They were taking part in an idiosyncrasy of the Australian economic system. Here, selling a home tends to be an almost festive gathering, in which potential buyers show up for an auction and neighbors stop by to watch the spectacle — and quietly calibrate how much their own homes might be worth. On this muggy day, almost all of the assembled crowd turned out to be gawkers; only four people actually raised their bidding paddles at any point. Twice, it seemed to be petering out as the auctioneer, Andrew Robinson, nearly banged his final gavel, only to be extended with one more bid. It reflected a wheezing Australian housing market.
Structural Adjustment—a Major Cause of Poverty
Structural Adjustment—a Major Cause of Poverty — Global Issues
The Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. Indonesia , South Korea , and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , China , Singapore , Taiwan , and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region. Japan was also affected, though less significantly.
The pace of change in Asia and new and more flexible sources of finance mean that the Asian Development Bank needs to continue to demonstrate its relevance to donors and borrowers. Despite rapid economic growth and increased prosperity across the Asian region, there is widespread poverty and deep inequality. The Asian Development Bank serves the Asia-Pacific region by providing local and regional public goods, particularly physical infrastructure. In all its dealings, the Bank brings good safeguards and its AAA credit rating. There is still need for an Asian Development Bank in the 21st Century.
Debt is an efficient tool. Dozens of countries must compete for shrinking export markets and can export only a limited range of products because of Northern protectionism and their lack of cash to invest in diversification. The IMF cannot seem to understand that investing in … [a] healthy, well-fed, literate population … is the most intelligent economic choice a country can make. Many developing nations are in debt and poverty partly due to the policies of international institutions such as the International Monetary Fund IMF and the World Bank. Their programs have been heavily criticized for many years for resulting in poverty.