Wolfensohn, James D.2017-02-232017-02-231998-03-25https://hdl.handle.net/10986/26158James D. Wolfensohn, President of the World Bank Group discussed the financial crisis in Asia which began with the emergence of the Thailand crisis. The history of Asian economic and social development has been one of enormous achievement. Since 1975 the number of people living in poverty has been reduced from 700 million to 340 million (roughly 20 percent of the population)—no small achievement. Generally, the region has had strong economic growth. Life expectancy has gone up significantly, while infant mortality has gone down significantly. Primary school enrollment approaches 100 percent. Fiscal management has been remarkable. What changed? We have a crisis now caused by private sector excesses, and to a degree government inaction in the area of supervision. The Bank is focusing on two things: reformation of the financial system, in terms of trying to get the regulation and control that is now being demanded by the Asian authorities themselves; and the impact on the people. Wolfensohn fielded a number of questions from the audience.en-USCC BY 3.0 IGOACCOUNTING PRINCIPLESEMPLOYMENTFINANCIAL RESTRUCTURINGCAPITAL MARKETSBORROWERVILLAGESDEVELOPMENT ASSISTANCEACCOUNTINGPEOPLEETHNIC MINORITIESFINANCINGSTOCKVILLAGEINTERESTLAWSENROLLMENTJUSTICE SYSTEMSFINANCE COMPANIESFINANCIAL ASSISTANCEINDUSTRYOPTIONEXCHANGESTOCK MARKETBANKING SYSTEMLIQUIDITYDEVELOPING COUNTRIESINTERNATIONAL FINANCIAL SYSTEMSRECESSIONPORTFOLIOBANKRUPTCY LAWBONDSLOANDISTANCE LEARNINGCAPACITY BUILDINGPROJECTSENROLLMENTSCORRUPTIONRESERVEBANKRUPTCYCREDITORSSHORT-TERM BORROWINGSDEVELOPING COUNTRYINSURANCE COMPANYLEGAL SYSTEMSSAVINGSLACK OF TRANSPARENCYCOMMERCIAL CODESCURRENCYBANKERGOVERNMENT POLICYUNIONTRUSTEESCONTRACTSTRADINGINTEREST RATESMONETARY FUNDREGULATORY SYSTEMFINANCIAL INSTITUTIONSMARKETSDEBTRETURNBOND ISSUELENDERSBANK OF ENGLANDBANKERSLOANSLABORENTERPRISESRESERVESPRIVATE CAPITALSOCIAL DEVELOPMENTGOVERNMENT FINANCINGEQUITIESEXTENSION OF CREDITFINANCIAL SYSTEMREAL ESTATEFINANCEINFRASTRUCTUREBANKSMARKET ECONOMYUNIONSINTERNATIONAL STANDARDSEQUITYBANKRUPTCY LAWSFEDERAL RESERVEGOODCAPITALGLOBAL MARKETTRANSPARENCYINTERNATIONAL INVESTMENTFINANCIAL CRISISFAMILYFUTURESAVINGS RATEVALUEGOVERNMENT BANKSBANKCREDITSHORT-TERM DEBTPUBLIC MARKETSCONTRACTREPAYMENTEXPENDITURESENTERPRISEFOREIGN BANKSMARKETLOCAL CURRENCYTRADE UNIONSFEDERAL RESERVE SYSTEMGOVERNANCEINSURANCEHUMAN RIGHTSBANK LOANSECURITYBANK LOANSLEGAL SYSTEMCURRENCY BOARDINVESTMENTBONDINVESTMENT PORTFOLIOECONOMIC CRISISBALANCE SHEETSPOVERTYBORROWINGSFINANCIAL MARKETSECONOMIC OPPORTUNITYCASH ON HANDEDUCATIONAL OPPORTUNITYBORROWINGINVESTMENTSLENDINGEXCHANGE RATEFINANCIAL SYSTEMSLIABILITIESGOVERNMENTSSHORT-TERM LIQUIDITYINTERNATIONAL MARKETSAUDITINGINVESTINGSpeechWorld Bank10.1596/26158