Assess competing theories of the causes of financial crisis against Essay - 1

Assess competing theories of the causes of financial crisis against evidence from one of the countries impacted by the Asian financial crisis - Essay Example One of the theories established by Corsetti et al (1999) attribute the contagion effect in the Asian economies implying that the economies geographically located adjacent to each other normally follow the other countries in the region for the rise and fall in their economies. Alon and Kellerman (1999) substantiate this theory in that they state that the crisis was a reminiscent of the ‘Domino Theory’ of 1960’s. There are other view points attributing different reasons for the financial crisis in Asian economies. This paper analyzes the competing theories that examine the causes of the Asian financial crisis in the light of several theoretical models established by research studies on the crisis and its causes. Before discussing the causes and effects of the Asian financial crisis, it is important to study the background for the evolution of the financial crisis in the Asian economies. The default of a large amount of debts by Hanob Steel Corporation of South Korea started off the financial crisis in the region. This default by the steel major was followed by many business failures in the country. (Amitava Chatterji 2003) Following this there was an uneasy feeling for the speculators about the economic and political developments in the region. Hence in May 1997 they initiated heavy capital outflows from Thailand putting the baht – the currency of Thailand under pressure. Though there were assurances from the Thai government that there would be no devaluation of baht, Bank of Thailand in July 1997 announced the free float of baht which virtually devalued the currency by 20 percent. (Amitava Chatterji 2003) This had triggered the suspicion in the minds of the investors on the Asian regional capital and currency markets and the investor confidence suffered a marked deterioration. Following the act of Thailand, countries like Philippines, Malaysia, and Singapore allowed free float of their respective currencies and the values of all

Controversial Images in Art Assignment Example | Topics and Well Written Essays - 500 words

Controversial Images in Art - Assignment Example Something about the crucifix itself is that Christians treat it like a fashion accessory. When somebody sees it, he or she is horrified by it. However, in the real sense, it represents the crucifixion of a man. This controversial photo is not recommended for public displays. Being a photo that displays genitals, in can be viewed by children when displayed in public. Therefore, its display in public places would corrupt children’s minds. In addition, they can grow up having a poor spiritual mentality since they have seen a photographic display of Christ’s genitals. With many attacks made on the photo in public places, this photo is not good for public displays. Many Christians find the photo deeply offensive. For instance, Serrano’s work led to a congressional debate on United States’ public arts funding, which was held in France. During the debate, the photo was physically attacked. Also, a group of Catholics who gathered outside Edward Tyler Nahem gallery in midtown Manhattan opposed this work when the exhibition was opened (Chapman). According to Chapman, artists communicate identity through abstract or conceptual means. It therefore means that it is the responsibility of the artist to communicate through conceptual means such as photographs. Despite, using this means of communication, it should not trigger controversy among the intended audience. The artist needs to avoid using a photo that exposes nudity since the photo may lead moral decay among children who get to it. In addition, ethics should dictate what the artist does. He should be obliged not to knowing or unknowingly insult Christianity as a religion. It is also his utter responsibility not to create irrational beliefs in other religions. Making people believe in other things about their religion is a big danger to the religion they believe in (Chapman). The photo is