Research Paper on:
Thailand's 1997 Economic Crisis and its Causes

Unformatted Sample Text from the Research Paper:
terms as the year of the Asian crisis. The economies of many Asian countries collapsed, currencies were devalued and the impact was felt by the global economy. There were many  countries that felt this crisis, Thailand was one of these. The role of the West in this collapse is controversial, many see the cause of the fall as the liberalisation  and deregulation of the markets in the country which leads to an unstable position. However, before this theory may be accepted or rejected the situation has to be examined.  In the years before the crisis the economies of the Southeast Asian economies were booming there was a great level of success. The average  rate of growth was 8% per annum in the decades prior to the crash and the effect of the growth was to bring the original four Tiger economies out of  the status of developing countries, Hong Kong, South Korea, Singapore and Taiwan all became classed as developed (Woodall, 1998). Other economies such as Thailand, Malaysia and Indonesia were also catching  up at a rapid rate (Woodall, 1998). With growth such as this there is demand for the currency of the countries and as such there is an increase in the  currency supply. The scenario was one whish was exacerbated by the domino effect as one currency fell in value it would have an knock on effect on the next and  so on (Labbe, 1998). The economies in the area were very dependant on foreign trade, and as a result they resorted to  a devaluation in order to maintain the inflow of foreign for the export trade (Labbe, 1998). This also has a knock on effect, as with the devaluation there was a