Economic Crisis and its Social Impacts

Abstract

The objective of this paper is to survey the social consequences of the 1997 Asian financial crisis with the purpose of drawing policy lessons. The outbreak of the financial crisis and the ensuing increase in unemployment and poverty triggered a worsening of education and health outcomes. The situation stabilized and eventually improved only after governments and international organizations intervened. Employment creation and cash transfers programs played a positive role in maintaining income, while education and health care programs helped meet the population’s vital education and health care needs.

La Crise Économique et ses Impacts Sociaux: Des Leçons Tirées de la Crise Économique Asiatique de 1997

Le but de cet article est d’examiner les conséquences sociales de la crise financière asiatique de 1997, afin d’en tirer des leçons de politique. L’ouverture de la crise financière, et l’augmentation du taux de chômage et de pauvreté qui suivit, ont provoqué la détérioration des conséquences sur l’éducation et la santé. La situation s’est stabilisée, et enfin s’est améliorée, seulement grâce à l’intervention des gouvernements et des organisations internationales. La création d’emplois et les programmes de transfert d’espèces ont aidé à protéger les revenus, pendant que les programmes d’éducation et de soins médicaux ont contribué à satisfaire aux besoins urgents de la population.

La Crisis Económica y sus Impactos Sociales: Lecciones Aprendidas de la Crisis Económica Asiática de 1997

Este documento tiene como objetivo el estudio de las consecuencias sociales de la crisis financiera asiática de 1997, a fin de sacar lecciones de política. El comienzo de la crisis financiera, y el consiguiente aumento del desempleo y de la pobreza, provocaron el empeoramiento de las consecuencias sobre la educación y la salud. La situación se estabilizó y por fin se mejoró solo con la intervención de los gobiernos y las organizaciones internacionales. La creación del empleo y de los programas de transferencia de efectivo desempeñó un papel positivo en mantener los ingresos, mientras que los programas de educación y de asistencia médica ayudaron a satisfacer estas necesidades urgentes de la población.

Keywords

cash transfer programs education outcomes employment financial crisis health outcomes poverty unemployment

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