The economic crisis has diminished the US's economic and ideological influence globally. In response, East Asian countries have pursued greater economic cooperation and regional institutions like the Chiang Mai Initiative to reduce reliance on the US and establish an East Asian identity. Japan in particular has taken on more of a leadership role in pushing for regional monetary cooperation as a way for Asia to insulate itself from external influences and balance dependence on the US dollar, such as by promoting use of the yen. If East Asian economic integration continues with China as the center, it will likely further consolidate East Asian institutions, though questions remain about dealing with the region's challenges.
The engine of globalization in east Asia is a.docxhallettfaustina
The engine of globalization in east Asia is an all too powerful motor, churning with not only the capacity to drive the region safely into the next century, but all too full of enough fuel to burn down more sustainable future than East Asian immolation. The most dangerous drawback of the endless march of East Asia’s made example of modernization theory? According to the United Nations, the answer is money itself. That when there are “…economic shocks that are outside of their control, such as a rapid decline in the price of their major export, changes in interest rates on international capital markets or reduced access to credit” (United Nations, 1999, para. 38), and fiscal disasters involving middle-income nation states.
These disasters then outline financial shockwaves in poorer neighboring countries, both near that government/market’s borders and far from. In some measure, a result of depressions effecting these markets leads invariably to an economically wounding these less developed countries’ exports. In East Asia in the 1990’s and example of the U.N’s aforementioned assertion on shockwave effect economic depression, in both the country of Cambodia as well as the lesser-known Lao People’s Democratic Republic, commonly grieved for depressed economies associated to the East Asian money crises which effected Korea, Thailand, and Indonesia most notably.
All of these downturns appeared to condemn Cambodia and Lao People’s Democratic Republic, already like the poorest countries in East Asia, to disaster. The route in which this disastrous meltdown in the banking systems of East Asia had to be traced back to the source, and doing so was not only quite simple, but quite simply a crystal clear example of one of the more deleterious side-effects of the engine of globalization in East Asia, inter-connectivity breeds mutual disintegration during ‘engine’ meltdown. With Lao currency coincidentally linked to the Thai bhat, and thus Thailand’s market downturn, Lao currency fell over seventy percent against the U.S dollar in the timeframe bridging July 1997 and June of the following year. The resultant upswing in price increases concentrating sharp declination in real incomes and purchasing power, particularly amongst the poorest of the populace (Okonjo-Iweala and others, 1999, p. 49).
The Bank for International Settlements (BIS), which performed a directing role in the debt reforms in the Latin Americas during the financial crises experienced in those countries in the early 1980’s, as well as the East Asia Recession of the 1990’s, were similarly the entity acting as the mediator of the round table discussions between the Basel Committee on Banking Supervision that comprised bank supervisors from the Group of Ten industrialized countries involved. To give a bit of background to this, in 1988, the Basel Committee granted a system for gauging capital sustainability and demarcated a least amount of capital as set standard to meet to function as an inte ...
The engine of globalization in east Asia is a.docxhallettfaustina
The engine of globalization in east Asia is an all too powerful motor, churning with not only the capacity to drive the region safely into the next century, but all too full of enough fuel to burn down more sustainable future than East Asian immolation. The most dangerous drawback of the endless march of East Asia’s made example of modernization theory? According to the United Nations, the answer is money itself. That when there are “…economic shocks that are outside of their control, such as a rapid decline in the price of their major export, changes in interest rates on international capital markets or reduced access to credit” (United Nations, 1999, para. 38), and fiscal disasters involving middle-income nation states.
These disasters then outline financial shockwaves in poorer neighboring countries, both near that government/market’s borders and far from. In some measure, a result of depressions effecting these markets leads invariably to an economically wounding these less developed countries’ exports. In East Asia in the 1990’s and example of the U.N’s aforementioned assertion on shockwave effect economic depression, in both the country of Cambodia as well as the lesser-known Lao People’s Democratic Republic, commonly grieved for depressed economies associated to the East Asian money crises which effected Korea, Thailand, and Indonesia most notably.
All of these downturns appeared to condemn Cambodia and Lao People’s Democratic Republic, already like the poorest countries in East Asia, to disaster. The route in which this disastrous meltdown in the banking systems of East Asia had to be traced back to the source, and doing so was not only quite simple, but quite simply a crystal clear example of one of the more deleterious side-effects of the engine of globalization in East Asia, inter-connectivity breeds mutual disintegration during ‘engine’ meltdown. With Lao currency coincidentally linked to the Thai bhat, and thus Thailand’s market downturn, Lao currency fell over seventy percent against the U.S dollar in the timeframe bridging July 1997 and June of the following year. The resultant upswing in price increases concentrating sharp declination in real incomes and purchasing power, particularly amongst the poorest of the populace (Okonjo-Iweala and others, 1999, p. 49).
The Bank for International Settlements (BIS), which performed a directing role in the debt reforms in the Latin Americas during the financial crises experienced in those countries in the early 1980’s, as well as the East Asia Recession of the 1990’s, were similarly the entity acting as the mediator of the round table discussions between the Basel Committee on Banking Supervision that comprised bank supervisors from the Group of Ten industrialized countries involved. To give a bit of background to this, in 1988, the Basel Committee granted a system for gauging capital sustainability and demarcated a least amount of capital as set standard to meet to function as an inte ...
