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Part 3-VI Section Outline

1998/1999 Update: The Asian Crisis Goes Global

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  1. IMF-Dictated Fuel and Food Price Increases Ignited a Grass-Roots Firestorm in Indonesia That Ruined Indonesia’s Economy and Helped Topple Suharto.
  2. Malaysia Tried to Close Its Financial System’s Doors to "Hot Money" by Imposing Capital Controls.
  3. Russia Became the Next Victim of Financial Contagion, Erasing Whatever Gains Had Been Achieved in the Post-Soviet Period.
  4. The Global Financial Crisis Spread from Russia to Latin America; the Brazilian Domino Fell
  5. Returning to the Origin of the Crisis One Year Later: Korea and Thailand as Evidence of Renaissance or Regression?
    1. Korea’s Early Recovery Was Seen as Threatening Either the Korean Economy or the IMF’s Credibility.
    2. In Thailand, Reforms Took Hold, Inspiring Prospects for Future Growth and Debates About the Wisdom of Austerity Measures.
  6. In 1999, the IMF and the World Bank Publicly Split Over the Causes and Remedies of Future Financial Crises.
  7. In the Aftermath of the Crisis, Proposals for the "Reform of the Global Financial Architecture" Abounded, but the Trend Towards Fine-Tuning Rather than Launching Major Overhauls of Pre-Crisis Financial Systems Prevailed.
    1. Many Reform Proposals Have Been Made but not Implemented.
    2. Various Relatively Modest Measures Were Implemented to Address Clearly Identified Problems Associated with Contagion.
    3. The IMF Turned From Rescuing Countries Mired in the Global Financial Crisis Toward Coordinated Debt Relief.
  8. Conclusion

[Part Three Bibliography]

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