S/F/43. Critically analyse the alternative views on the causes of East Asian financial crises with particular reference to South Korea.

East Asian financial crisis of 1997-98 was one of the biggest financial crises in the recent times. Its enormity and impact was beyond comprehension. Suddenly some of the world's fastest growing economies turned into economic untouchables. Their growth rates plummeted from strong plus 5 % to negatives. During the crisis however hard the governments tried, their currencies kept falling and some ultimately reached to even less than one-fourth of value prior to the crisis. Policy changes by governments and international help also couldn't stop the initial hemorrhage. This paper looks at the alternative views on the causes of East Asian financial crisis