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UPSC 1999: The economic crisis in the latter half of 1990s most seriously affected Indonesia, Thailand, Malaysia and South Korea. The cause of the crisis was
(a)mismanagement of the financial resources and financial sector, in general
(b)the prolonged over-valuation of local currencies vis-à-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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Not attemptedCorrect Answer: (a) mismanagement of the financial resources and financial sector, in general
Post-1997 the economies of Indonesia, Thailand, Malaysia and South Korea crashed chiefly because of weak regulation, excessive short-term foreign borrowing and overall mismanagement of their financial sectors; prolonged currency over-valuation was a symptom, not the root cause. Therefore statement (a) is the correct explanation. ([edurev.in](https://edurev.in/t/203163/International-Solved-Questions--1995-2020--1?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 1999 Current Affairs question?▼
The correct answer is option (a): mismanagement of the financial resources and financial sector, in general. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Business & Economy question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 1999, GS Paper 1, as Question 46. It falls under Current Affairs > Business & Economy.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Business & Economy?▼
UPSC has asked 26 questions from Business & Economy (under Current Affairs) across multiple years. Visit the topic page to see the full list and year-wise trends.