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Issues, debates and an overview of the crisis
Shalendra D. Sharma

: issues, debates and overview The combined effects of growing unemployment, rising inflation, and the absence of a meaningful social safety-net system, pushed large numbers of displaced workers and their families into poverty. In economic terms, 1997 began on a positive note for the longbeleaguered Russian economy. The gradual decline in inflation and successful exchange-rate management were promising signs. Moreover, the stock market was on the rebound, and output actually rose slightly (by 0.8 per cent) for the first time in over a decade. While the budget deficit

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

creditors ignored information about weak supervisory structures in debtor countries. Yet the widespread perception that the IMF bailed out all foreign and domestic investors is incorrect. Private creditors (mostly European and Japanese banks) have taken large losses and have had to lengthen the maturities of their claims, and bondholders and equity investors have sustained huge losses in Asia. One recent study has estimated that foreign equity investors as a group suffered potential losses of roughly US$240 billion from the Asian and Russian crises, and the corresponding

in The Asian financial crisis
Open Access (free)
Oonagh McDonald

leads to a fuller understanding of the information required. That will, or should, include a thorough knowledge of the company, the market in which the company operates, and all the factors which may affect its performance. These may include particular events; for example, decisions made by the central bank, sanctions against Russia, unrest in the Middle East, or the assassination of a leading politician, to take a few recent examples at random, and the economic situation of the country, region, the Eurozone, emerging markets or the global economy. Weighing all of

in Lehman Brothers
Richard R. Nelson

all of the economies that used to profess communism, but recently have attempted to reform towards market capitalism, continue to struggle, and some (Russia, for example) are doing very badly. The original prescription given to them for developing an effective form of market capitalism was a relatively simple one: establish a body of law that respects private property and enables transactions to proceed smoothly; privatise the organisations that produce goods and services, and encourage these new firms to seek out markets and try to make money; establish a financial

in Market relations and the competitive process
Oonagh McDonald

commercial and residential real estate, despite the growing problems in these markets, which it failed to take on board, in the belief that they would win in the end, as they had done in the late 1990s by surviving the Russian debt crisis. The Examiner quotes one of the board members, who reported that management advised that ‘virtually all subprime originators have cut back on their operations or gone out of business’, but that it was management's view that ‘the current distressed environment provides substantial opportunities as it did in the late 1990s’. 4

in Lehman Brothers