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A large economic downturn in East Asia threatens to end its nearly30 year run of high growth rates It is hard to understand what these declines will actualy do to the world market The crisis has caused Asian currencies to fall 50-60 stock markets to decline 40 banks to close and property values to drop The crisis was brought on by currency devaluations bad banking practices high foreign debt loose government regulation and corruption Due to East Asias large impact on the world economy the panic in Thailand Indonesia Korea and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially troubled nationsThe countries that are included in the East Asian crisis known as Tiger economies are Hong Kong Indonesia South Korea Malaysia the Philippines Singapore Taiwan and Thailand For these countries to participate effectively in the exchange of goods services and assets an international monetary system is needed to facilitate economic transactions To be effective in facilitating movement in goods services and assets a monetary system most importantly requires an efficient balance of payments adjustment mechanism so that deficits and surpluses are not prolonged but are eliminated with relative ease in a reasonably short time period The Asian crisis of recent falls into this category of inefficient balance of payments facilitated by depreciation of its currency By competitively depreciating its currencies Asia is exporting its deflation its overcapacity and its lack of growth to the West particularly to the USNo other group of countries in the world has produced more rapid economic growth and dramatic reduction in poverty than East Asia Korea Malaysia and Thailandhave virtually eliminated absolute poverty and Indonesia is within reach of that goal Nevertheless this financial crisis has exposed weaknesses in Asian economies thatmust be addressed if the region is to return to its high growth of recent years Despite the great cries of anguish we
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