During 1997, the Asiatic Financial Crisis put a stopped to the Miracle Years of the Asiatic states and brought many states and their citizens into desperation. Many have managed to salve themselves ( states ) from the onslaught that this event have concurred but there are some that still see until this twenty-four hours the adversities and effects of the said crisis. The chief aim of this paper is to hold a comparing between two Southeast Asiatic states that were greatly affected by the crisis. To see their current economic position and what have led to this after the crisis and compare their methodological analysis and authorities actions that have helped their state acquire out from the muss or frailty versa.

During 1997, the Asiatic parts faced a crisis that would be known as the Asiatic Financial Crisis. It started in Thailand and would impact many Asiatic states and even those outside of Asia. The consequence of the crisis for many states during that clip were black s it lead to many people losing their occupations, stock markets plumping and currency rates sky rocketing. Different authoritiess of the different states involved conjured many ways in order to contend against the crisis and its effects. Although non all Asiatic states were affected, those who were received desperate effects and some of them have non recovered up until the present times. During this ( crisis ) clip, many of the states are driven by foreign-debts and investors from developed states started to draw out investings in response to the crisis. The states that were greatly affected included the Philippines, Indonesia, Thailand, Malaysia, South Korea, Hong Kong and Laos.

The purpose of this paper is to compare and contrast both Philippines and Malaysia look intoing out the things that they have done in order to acquire out of the slack that they have been due to the Asiatic Financial Crisis. After 13 old ages, are they still affected by the said crisis or they have already to the full recovered and is basking a pre-1997 economic growing? Are their different determinations and thoughts to manage the crisis made immense significance to their current economic development? And last but non least, the paper aims to see why people blame the IMF for doing the crisis worse for other states.

Brief Background on the Asiatic Financial Crisis

Harmonizing to the IMF the beginning of the crisis was the cardinal domestic factors that led to the present troubles appear to hold been: foremost, the failure to stifle overheating force per unit areas that had become progressively apparent in Thailand and many other states in the part and were manifested in big external shortages and belongings and stock market bubbles ; 2nd, the care of pegged exchange rate governments for excessively long, which encouraged external adoption and led to inordinate exposure to foreign exchange hazard in both the fiscal and corporate sectors ; and 3rd, slack prudential regulations and fiscal inadvertence, which led to a crisp impairment in the quality of Bankss ‘ loan portfolios. As the crisis spread, there were many guesss and frights go arounding sing political governments and their power to implement the necessary policies and reforms for the force per unit areas that have been put to the stock exchange and markets and currency exchange. Reluctance to fasten pecuniary conditions and to shut insolvent fiscal establishments has clearly added to the turbulency in fiscal markets. ( Fischer, S.,1998 ) .

Until 1997, about half of Asia ‘s entire capital influx has been because of developing states. Many of Southeast Asiatic states have maintained high involvement rates that were comparatively fine-looking in the eyes of the investors because they aim for a high rate of return. Because of this, the states in Asia had a big influx of money therefore an addition in the monetary values of assets. Besides at the same clip in the late eightiess and early 1990s, the regional economic systems of Thailand, South Korea and others experienced high Gross Domestic Products ( GDP ) of about 7-12 % . This dream-like accomplishment was noted by many economic experts and analysts as portion of the “ Asiatic Economic Miracle. “ ( Hardy, C. , N/A ) .

But the miracle was short lived and had about died during the 1997 fiscal crisis that was said to hold started in Thailand The crisis started in Thailand with the fiscal prostration of the Thai tical caused by the determination of the Thai authorities to drift the tical, cutting its nog to the USD, after thorough attempts to back up it in the face of a terrible fiscal over extension that was in portion existent estate driven. During those periods, Thailand has managed to pound up foreign debts that have made bog parts to the bankruptcy of the state even before the Baht devalued. As the crisis spread, most of Southeast Asia and Japan saw slouching currencies, devalued stock markets and other plus monetary values, and a hasty rise in private debt. ( Kaufman, GG. , Krueger, TH.,1999 ) . The Tai authorities decided to do its currency float and take its nog from the US dollar but it was excessively late to assist the economic system of Thailand to halt from come ining a fiscal pecuniary crisis. Many investors feared for the worse therefore they pulled out investings and invested them in U.S.A. Most of the Asiatic states that were affected by the crisis were extremely dependent on foreign trade and investings and the determination of investors drawing out caused more damaged to these states.

