growth rates and this had transformed it from one of the poorest countries in the world into the 29th member country of the OECD in December 1996. Less than a year after its admission to the OECD, however, Korea experienced a severe financial crisis.
Young Youn Lee, Hyun-Hoon Lee
6. Vietnam: Economic and Social Impact of the Asia Crisis
Abstract
Human development in Vietnam ranks 122 (out of 174 countries) according to the 1998 Global Human Development Report of the United Nations Development Programme (UNDP), and it has remained roughly around this level since 1995. This places Vietnam above Myanmar (ranked 131) and Laos (136) but below Sri Lanka (90) and well below other Association of South East Asia Nations (ASEAN) member countries such as Singapore (28), Thailand (59), Malaysia (60), Indonesia (96) and the Philippines (98), and China (106). Being a major transition economy in Asia, Vietnam has, on the other hand, enjoyed high growth rates and a better social standard in the past 12 years or so than many of its Asian neighbouring countries.
Tran Van Hoa
7. Social Influences of the South East Asia Financial Crisis on China
Abstract
The financial crisis, originating from Thailand in July 1997, has imposed a number of negative influences on the economic and social developments of China. Nobody expected that the crisis could last so long and have such detrimental effects on the world economy. The influence of the Asia crisis on China was also beyond an average person's expectations. It was mainly concentrated on China's balance of payments, and, through this, the damaging effect was diffused to other economic and social aspects.
Zhao Yanyun, Zhang Xiaopu
8. Australia: Has It Weathered the Crisis?
Abstract
From an Australian perspective, the tumult in some Asian economies over the period 1997 to 1999 has passed with little apparent effect. While both real and nominal output in five key Asian economies (Indonesia, Thailand, Malaysia, the Philippines and Korea, hereafter the crisis economies1) has fallen appreciably with consequent effects on employment, consumption, confidence, household income and poverty in those countries, the Australian economy has been one of the best performing economies in the world. Given Australia’s proximity to, and interaction with the crisis Asian economies this may seem surprising and it is informative to ask the question why.
David Johnson
9. The Asian Crisis and Australia’s Export Sector
Abstract
Since the onset of the Asian crisis in the middle of 1997, people looking for signs of the impact of the crisis on Australia’s economy have focused their attention on its trade sector. The reasoning behind this focus goes something like this. The regional recession generated a sharp reduction in demand for exported goods and services to the affected countries. Falling demand plus a stronger Australian dollar vis-à-vis most of the affected currencies has put pressure on Australian exporters through both quantity and price effects. On the import side, the robustness of Australia’s domestic demand, again in conjunction with price effects caused by exchange rate appreciation, resulted in a sharp increase in imports from these countries. The current account deficit deteriorated markedly as a result, increasing financial market volatility and investor uncertainty to the point where many have argued that previously healthy domestic growth could be brought to a halt.
Peter M. Summers
10. Social Impact of the Asia Crisis: A Fundamental Prescription and Management
Abstract
In the preceding chapters, we have covered the major aspects of the human dimension in a number of countries in South East Asia, East Asia and the Oceania (Australia) that have been affected by the financial Asian crisis and its contagion. The crisis has been regarded by politicians, policy-makers and economic experts alike as the greatest event in our recent times and one that has had damaging consequences worldwide. It has turned the economic miracle countries into the needing ones. The major aspects we have dealt with include not only the four social sectors broadly defined by such international organizations as the World Bank (i.e., poverty, education, health and nutrition, and employment) but also other important issues such as women and child labour and, to a lesser extent, environment.
Tran Van Hoa
Backmatter
Metadaten
Titel
The Social Impact of the Asia Crisis
herausgegeben von
Tran Van Hoa
Copyright-Jahr
2000
Verlag
Palgrave Macmillan UK
Electronic ISBN
978-0-333-97801-6
Print ISBN
978-1-349-41933-3
DOI
https://doi.org/10.1057/9780333978016