Global Politics

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PL SC 014 Monday, March 19th, 1999 Announcements: Map quiz on Africa in two weeks. Papers were given back Lecture notes: I. Asian Flu A. The devaluation of currency throughout the Pacific Rim B. Reason for devaluation of currency: 1. Economic slow down ( recession), which lead to a reduction in exports from these countries because other countries don't want the devalued currency; wealth in the country lessens; lower interest rates, and the currency decreases in value. C. Consequences for the lower currency 1. Imports are higher price, so the domestic markets increase in value. 2. Increase in exports because the goods made in the country are cheaper than the other countries domestic goods. 3. In developing countries, they burrow money from the US and European banks in US dollars because they can't produce enough capital themselves; so, if the currency is devalued, the debt that these countries owe the banks go up by the percent the currency was decrease and the amount their income was decrease due to the devaluation.
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