30-year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop.

The crisis was brought on by currency devaluations, bad banking practices high foreign debt, loose government regulation, and corruption. Due to East Asia's large impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other Countries to worry about the affect on their own economies and offer aid to the financially troubled nations (The Great Wave).

The East Asian crisis has affected almost all of the Asian Nations, but the three hardest hit countries are Thailand, Indonesia, and South Korea. The panic began in Thailand in May of 1997 when speculators, worried about Thailand's slowing economy, excessive debt, and political instability devalued the Baht (Thailand currency) as they fled for market-driven currencies like the American dollar. Indonesia's economy soon fell soon after when the rupiah hit a record low against the

 Erik Achorn, 'European Civilization and Politics since 1815', (London: 1935), pages. 561 - 562.

Economic outlook. Since most of the Asian nations have balanced budgets, low inflation, cheap labour, pro-business governments, and high savings rates, the long-term outlook for these countries is very good. The financial crisis, instead of destroying the Asian tigers, will merely serve as a much-needed lesson in debt management, orderly growth, competent accounting practices, and efficient government. Considering the size of Asia's contribution to the world economy, a rapid recovery will be greatly anticipated.

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Approximate Word count = 768
Approximate Pages = 3 (250 words per page double spaced)