While the extent of crisis differed from country to country, the Asian economies were brought face to face with serious difficulties that came from over-reliance on short-term foreign capital, speculative investments, and poor supervision by financial authorities. Even the resilient economies of Singapore, Taiwan, and Hong Kong have shown related problems, slowly being eroded by the persistent weaknesses of their neighbouring economies (Robison, Beeson, Jayasuriya, & Kim, 2000, p. 100).
What may have gone wrong that spelled the unfortunate events to take place Why did some countries in the region, like China and India, have been unaffected by the crisis What measures did these affected countries do to thwart the eventual downfall of their economies What did policies did India and China foster in order to insulate them from the said crisis As this paper explored answers to these questions, further recommendations by experts will also be tackled in order to prevent the same crisis from ever happening again.
Liberalisation is termed as a programme of changes in the direction of moving towards a free-market economy. ...Show more