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Essay Details:
Essay text:
The
countries that are included in the East Asian crisis, known as
"Tiger" economies, are Hong Kong, Indonesia, South Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand. For
these countries to participate effectively in the exchange of
goods, services, and assets, an international monetary system
is needed to facilitate economic transactions. To be effective
in facilitating movement in goods, services, and assets, a
monetary system most importantly requires an efficient balance
of payments adjustment mechanism so that deficits and
surpluses are not prolonged but are eliminated with relative
ease in a reasonably short time period...
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