The causes of the Asian crisisThe causes of the Asian crisis. There is much speculation about the causes of the Asian crisis. My research allowed me to discover that the Asian currency crisis has many causes. There is a book called: TheEast Asian Miracle, published by the World Bank. This book expressed the relationship between government, the private sector and the market. (See Hoover Digest 1998 No.3. William McGurn. What went wrong?) The book is about the economic flowering in Southeast Asia. East Asian countries borrowed a lot of money from the IMF and World Bank and used it to create a better economy for themselves. I found that the following countries, due to their recurrence during my research, experienced blooming. The countries are: South Korea, Indonesia, Hong Kong, Thailand, Malaysia, Philippines, Singapore and Taiwan. These countries experienced strong growth, growth that even doubled that of the rest of East Asia and almost tripled growth. in Latin America. The economic miracle began in South Korea, Hong Kong, Taiwan and Singapore, then in Malaysia, Thailand, Indonesia and the Philippines. These...... middle of paper......orea was sliding. It seemed that the larger the current account deficit, the more difficult it was for the IMF to find a solution. Another reason was that each country asked the IMF for help at different times. Thailand called when most of its usable reserves were exhausted and Korea called when it was almost drowning in the problem. These are the probable causes of the Asian financial crisis that I discovered through my research. Some say the IMF is responsible for the problems but according to this analysis of the speech by Stanley Fischer, an IMF representative, they do not think they are responsible..