Harmonizing to Table 1, foreign debt-to-GDP ratios rose from 100 % to 167 % in the four largeA ASEANA economic systems in 1993-96, and so hit up beyond 180 % during the worst of the crisis. In South Korea, the ratios rose from 13 to 21 % and so every bit high as 40 % , while the other northern newlyA fared much better. Merely in Thailand and South Korea did debt service-to-exports ratios rise. ( ADB Report,2003 )

For most states, the daze of the crisis did n’t last long. Although some have low GDP by 1998, a twelvemonth after, many analysts have seen and said that Asia is now over from the crisis and is retrieving from it. Although this may non be true for every state that was affected by the event. The 40 Billion dollar bailout program by the IMF merely did do things a take a bend for worse, which what most analysts believed. Although for the IMF, their intervention is needed as they because the crisis was non merely impacting the Asiatic parts but besides states outside of the continent every bit good, including USA.

The function of the IMF during the crisis

During the onslaught of the fiscal crisis, the IMF decided to take enterprise and intervene since the badness of the crisis non merely affected many developing states in Asia but besides their rich compatriots like Japan and Singapore. At the same clip, some states outside Asia were besides affected by the said event including the United States if America. Many believed that the intercession of the IMF was another signifier of colonialism that had been transcribed by the world powers of the universe. Many analysts have blamed the bend for the worse of the crisis for mot states because of the assistance that the IMF had provided them. One article from essentialaction.org provinces that and I quote

“ There were other implicit in causes for the fiscal crisis, including overinvestment in existent estate and other bad and unneeded ventures, but about everyone agrees the currency clang and fiscal catastrophe were immensely disproportional to the failings in the Asiatic economic systems.

Having contributed in of import ways to the development of the crisis, the IMF proceeded to do it worse.

The IMF treated the Asiatic fiscal crisis like other state of affairss where states could non run into their balance of payment duties. The Fund made loan agreements to enable states to run into foreign debt payments ( mostly to private Bankss in these instances ) on the status that the receiver states adopt structural accommodation policies ”

Even the former World Bank Chief Economist Joseph Stiglitz explains in a New Republic article:

“ I thought this was a error. For one thing, unlike the Latin American states, the East Asiatic states were already running budget excesss. In Thailand, the authorities was running such big excesss that it was really hungering the economic system of much-needed investings in instruction and substructure, both indispensable to economic growing. And the East Asiatic states already had tight pecuniary policies, every bit good: rising prices was low and falling. ( In South Korea, for illustration, rising prices stood at a really respectable four per centum. ) The job was non imprudent authorities, as in Latin America ; the job was an imprudent private sector — all those bankers and borrowers, for case, who ‘d gambled on the existent estate bubble. ‘ “

The IMF created a series of bailouts bundles that were called Structural Adjustment Package ( SAP ) that ties up the Asiatic currency and finance to those of in the USA or Europe. The Saps that the IMF created asked states to cut down on authorities disbursement to cut down the shortages it would agree, at the same clip it would raise involvement rate sharply and allow Bankss who were bankrupt in the first topographic point to be dissolved. The chief justifications for this type of action was to convey back assurance n the state ‘s solvency in fiscal matters, protect the value of the currency and penalize those belly-up companies. It was believed that the IMF capital fund has to be rationally controlled in the hereafter therefore no parties received fund thru penchant. In at least one of the affected states the limitations on foreign ownership were greatly reduced. ( Woo-Cumings, M. 2003 ) All fiscal activities had to be greatly supervised by the authorities and those establishments and companies who can non are already broke should be closed down but at the same clip, the significance of broke should be clearly defined before and actions are to be made. In short, precisely the same sorts of fiscal establishments found in the United States and Europe had to be created in Asia, as a status for IMF support. In add-on, fiscal systems had to go “ crystalline ” , that is, supply the sort of dependable fiscal information used in the West to do sound fiscal determinations. ( Noland, Markus, Li-gang Liu, Sherman Robinson, and Zhi Wang. 1998 ) But this determination of the IMF was greatly criticized particularly in the state of Indonesia were the many of the people were enduring from hungriness. With the authorities cutting back on disbursement, many of the people were asked to fast twice a hebdomad in order to retrieve from the crisis. The poorness rate of Indonesia during the clip of the crisis rose to a whooping 40 % of their entire population. In other states like South Korea there were many notably “ IMF Suicides ” that took topographic point because of people losing their occupations due to the crisis. The term IMF became a family name but non normally refering to positive effects of their intercession to the states.

