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LEARNING ISSUE 1What is the effect of Asian financial crisis in mid-1997 The Asian financial crisis involves four basic problems or issues 1 a shortage of foreign exchange that has caused the value of currencies and equities in Thailand Indonesia South Korea and other Asian countries to fall dramatically 2 inadequately developed financial sectors and mechanisms for allocating capital in the troubled Asian economies 3 effects of the crisis on both the United States and the world and 4 the role operations and replenishment of funds of the International Monetary Fund The Asian financial crisis was initiated by two rounds of currency depreciation that have been occurring since early summer 1997 The first round was a precipitous drop in the value of the Thai baht Malaysian ringgit Philippine peso and Indonesian rupiah As these currencies stabilized the second round began with downward pressures hitting the Taiwan dollar South Korean won Brazilian real Singaporean dollar and Hong Kong dollar Governments have countered the weakness in their currencies by selling foreign exchange reserves and raising interest rates which in turn have slowed economic growth and have made interest-bearing securities more attractive than equities The currency crises also has revealed severe problems in the banking and financial sectors of the troubled Asian economies 2 What can a company do in order to understand its internal and also the external assessment when it comes to going to a global entry Companies need to identify their strengths and weaknesses and understand how they might apply abroad They should start by identifying the competencies or the unique resources and capabilities that they have Companies need to identify the competencies that have domestic dependencies and evaluate whether the presence of these may inhibit their transferability to new markets Examples of dependencies may include unique market requirements reliance on local personnel and relationships that do not extend beyond domestic borders A more in-depth assessment of whether a competence in the home
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