The Asian Financial Crisis (1997) is a crisis caused by the collapse of the currency exchange rate and the hot money bubble. It started in Thailand in July 1997 and swept over East and Southeast Asia. The substances of the Global Financial Crisis (2008) were falling US house prices and a rising number of borrowers unable to repay their loans which turn out to be a credit crunch and global liquidity and economic crisis.

(Hint: hot money bubble is Funds that are controlled by investors who actively seek short-term returns and scan the market for short-term, high-interest-rate investment opportunities. This can cause capital inflow or outflow (influx or efflux of capital).

Discuss the above statement by taking one of the following positions.

A. Thailand in 1997 and the US in 2008 could have contained the crises within their boundaries to let others avoid the ripple effects of these financial fiascos.

B. I think globalization has crowded our planet's economy into one room which most likely will lead to contagious financial instability most of the time.

C. I don't know why we have to have all this headache of repeated global financial crises almost every decade. I think it is the lack of proper regulations.

D. I prefer not to take any of the above positions. I have my own intake.

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