But one of the most noteworthy unfavorable judgments of the IMF is when they encouraged loaners to utilize the dollar alternatively of their ain national currency. Because of this, dollar monetary values went up and the states are forced to devaluate their ain currency. But in their defence, the First Deputy Managing Director of the International Monetary Fund Stanley Fischer stated in his address that contrary to what many people say, they have did a all right occupation in pull offing the crisis and assisting the affected states from droping any farther. Quoting him

“ Some have argued that these plans are excessively tough, either in naming for higher involvement rates, fastening authorities budget shortages, or shuting down fiscal establishments. Let ‘s take the inquiry of involvement rates foremost. By the clip these states approached the IMF, the value of their currencies was plumping, and in the instance of Thailand and Korea, militias were hazardously low. Therefore, the first order of concern was, and still is, to reconstruct assurance in the currency. Here, I would wish to chase away the impression that the deep currency depreciations seen in Asia in recent months have occurred by IMF design. On the contrary, as I noted a minute ago, we believe that currencies have depreciated far more than is warranted or desirable. Furthermore, without IMF support as portion of an international attempt to stabilise these economic systems, it is likely that these currencies would hold lost still more of their value. To change by reversal this procedure, states have to do it more attractive to keep domestic currency, and that means temporarily raising involvement rates, even if this complicates the state of affairs of weak Bankss and corporations. This is a cardinal lesson of the “ tequila crisis ” in Latin America 1994-95, every bit good as from the more recent experience of Brazil, Hong Kong, and the Czech Republic, all of which have fended off onslaughts on their currencies over the past few months with a timely and forceful tightening of involvement rates along with other back uping policy steps. Once assurance is restored, involvement rates should return to more normal degrees. ”

The Filipino Economy and its growing after the crisis

Prior to the Asiatic Financial Crisis, the Philippines had a crisis of their ain known as the Dictatorship of Ferdinand Marcos or Martial Law. Many have said that the chief job for the current Philippines economic growth/ development can be traced and blamed during this epoch. Before Soldierly jurisprudence was declared, the Philippines has a high economic growing amongst the states in South East Asia, but due to crony capitalist economy and high corruptness rates caused by the declaration of Martial jurisprudence, the state ‘s economic development seemed to travel down every bit good as its rising prices rates increased. The Philippines became foreign debt-driven and many people began to endure more as clip passed by. Angered by the decease of Benigno “ Ninoy ” Aquino II and encouraged by the Catholic Church to protest against for reform, the people conducted the noteworthy EDSA revolution. Not long after, the Filipino people managed to drive the former dictator out of his place and replaced him with the married woman of Ninoy- the late Corazon Aquino. But non because the dictator had gone it means that the state would be confronting high economic growing and the fast- path life as it was earlier. Cory Aquino became an icon for democracy but nil more than that. Her presidential term did ill in footings of economic development for the state. Surely, being a homemaker and a literature major was non plenty for her to manage the duties of being the president. The 7 putsch de etat efforts during her clip by the military merely proved this theory to be true. Even with much goad, Cory Aquino did non run for office for another term ( which was likely for the better ) and she was replaced with Ramos. The Ramos disposal although non really noteworthy did manage to hold done a great occupation in recovery of the Filipino economic system. During his term, he managed to briefly elate the economic system during his term as president, posting modest but positive GDP growing rates.

