The Asian financial crisis

Term Paper , 2008 , 16 Pages , Grade: A

Tourism - Miscellaneous

After a period of economic upturn in the beginning of the 1990s, Asia has been concussed by a severe fiscal crisis in 1997. As the name implies the Asian Financial Crisis happened in Asia, more precisely in the Eastern Pacific Part of Asia (see Appendix A). Countries that have been affected most by the crisis are Indonesia, South Korea and Thailand. But also the Philippines, Malaysia, Laos and Hong Kong and even Australia had to deal with the unfavorable situation. Merriam-Webster Online Dictionary defines a crisis as “an unstable or crucial time or state of affairs in which a decisive change is impending; especially: one with the distinct possibility of a highly undesirable outcome” (2008).
The Asian-Pacific region counts to the leading tourism destinations in the world because of its rich biodiversity, beautiful beaches, cultural curiosities, a great interpretation of hospitality and nevertheless affordable prices. This report investigates the economic factors which led to the crisis. Further the impacts on the tourism industry are demonstrated and suggestions are made how the crisis probably could have been prevented combined with improvements for the future.

Inhaltsverzeichnis (Table of Contents)

• I. INTRODUCTION
• MAIN PARAGRAPH
• II. Factors that caused the Crisis
• III. Impact on Tourism
• IV. Crisis Management
• V. CONCLUSION
• VI. REFERENCES

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This report aims to investigate the economic factors that led to the Asian Financial Crisis of 1997, focusing on its impact on the tourism industry. It also examines potential preventative measures and suggests improvements for the future.

• Economic factors that contributed to the Asian Financial Crisis
• Impact of the crisis on the tourism industry in East Asian countries
• Potential preventative measures and improvements for the future
• The role of government policies and international organizations in managing the crisis
• The importance of sustainable tourism development in East Asia

Zusammenfassung der Kapitel (Chapter Summaries)

The introduction provides background information on the tourism industry in East Asia and highlights the significance of the Asian Financial Crisis. It also explains the author's motivation for choosing this topic and discusses the research methodology employed.

Chapter II delves into the various factors that contributed to the crisis, including the decoupling of the Thai Baht from the US Dollar, inadequate monetary and fiscal policies, cronyism and corruption, reliance on foreign debt, and mismanagement of loans.

Chapter III examines the impact of the crisis on the tourism industry in East Asia, highlighting the decline in visitor arrivals and the negative consequences for economic growth.

Chapter IV discusses crisis management strategies, including government responses and the role of international organizations like the IMF.

The conclusion summarizes the key findings of the report and offers recommendations for mitigating the risks of future financial crises.

Schlüsselwörter (Keywords)

Asian Financial Crisis, tourism, East Asia, economic crisis, impact on tourism, crisis management, foreign debt, monetary policy, fiscal policy, IMF, sustainable tourism development.

• College: Ecole hôtelière de Lausanne (The Emirates Academy)
• Course: TOUR 310
• Grade: A
• Author: Nadine Poser (Author)
• Publication Year: 2008
• Pages: 16
• Catalog Number: V116675
• ISBN (eBook): 9783640192403
• Language: English
• Tags: Asian, TOUR