Реферат: Asian Financial Crisis Essay Research Paper The

Asia could not be quarantined within the affected Asian economies. While some say that a financially sound and economically strong Japan could have better absorbed the shocks and withheld the impact to Asia, the collapse of the Russian economy and the reverberations through US and

European markets make a much stronger case for the inevitable situation that became a global crisis.

We live in an era not only of super power states, but also super-empowered individuals, who can move their influence and capital across borders almost instantly. The economy of the future must be prepared to deal with these gigantic capital flows and the destabilizing effect they can have on international macroeconomics.

In addition to the need for global financial infrastructure, the Asian crisis can serve as a reminder that it is impossible to separate politics from economics. Secure financial systems can reduce the problems of corruption and “crony capitalism”, but they are unlikely to remove political influences from financial decision-making. The Asian financial crisis taught the global economy a lesson: careful analysis of creditworthiness is essential and in the future, both direct investors and lenders must conduct more careful assessment, and demand greater accountability.