• 00:01    |    
    Initial credits
  • 00:20    |    
    Introduction by Lic. Ramon Parellada (Spanish)
    • Experiencia económica
    • Publicaciones
      • Forbes
      • The Freeman
    • Experiencia laboral
    • Libros destacados
      • Economics on Trial
      • The Structure of Production
      • Dissent on Keynes
      • Puzzles and Paradoxes in Economics
      • Best sellers
      • High Finance on a Low Budget
      • The Complete Guide to Financial Privacy
      • The New Scrooge Investing
    • Material en audio
    • Secrets of the Great Investors
    • Diversas actividades
  • 06:19.5    |    
    Dr. Mark Skousen's opening remarks
  • Missionary experience in Central America
  • 07:58.5    |    
    Importance of analyzing the Asian financial crisis
  • Is the Asian financial crisis going to follow the route of Mexico or Japan?
  • 09:55.75    |    
    Paul Krugman's "The Myth of Asia's Miracle"
    • Predicting the collapse of Southeast Asian countries
    • Personal disagreement
      • The Age of Diminished Expectations
      • Peddling Prosperity
      • Ignorant school of economics
      • Sound economic policies in Asia
      • High saving rates
      • Low taxes
      • Fiscal responsibility
    • Paul Krugman was right
    • Experts in Asian markets predict crash
    • The boy who cried wolf
    • Imperfect market predictions
  • 20:52.5    |    
    Causes of the Asian crisis
    • Government monetary policy
    • Credit money
    • Banking system
      • Corruption behind regulation
      • Disclosure
    • Interest rate strategy
      • Asset bubble
      • Asian currencies tied to US dollar
    • Currency collapse and reduction in economic growth
  • 27:17.799999999999954    |    
    Possible economic recovery
    • South Korea
      • Comparison with Japan
      • Important economic policies
      • Korean Stock Exchange recovery
    • Singapore
      • Lee Kuan Yew
      • Negative consequences of industrial planning
      • A miser country
      • Robert Barro's economic study
      • Similarities with Hong Kong
      • Industrial planning and forced savings
      • Low capital efficiency
    • Taiwan
    • Indonesia
      • Corruption of president Haji Mohammad Soeharto
      • Implementation of free market reforms
      • Buy when there is maximum pessimism
    • Hong Kong
      • Best free market model
      • Economic miracle
      • Economic policies
      • Stock market volatility
    • China
      • Industrial planning
      • Effects of China's relapse on Hong Kong's recovery
      • Morgan Stanley Asia-Pacific Fund
  • 47:38    |    
    Lessons learned from the Asian crisis
    • Adoption of a sound monetary system
    • Austrian theory of the business cycle
    • Cleaning up the banking system
    • Allowing for downsizing and bankruptcy
      • Right of employers to fire workers
      • Flexible economy
  • 52:10    |    
    Question and answer period
    • What will happen to Latin American markets with currencies tied to the dollar?
    • Will the stagnant Japanese economy affect Southeast Asia's recovery?
    • How has the raw materials market been affected by the Asian financial crisis?
    • Factors that will influence the 1999 economic performance
    • What are the economic costs and benefits of the IMF's billion Korean bailout?
    • If the IMF bails out every country that experiences financial difficulties, shouldn't investors buy the highest interest government bonds?
    • Would there be some risks if that happens?
    • In 1999, will you shift your investing position from being an aggressive bull to a retreating bear?
  • 01:10:13    |    
    Final words
    • The Y2K problem
    • Possible chain reaction
    • Economic advice for 1999
  • 01:13:36.5    |    
    Final credits

Dangers and Opportunities: Global Economy and the Asian Financial Crisis

New Media  | 12 de febrero de 1998  | Vistas: 606

About this video

In this conference, Dr. Mark Skousen challenges Paul Krugman's view of the Asian financial crisis published in the article "The Myth of Asia's Miracle." According to Skousen, sound economic policies adopted by many countries, including high saving rates, low taxes, and fiscal responsibility, were ignored. Dr. Skousen believes the Asian crisis should be attributed to monetary policies, the banking system, and interest rate loans. He goes on to analyze the possibility of economic recovery in Korea, Singapore, Taiwan, Indonesia, and Hong Kong. Finally, Dr. Skousen explains that the lessons to be learned from this crisis are that governments should adopt sound monetary policies, clean up banking regulations, and allow for company downsizing and bankruptcy.


Dangers and Opportunities: Global Economy and the Asian Financial Crisis
Dr. Mark Skousen

Universidad Francisco Marroquín
Guatemala, February 12, 1998

A UFM production. Guatemala, 2008
Conversion: Jorge Samayoa; index and synopsis: Christiaan Ketelaar; content revisers: Daphne Ortiz, Rebeca Zuñiga, Jennifer Keller; publication: Mario Pivaral / Carlos Petz


Mark Skousen is an economist, who has taught economics and finance…