of Asian countries. It is hard to understand what these declines will actually do to the world market. This decline is expected to halve the rate of

world growth in 1998 from the four percent that was projected pre-crisis to an estimated outcome of about 2 percent. The 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

markets, including our own. Indeed, a brief plunge in US stocks last October was widely attributed to turmoil in the Hong Kong stock market that

problem of distinguishing insight from hindsight. Many financial journalists today have said the the crisis was the inevitable counsquence of:

the West, particularly to the US. History The past ten or fifteen years have seen an unprecedented expansion in the extent to which the countries of

products; the rich countries and developing countries are also increasingly linked by financial ties. In 1996, the developed countries including the

Some topics in this essay:
Taiwan Thailand, East Asian, Asian Crisis, Global Economy, East Asia, Japan Europe, Hong Kong, east asian, asian crisis, financial crisis, east asian crisis, flaws east asian, fatal flaws east, monetary system, markets including, global economy, fatal flaws, asian countries, currency crash, services assets,