In an article that he himself wrote after his presidential term, Ramos believed that even with the overspill from the 1997 Asiatic Financial Crisis, the Philippines would non be every bit much affected by the event compared to most states. Some of the high spots of that article written in Houston, Texas on 1998 for the Asia Society are the undermentioned points

I believe East Asia will return to growing – and for two basic grounds.

First, the economic basicss of its states remain strong. And there is still a batch of room for chance and benefit in their determined attempt to catch up with the more advanced states.

Second, the political security agreements underpinning regional stableness are still in topographic point. In fact, they have late been strengthened by the reconciliation between China and the United States – Between Beijing and Taipei – and between Japan and South Korea.

In the Philippines, ten old ages of deregulating, liberalisation and democratisation have enabled our economic system to defy better than our neighbours the full impact of the crisis. While our economic system has non escaped being caught up in East Asia ‘s convulsion, it has been one of the least injury by it.

First of wholly, we Filipinos chose to react to the crisis positively – to take to the bosom the lesson it teaches – which is that planetary mutuality is a fact of life, and that planetary markets punish policy errors badly.

But even with the optimism laid to us by Fidel Ramos, the Philippines was non up to par to vie with other states yet particularly when our president is up for impeachment. During the most important clip for our recovery from the crisis, the state was more interested in the life and married womans of our former president Joseph “ Erap ” Estrada so in our GDP rates. Upon his seating, the Philippine GDP got a negative growing of 0.6 % in 1998 from a 5.2 % growing in 1997. Although by 1999, he managed to convey it to a +3.2 % growing it was still non plenty for us to retrieve from the crisis. Erap tried to defy protectionist steps and made great attempts to follow through with the reform that the Ramos disposal has started. But a bank failure in 2000 and political instability came to state otherwise. Erap did non complete his term, was replaced by his frailty president so Gloria Macapagal Arroyo and the state ‘s GDP was led to a lower growing than expected.

By the clip Gloria “ GMA ” Arroyo was vowed president by default because of Erap ‘s impeachment, the currency exchange of Peso to Dollar was making its all clip high at Php54: $ 1. Arroyo, who was an economic sciences major back in college, end for the Philippines is to accomplish improved economic growing by the twelvemonth 2004. And true to her end, the Philippines did acquire an impressive 6.1 % growing in 2004 which shocked many analysts and most authorities estimations. And by the twelvemonth of 2005, after the controversial re-election of GMA, the Philippines achieved the fastest grasp rate for national currency, an impressive 6 % .However, higher oil monetary values led to growing amounting to 5.1 % . But amidst all these, the Philippines is still faced with a serious job – and that ‘s to bring forth income within the state. In comparing to other states, it relies disproportionately on remittals from abroad which are tantamount to around 11.17 % of GDP. ( World Bank Report, 2005. ) The twelvemonth after, the Philippine economic system had a 5.4 % growing in GDP which was due to two typhoons bust uping many of the agricultural lands and doing great harm to the agricultural sector. Although many people have been doubtful of the Arroyo disposal, figure wo n’t lie at all. It was during her reign that the economic system ‘s growing went on the right path and with her cognition in economic system that we managed to accomplish the highest GDP growing rate in two decennaries. Regardless of her corruptnesss she still pull off to make some things right as a president. She left the Malacanang this 2010 and left the dollar- peso exchange rate at Php 44: $ 1.

Most of the state ‘s GDP come from remittals from OFWs abroad. Aside from human resources, the state is besides rich natural resources. Most of the state ‘s exports are mining and agricultural merchandises. Although many international mills were set up in the Philippines for parts production, the state still has a long manner to travel in order to catch up with other neighbouring states in their technological promotion. With a new president seated merely this May 2010, his purpose is to decrease the OFWs and proved nice occupations for them in the state. If this program succeeds the Philippines might see higher economic developments in following old ages but in the instance that it fails, the state may confront another crisis once more.