By Walden Bello,
President of Freedom from Debt Coalition and Senior Analyst of Focus on the Global South
APEF, Chulalongkorn University, Bangkok, Feb 20, 2009
This paper attempts to confront various theoretical and empirical approaches to the East Asian currency crisis in 1997, but also with emphasis on two recently dominated literature about East Asian financial crisis. One, strongly supported by Corsetti, et. al (1998) stresses fundamental weaknesses, particularly in the financial sector. The other explains the crisis as the problem of illiquidity and multiple equilibria or 'herd behaviour' [Radelet and Sachs, 1998]. These two controversial articles facilitate the main exchange of ideas about the evolution and causes of the collapse of these economies which were viewed initially as very successful on their way to development and integration with the global economy. An econometric probit analysis was done in order to establish the most important determinants of the currency crisis in East Asia. The results were mixed (the probit modelling turned out to be very sensitive to changes in sample size, introduction of new variables and brought up an important issue of causality, the solution of which, or at least limitation of the problem, requires an inclusion of lagged variables in the model), but at least it showed that this type of exercise without further sensitivity analysis could not support Radelet and Sachs' (1998) panic scenario of the Asian meltdown. If anything, it rather pointed to fundamental problems existing in these economies.
Authored by: Monika Blaszkiewicz
Published in 2000
By Walden Bello,
President of Freedom from Debt Coalition and Senior Analyst of Focus on the Global South
APEF, Chulalongkorn University, Bangkok, Feb 20, 2009
This paper attempts to confront various theoretical and empirical approaches to the East Asian currency crisis in 1997, but also with emphasis on two recently dominated literature about East Asian financial crisis. One, strongly supported by Corsetti, et. al (1998) stresses fundamental weaknesses, particularly in the financial sector. The other explains the crisis as the problem of illiquidity and multiple equilibria or 'herd behaviour' [Radelet and Sachs, 1998]. These two controversial articles facilitate the main exchange of ideas about the evolution and causes of the collapse of these economies which were viewed initially as very successful on their way to development and integration with the global economy. An econometric probit analysis was done in order to establish the most important determinants of the currency crisis in East Asia. The results were mixed (the probit modelling turned out to be very sensitive to changes in sample size, introduction of new variables and brought up an important issue of causality, the solution of which, or at least limitation of the problem, requires an inclusion of lagged variables in the model), but at least it showed that this type of exercise without further sensitivity analysis could not support Radelet and Sachs' (1998) panic scenario of the Asian meltdown. If anything, it rather pointed to fundamental problems existing in these economies.
Authored by: Monika Blaszkiewicz
Published in 2000
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
1. The economic crisis that currently grips the world will have many consequences, not least
for the US. A decade ago, during the East Asian crisis, the US lectured East Asian elites
on the shortcomings of ‘crony capitalism’ and close business relationships. Such claims
look bizarrely anachronistic as the US government finds itself having to nationalize or bail-
out large chunks of the domestic economy brought low by an inadequately regulated,
predatory, but politically-influential financial sector. It is not just that the material
significance of the US economy will be diminished as a consequence of this crisis,
however, so will its ideational influence and authority.
The most significant attempt to consolidate this process thus far has been the ‘Chiang
Mai Initiative’ (CMI) of May 2005, which agreed to establish a set of currency swap
arrangements between participating countries in the region, as an insurance mechanism
for distressed economies in future crises. The long-term significance of this development
is unclear at this stage but a couple of points are worth making. First, the CMI occurred
as an off-shoot of the ASEAN+3 grouping and potentially consolidates and gives practical
expression to an East Asian identity. Sceptics have been quick to point out that there has
been ‘considerable talk but little action’ in developing these mechanisms. But, as T J
Pempel points out, given the depth of historical animosity that exists between Japan,
Korea, and China, the fact that they have participated in ‘relatively intimate and
institutionalized regional organizations may portend enhanced potential for cooperation
among the powers of Northeast Asia’. The second point to make is that, as Jennifer Amyx
observes.
Despite the seemingly insurmountable problems presently impeding the transformation
of the CMI into something that might be regarded as an Asian monetary fund, the
simple process of negotiating and concluding the bilateral swap agreements has had a
major impact on the ability of countries in the region to fend off future speculative attacks
by giving rise to dense networks of communication between central bankers and finance
ministers in the region, networks that did not exist at the time of the Asian financial crisis.
2. Perhaps the most significant aspect of this putative process is that Japan, normally the
deferential client of its American protector, has asserted itself on its own behalf and as a
champion of ‘Asia’. As Katada points out, both Japan’s proposal for an Asian Monetary
Fund (which was initially squashed by the U.S.), and its attempts to boost the use of the
yen in the region are designed to improve Japan’s position at the expense of the U.S. and
insulate the region from external predations.
Japanese policy maker. Became more interested in taking a leadership role to define and
strengthen regional monetary cooperation in reaction to the way the United States and
the IMF handled the Asian financial crisis. The idea behind these monetary initiatives is
to reduce or balance Asian countries' current heavy reliance on the US dollar. Both of
these initiatives appear as a large step towards the institutionalization of Asian economic
regionalization in a pure "Asian" form rather than an "Asia-Pacific" one (which would
include the major presence of the United States)
All other things being equal, therefore, if East Asia continues to collectively develop with
China at its center, it is difficult to see how this won’t encourage a consolidation of East
Asian institutions. Whether they will be capable of dealing with the intimidating range of
problems the region faces are quite another question.