Vietnam and the Asian Financial Crisis: How to Avoid the Contagion

Abstract

The Asian financial crisis is the last in a series of financial or economic crises that have beset the world economy and brought about significant problems, causal investigations, cures or solutions, social unrest and structural changes in the last few years. The first crisis is with the savings and loans banks in the US where massive losses were incurred by companies with heavy investment in South America. This was followed by the British pound sterling crisis in the United Kingdom and the Italian lira crisis in Italy after sustained pressure was created by international investment banks. The Thai baht crisis and the subsequent Asian economic turmoil represent in this context the last in the link and they may be more fruitfully studied from this perspective.