the crisis. "They find their currencies become overvalued, current account problems begin to emerge and speculators see the opportunity for arbitrage activities. The longer the inflating countries resist the necessary currency adjustments, the bigger the monetary shock would be when it eventually comes." (Directly from the article) Continuing my research I found a document, which contained an address by Stanley Fischer, who is the first deputy-managing director of the IMF. He made this speech at Mid winter Conference of the Bankers' Association for Foreign Trade. In the speech he expressed that the Asian crisis is an unfortunate occurrence after 30 years of incredible economic performance. He first talked about how well theAsian economy was doing before the crisis. The per capita income of each of the countries increased tremendously before the crisis. For example the per capita income of Korea increased tenfold and Hong Kong had a per capita income level higher than some industrialized countries. . He said that the growth was beneficial to other nations in the world. The developing markets in Asia were major exporters and they were a very important market for other countries' exports. " For example, these countries bought about 19% of US exports in 1996, up from about 15% in 1990." (Directly from document) For this and some other reasons Asian mar...
