The ASEAN financial crisis: a harbinger of things to come?

Article Abstract:

The current economic crisis afflicting many members of the Assn of Southeast Asian Nations (ASEAN) has not taken the world by surprise because there had been many indications of financial overheating. Many of these countries, particularly Thailand and Malaysia, have been suffering from excessive property lending and skyrocketing property values. However, while these problems are common in the region, the latest economic downturn involves deeper problems and underlying causes. These include the region's excess global capacity in practically every industry and the misguided policies implemented by central banks regarding the management of their currencies against a dollar-heavy basket. The negative impact of South East Asia's economic crisis on US and European equity markets has not been significant, but it is expected to be substantial for Japan because it will become less competitive than ASEAN nations given their devalued currencies.

Economic development, Southeast Asia, Association of Southeast Asian Nations

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The song won't sound the same

Article Abstract:

The economic realities of the 1990s are far different from the predictions made by analysts in the 1980s. Economic patterns have been significantly altered by the resurgence of global free trade, particularly by the free movement of capital throughout the world. There is now a greater tendency towards deflation rather than inflation. In the US, it appears that authorities have finally gotten economic policies right. Inflationary pressures remain restrained as a result of large-scale corporate restructuring and technological innovation in recent years. These have helped sustain growth in labor productivity. In contrast, European countries seem to be pursuing policies that are materially flawed. The region's weak growth prospects are not likely to improve. Japan is also experiencing economic problems and has become a mature economy with decelerating growth. The implications of these economic developments on investment are discussed.

Investments, Financial markets

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Article Abstract:

Several accounting executives believe that the International Accounting Standards is important to the international community. They feel strongly that good accounting practice supports investor confidence and economic development. It also helps prevent financial crises from happening and accommodates the flow of investments. In addition, the executives believe that the standards promote the transfer of wealth from developed nations to third world countries through various provisions and impairments. It integrates efficient disclosure laws, measurement criteria and management materials. They also believe in the importance of promoting an interim standard on financial instruments to accommodate concerns related to economics and liabilities.

Accounting Methods NEC, Standards, Accounting, Panel Discussion

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