Inefficient financial systems?

1.The Asian financial crisis in the 1990s.

Significant economic growth in several Asian countries was mainly funded by short-term loans from overseas. A financial crisis occurred when this growth bubble burst.

The countries lacked adequate banking and financial sector supervision and most of them had a fixed exchange rate.

a)What is a problem with short-term loans?

b)Why should banking and financial sectors be supervised?

c)Why could a fixed exchange rate make the crisis worse?

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