Haiya! It’s the 1997 Asian Financial Crisis!
Haiya! It’s the 1997 Asian Financial Crisis!
Oh no! My economy! The historical context of the 1997 Asian financial crisis was a period of financial crisis that affected much of East and Southeast Asia during the late 1990s. Following decades of mostly steady GDP growth, 1997 sets off a devastating implosion in the region as the Thai Baht collapses following the Thai Government no longer pegging the currency to the U.S. Dollar. Following the collapse of the Baht, capital owners in Thailand flee the country immediately as financiers no longer having faith in the economy. The situation only worsens from there as Thailand’s large foreign debt raises concern for the entire region and soon many Asian nations’ economies are called into question and devalued. Foreign debt-to-GDP ratios skyrocket and private debt also quickly increases as weaker currencies mean consumers can’t afford necessary goods and services.
Delegates will jump right into this crisis looking into the immediate causes and consequences of this crisis. Throughout the crisis, governments failed, the IMF got involved, and financial institutions exerted their power over these nations. Delegates will need to respond to the crisis swiftly and effectively, keeping both powerful international actors and your own citizens in mind when making decisions. Beginning with a lending crisis, this committee seeks to go beyond macroeconomic policy and examing the social, political, and historical issues in Asia and abroad. While economic concerns will certainly be a part of the committee delegates ought to examine institutional factors which lead to a variety of economic issues such as inequality, poverty, trade, and debt.
Thank you for your interest in our committee!
Sameer Bhasin
Chair
Sameer is a fourth-year (horrifying) majoring in Economics, Political Science, and Philosophy. He’s originally from Highland, Indiana, but describes himself as being from Chicago as Highland is only twenty minutes southeast of Chicago, he’s a fan of all its sports teams (and if you survive being a Chicago sports fan you deserve a medal), and no one outside of the midwest knows where anything in the midwest is except for Chicago. Prior to this year, he CD’d the “Ding Dong, it’s the Sherman Antitrust Act”: Breakup of the Bell System committee and also has served as an AC for ChoMUN XXV on The King’s Cornered, and Now He’s on The Run(nymede)!: Magna Carta 1215 committee. In addition to chairing this committee, Sameer will also be serving as a chair for UChicago’s high school conference, MUNUC. Outside of the MUNiverse, Sameer is a part of UChicago’s Public Policy Leader’s Program, works as a math tutor, and “enjoys” researching political philosophy for his thesis. Please let me know if you have any questions or concerns about the committee. We want to hear from everyone on this committee and I know we cannot wait to see you all!
Sincerely,
Sameer Bhasin
bhasins@uchicago.edu
Amanda eckels
Crisis Director
Amanda is fourth year at UChicago majoring in Political Science with a minor in History from Missouri. They have staffed committees with ChoMUN and MUNUC (UChicago’s high school MUN conference) since coming to UChicago. They also had the chance to compete with UChicago’s traveling team several times and love continuous crisis and hybrid committees. Back home in Missouri, they volunteer each summer to run a government simulation camp for high schoolers focusing on state-level government. They are excited to see your unique styles and how you tactfully embrace the diplomacy during conference!
Leo Jiaming Li
Crisis Director
Leo is a second-year majoring in Economics and Cognitive Science. He grew up in Shenzhen and Vancouver, but is now living in Hong Kong for over 12 years. Before this year, Leo was an assistant chair for the ‘Ding Dong, it’s the Sherman Act: Bell Breakup 1984’ in ChoMUN XXVI. Aside from running crisis committees, Leo is an active MUN team member as well. Outside of the MUNiverse and UChicago academics, Leo teaches Mandarin to avid Chinese learners (people who want to speak the hardest language in the world), plays badminton, and cooks Chinese and Italian food for friends and family in his free time. Reach out to Leo at leojiamingli@uchicago.edu if you have any concerns, to strike up a conversation, or to get recipe recommendations.