The Malayan Economy and its growing after the crisis

In 2007, the economic system of Malaysia was the 3rd largest economic system in South East Asia and 29th largest economic system in the universe by buying power para with gross domestic merchandise for 2007 estimated to be $ 357.9 billion with a growing rate of 5 % to 7 % since 2007 ( The Edge Daily,2008, ) In 2009, the nominal GDP was US $ 207,400 billion, and the nominal per capital GDP was US $ 8,100. On the income distribution, there are 5.8 million families in 2007. Of that, 8.6 % have an monthly income below RM1,000, 29.4 % had between RM1,000 and RM2,000, while 19.8 % earned between RM2,001 and RM3,000 ; 12.9 % of the families earned between RM3,001 and RM4,000 and 8.6 % between RM4,001 and RM5,000. Finally, around 15.8 % of the families have an income of between RM5,001 and RM10,000 and 4.9 % have an income of RM10,000 and supra. ( Puah, P.,2008 )

At the start of the 1970s, Malaysia had programs to copy the Asiatic Liberation Tigers of Tamil Eelams. It wanted to halt the state ‘s heavy dependence on excavation and agribusiness and travel into industrialisation. With the aid of large investings from Japan, heavy industrialisation was made possible and by the late eightiess to early 1990s, the state bask a consistent GDP growing rate of non less than 7 % with a low rising prices rate. One of the grounds for Malaysia ‘s rapid growing is through the denationalization of many state-owned endeavors that were least efficient and effectual. Many of the trades the authorities had done were through closed-doors for a faster procedure. One illustration for this type of dealing was when DRB Hicom was left by the Khazanah National for the Mega Consolidated group. These were noted to be mega undertakings by the authorities.

Many aliens were attracted to put in Malaysia this it created many occupation chances for the locals of the state. Because of this increased chance, the addition of capital helped hike the Kuala Lumpur Stock Exchange. At the same clip, it boosts industrialisation within the state and besides employment rate. Although some clip in the hereafter, one would see that more than 50 % of the concerns that were established were illegal.

But during the old ages of the Asiatic Financial Crisis, the Malayan authorities economic system growing slowed down. The Ringgit was being devalued as foreign investors pull out their stocks from Asiatic states. The KLSE dropped about a 1000 points hebdomads after the crisis had started and their GDP rate lowered by a humongous 7.8 % . But contrary to the belief of many analysts after Malayan authorities rejected the assistance from the International Monetary Fund, the state escaped the crisis merely after two old ages. By 1999, the authorities already had a GDP rate of 5.6 % , although it is lower than their norm of 9 % yearly pre-1997 period, it was better than most Asiatic states that were affected by the crisis. Notably, the determinations of the authorities to reject IMF AIDSs made it easier for them to retrieve than for those who have accepted the AIDSs. Opposite to the assistance being provided by the IMF, the Malayan authorities increased authorities disbursement and recorded budget shortages. One of the chief aid for the faster recovery of Malaysia was with their exports, chiefly focused on electronics and electrical parts to its chief trade spouse the USA.

By 1998, the end product of the economic system declined doing the state its really first recession in so many old ages. During this twelvemonth, the KLSE bead to less than 270 points and the fabrication sector of the state contracted by 9 % . But for person who is in a recession and fiscal crisis the GDP that twelvemonth still managed to accomplish a 6.2 % growing. Contrary to what the Thai had done, the Malayan authorities decided to nail down its currency to 3.8 ringgit to one dollar and stopped it from drifting. Many bureaus were formed in order to take farther aid and actions to assist the citizens and immense corporations from bankruptcy. By 1999, the Malay authorities had easy taken control of the crisis within its boundary lines and managed to acquire right back on path.

Following China ‘s move, the Malay authorities one time once more allowed its currency to drift. As of December 2005, nevertheless, outlooks of farther grasp were muted as capital flight exceeded USD 10 billion. ( Global Economy Malaysia, 2008 ) Harmonizing to Bank Negara ‘s published figures, Malaysia ‘s foreign exchange militias increased steadily since the initial capital flight, from USD75.2 billion as at 15 July 2005 ( merely before the nog was removed ) to top out at USD125.7 billion as at 31 July 2008, a few months before the planetary recognition crisis that started in September 2008. As at 29 May 2009, the militias stood at USD88.3 billion. Official statistics released in March 2006, confirmed capital flight of more than US $ 10 billion. However, as of the 4th financial twelvemonth, a rush of FDI has pushed the KLSE above 1200 points, and is expected to beef up to pre 1997 degrees. ( Global Economy Malaysia,2008 ) .

