The economic crisis in the latter half of 1990s most seriously affected Indonesia, Thailand, Malaysia and South Korea. The cause of the crisis was
Options
(a)mismanagement of the financial resources and financial sector, in general
(b)the prolonged overvaluation of local currencies vis-a-vis the western currencies
(c)the downswing and recession in the western economies which earlier provided export market to these export oriented countries
(d)None of the above
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Class 12Open Economy Macroeconomics— NCERT Economics, Chapter 6. An open economy trades goods and services and financial assets with the rest of the world; imports are a leakage from, and exports an injection into, the circular flow.…
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