nt of Asian countries came high inflation rates and large trade deficits, contributing to heavy external borrowing and currency overvaluation. Asian stock and real estate were in danger of collapse due to high-inflated prices. The growth expectations in these countries were too high and could not be saved by good long-term investment.
             The International Monetary Fund (IMF) was established immediately after the Second World War by the governments of many nations for the purpose of achieving financial stability of its member nations. IMF has extended its financial assistance to Asian countries in particular Thailand, Indonesia, and South Korea. The economic conditions of these three countries have actually worsened and did not improve due to the IMF's strict assistance terms. Many government officials in Asia along with some economists look unfavorable upon the conditions attached to the IMF's aid packages which include: high interest rates, tax raises, and public spending cutbacks. Instead of the IMF giving relief to Asian countries they have continued the grief of the "Asian Financial Crisis."
             The "Asian Financial Crisis" impacted many countries around the world. The hardest hit non-Asian countries were Russia, Eastern Europe, and Latin America, which were weak and depended heavily on the Asian economy for trade and investment. The U.S. economy as a whole has not felt the same devastating effects of the "Asian Financial Crisis" as other countries, but some U.S. industries' exports to Asia have declined sharply since the crisis began.
             The "Asian Financial Crisis" affected the Western U.S. economies more negatively than any other part of the U.S. due to the relatively large share of exports going to Asia. The Western states with the largest share of exports to Asia include: Washington, Oregon, Arizona, California, and Alaska. The Asian demand for U.S. exports decr...