Comparative Analysis

There are many differences that Malaysia and the Philippines faced during the Asiatic Financial crisis. Both state ‘s were affected b the event and both responded otherwise to the crisis. Regardless off which, both states now are traveling on from the crisis and are now heading towards economic growing same of that in pre-1997, although the Philippines has a longer manner to travel compared to Malaysia. The assistance that the IMF provided that many believed was a new signifier of capitalist economy and colonialism that the Philippine accepted and Malaysia rejected was one of the chief differences the two states has in footings of reaction to the Asiatic Financial Crisis. Many analysts believed that the intercession of the IMF caused the states that accepted the assistance to retrieve slower compared to the state that did non accepted the aid. In the former subdivisions of this paper, it was discussed how the aid of the IMF caused a negative reaction to the states and how Malaysia have managed to make good regardless of rejecting the aid offered.

Another major difference of both states that contributed to the difference in their development after the Asiatic Financial crisis would be the part of their political stableness. Malaysia have had their just portion of political convulsion but still one could see the attempt made by their authorities to counter-attack the plunging values of their stocks and currency which on the other manus differs from the Philippines. Ever since the Martial Law period of Marcos, the Philippines have in changeless uncertainties with their leaders and many have merely lost trust in them. If the Philippines had merely had a more stable authorities during station 1997 ( i.e 1998 onwards ) so by now the state would hold been in a higher GDP rate than what they presently have to day of the month and our currency would hold been devalued or lowered by that much.

But even with major differences, there are still little similarities that could be seen in these two states have sing their journey to higher GDP rates from the fiscal crisis. First is their measure to industrialisation and engineering from excavation and agribusiness. Both states have been exporting largely agricultural merchandises abroad and now, they both wanted to be portion of the industrialisation universe because this is the demand that globalisation has wanted.

Both Malaysia and the Philippines have had their just portion of problem brought approximately by the crisis. And since so, these two states have been seeking their best in order to be able to vie with the World Market. And merely holding been out of the fiscal crisis, it made non merely these two states but many Asiatic states unaffected by the recent recession that has started in the United States of America. Regardless whether the IMF have made things turn for the worse like what most analyst declare, or have helped the economic system improve like what the IMF declares, their intercession played a major portion in the recovery of every state whether good or bad. The usage of Regression Analysis theoretical account would be a great aid if we wanted to forestall another Asiatic fiscal crisis to happen in our states, because it can assist us understand how the typical value of the dependant variable alterations when any one of the independent variables is varied, while the other independent variables are held fixed. Most normally, arrested development analysis estimates the conditional outlook of the dependant variable given the independent variables – that is, the mean value of the dependant variable when the independent variables are held fixed.


The Asiatic Financial Crisis started with the Thai authorities puting excessively much in existent estate making a bubble in the economic system. The authorities was tardily in action when they decided to drift their currency therefore impacting their adjacent states and frightening foreign investors who so decided to draw out investings from affected states therefore take downing the GDP of the affected states.

The IMF tried to step in by giving AIDSs in signifier of SAPs but analysts believed that this merely made things worse because it restricted authorities disbursement therefore ensuing to people enduring more form hungriness, underemployment and uneducated-ness. But contrary to analysts the IMF believed that they have done a good occupation and is merely making what they have to make as an international establishment that ahs agreed to assist its “ household ” in times of demand.

The Malayan authorities and the Filipino authorities although affected by the crisis have managed to draw themselves out old ages after the event. It took a batch of dedication from their authoritiess and difficult work from their people but finally, the states managed to bring forth positive economic growing rates and higher values for their currencies. The Malaysians rejection of assistance from the IMF have had done them good since in merely a affair of two old ages from the crisis they were able to draw themselves out. Whilst for the Philippines, it took them a piece longer because of the political instability and impeachment of their president during the tallness of the crisis. Regardless, both states now are making their best to be competitory in the planetary market and are seeking their best to alter from an agricultural sector to an industrialized sector.


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