Avoid the Asian Financial Crisis happen again--美国Essay代写范文

美国Essay代写范文:“Avoid the Asian currency crisis happen again”，这篇论文主要描述的是货币危机给亚洲经济带来了巨大的冲击，为了减少来自货币危机的影响，各国均需要完善和提高对于经济危机的预防机制，例如采取如高储蓄率和建立稳点的宏观经济环境等措施来减少经济危机复发的可能性，这对于亚洲经济的稳定是非常重要的。

Measures taken: -

1) High saving and investment rate

2) Strong emphasis on education

3) Stable macroeconomic environment

4) Free from high inflation or major economic slumps

5) High share of trade in GDP

There are many things that must be done to enable the Asian economies to overcome the effects of the currency crises and to return to the path of self-sustaining economic growth. Moreover, there is no guarantee that this "21st century-type" currency crisis will not occur again. Perfect forecast and prevention of similar crises is extremely difficult to achieve, given the globalization of markets and the advance toward further liberalization. As such, it is extremely important to take every available preparatory measure to reduce the probability of a recurrence and to minimize the impact of a crisis should one occur.

Recommendations to Emerging Market Economies 对新兴市场经济体的建议

As active absorbers of foreign capital, much responsibility rests on the shoulders of the emerging market economies, which were caught up in the Asian currency crises, or are at the risk of experiencing a similar crisis in the future. In order to avoid the recurrence of similar currency crisis flowing advice were given to emerging market economies: -

Coping with short term capital movements: 应对短期资本流动：

The flows of capital, particularly short-term capital, are subject to dramatic changes in incoming and outgoing volumes based on exchange rate fluctuations, changing expectations of economic growth rates, trends in interest rates, and political developments are some factors which are directly related to Asian currency crisis. In order to decrease the possibility and minimize the effect of the crisis certain policies must be implemented.

A) Sound macroeconomic Management:

This includes low inflation, balanced budget, etc. These are the main elements, which is very important for increasing and maintaining the stability of investor’s expectations.

B) Economic Policy Transparency and Disclosure:

The economic policy must be transparent in order to avoid the spread of rumors and fears in the market.

C) Prudential Regulation of Capital Inflows:

In order to maintain soundness of capital flow, incorporation of prudential regulations is very important. These regulations are based on two aspects. First aspect pertains to macroeconomic soundness of the whole economy, while the second one pertains to soundness of the entire financial sector.

D) Removal of restrictions on foreign direct investment:

In order to reduce the dependence on short-term capital, certain measures should be adopted in order to reduce the restrictions on long ââ‚"term foreign capital. On the other hand, restrictions on foreign direct investment must be abolished.

E) Promoting the Development of Domestic Capital Markets:

Similarly to the above measures, efficient steps must be undertaken in order to promote the development of the domestic stock market and the long-term government and corporate bond.

(Necessary steps include the establishment of transparent market rules, upgrading the functions of the stock exchanges, modernizing the settlements system, establishing custodial systems for securities, making serious efforts to nurture ratings institutions, and nurturing institutional investors.)

Foreign exchange regimes:外汇制度：

It is very difficult or impossible to liberalize capital movements autonomy in domestic monetary policies, under a fixed exchange rate regime. It is very important for developing countries to choose an appropriate foreign exchange regime.

A) Increasing the Flexibility of Foreign Exchange Regimes:

In order to maintain a degree of autonomy in domestic monetary policies while promoting capital liberalization, at a certain juncture it becomes necessary to move from a fixed exchange rage regime to a more flexible system. It is then desirable to opt for a system in which current account disturbances are ameliorated by exchange rate adjustments. Hence, emerging market economies, which generally operate under fixed exchange rate regimes should be prepared to exit this system at some stage in the process of their economic development in favor of more flexible arrangements (arrangements which take into consideration the closeness of each economy's trade ties with leading partners). Although some Asian countries have switched to an independently floating foreign exchange regime following the currency crises, it should be noted that the maintenance of a float might not be necessarily desirable for the medium to long terms.

Human Resources Development in the Financial Sector:金融业人力资源开发：

A lot of time is required for the development of human resources required for the monetary supervision authorities and the financial institutions. Therefore, the liberalization of the financial markets must proceed with due care.

Infrastructure and Human Resources Development:基础设施与人力资源开发：

To overcome the effects of the currency crisis and to achieve sustained economic growth by improving their industrial growth is one of the most important challenges faced by the emerging market economies. The success of these efforts depends to an important degree on the development of social infrastructure (communications, transportation, etc.) and human resources. In turn, human resources development depends on reforming the educational systems of these countries so as to train the nation's manpower in the skills and capabilities required by the core industries.

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