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. Not too long ago, the number of interested parties might have been double. Robinson, with Belle Property, as he packed up his gavel and papers and prepared to head to his next auction on a day he would conduct eight of them.
Structural Adjustment—a Major Cause of Poverty — Global Issues
Asian financial crisis , major global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U. In the first six months, the value of the Indonesian rupiah was down by 80 percent, the Thai baht by more than 50 percent, the South Korean won by nearly 50 percent, and the Malaysian ringgit by 45 percent. Significant in terms of both its magnitude and its scope, the Asian financial crisis became a global crisis when it spread to the Russian and Brazilian economies. The significance of the Asian financial crisis is multifaceted.
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Strengthening the Asian Development Bank in 21st century Asia
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.
Mariacristina De Nardi of the Federal Reserve Bank of Minneapolis and her colleagues explored reasons for the differences between this loss and that of comparably educated women, and other losses experienced by the cohort of the s. But research featured in the current issue of the NBER Reporter finds that in some cases scientific research and product development are reduced by private ownership of intellectual property. Also in this edition of the free quarterly Reporter are articles on charitable-giving behaviors , the NBER Education program , financial misconduct , and survey expectations.