Following the Asian financial crisis of 1997, the IMF 's infusion of capitals provided desperately needed funds to revive South Korea 's economy but with a caveat of strict mandates. The aftermath left sectors of its economy eviscerated, patches of its society dissolved, and sent my family on a plane to the United States. With $760 in my father 's pocket for all three of us to live for as long as we could, we started in a two bedroom apartment shared with a newly married couple. Three of us called a smaller room our home because our share of the rent was cheaper.
The important fabric of American society I first experienced was a kindness. We were welcomed into a local church where the members donated kitchen appliances, utensils, clothing, and blankets, one of which I still keep today as my staple. We were complete strangers to this community, and yet they embraced us with open arms. I was enraptured by a sense of belonging that I did not expect to find in a place 6000 miles away from my homeland. I realized this togetherness was true Americanism which repeated tirelessly whenever a tragedy struck- after the attacks of 9/11, Hurricane Katrina, Sandy, and more
Exposure to American governance was a coincidence. Among the donated goods, I found a refug...
... middle of paper ...
...earning new languages, including Japanese, Spanish, and French.
Most of all, the rigorous life of an immigrant instilled diligence. A trait embodied by my hard working parents, it naturally penetrated deep inside me. My father, a painter, and my mother, a waitress, would groan on holidays because that would mean one less working day. Although having two parents who work demanding hours meant less leisure, travel, or entertainment, attaining those values is irreplaceable. My parents, foremost, are my inspiration, motivation, beacon, and the reason for excellence.
Amid current antagonistic rhetoric toward immigrants in this country, I cannot be more proud of my immigrant background. Perseverance, tolerance, and tenacity I earned along the way molded who I am today. I breathlessly await the day when I can become a citizen of a country I came to love and respect.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- On a subway ride to my uncle 's apartment where I have taken a sanctuary for few days, my parents asked me: "Do you wish to stay here with your uncle or do you want to come with us?" Completely clueless, I answered like any other eleven years old would do, that I will go with my parents. It was only after flying halfway across the Pacific Ocean that I found out our destination was Los Angeles. Upon arrival at LAX on June 9, 1998, my life was transformed from that simple question. Following the Asian financial crisis of 1997, the IMF 's infusion of capitals provided desperately needed funds to revive South Korea 's economy but with a caveat of strict mandates.... [tags: Immigration to the United States, Immigration]
904 words (2.6 pages)
- ... On the contrary, if a country's balance of payments deficit, will reduce demand for the country's currency, the country's foreign exchange would be reduced, thus resulting in a decline in the country's currency, the currency devaluation. The project in the international balance of payments impact on exchange rate movements is the largest trade and capital projects. Trade balance of payments surplus or deficit and capital account surplus or deficit directly affects the currency's rising or falling.... [tags: international corporate finance]
2422 words (6.9 pages)
- The 1997 and 1998 Asian Economic Crisis The purpose of this paper is to explore the causes of the 1997 and 1998 Asian economic crisis; and to research the effects of the crisis in each of the following categories: 1. The effects of the crisis in the countries involved in the economic crisis of 1997-98. 2. The effects on the governments affected by the crash, and 3. The effects that the Asian crisis has had on the differing world markets as well as the effects that it will continue to have (if any) on the world markets in the near future.... [tags: Business Economics Economy Essays]
2317 words (6.6 pages)
- The paradox of thrift is defined as “ a change in the amount household wish to save at each income leads to a change in equilibrium income, but no change in equilibrium saving, which must still equal planned investment” (Begg, Fisher, Dornbusch, 2009). Increase in savings is actually the consumption foregone by the consumer. Domestic saving increases investment in a country which fuel the economic growth. But could savings be a cause for the financial crisis in Asian countries. As told by Dr Zhou Xiaochuan, Governor of the People’s Bank of China, “ the East Asia countries are influenced by Confucianism, which value thrift, self-discipline, zhong yong or Middle Ground (low-key)... [tags: International Finance ]
1198 words (3.4 pages)
- There is a close relationship between Gross Domestic Product (GDP) and the unemployment rate as it will relate to the decrease or increase of inflation rate. The inflation rate will increase when GDP and unemployment decreases, because it will affect the purchasing power of the people of a particular country. From 1997 to1998, both countries : Thailand and Indonesia reached their highest peak of inflation, which is 9.24% and 75.27% respectively. It is caused by the Asian financial crisis which hit most of the asian countries.... [tags: Stock, Market, Economy]
522 words (1.5 pages)
- LITERATURE REVIEW There are too many studies about crisis because crisis are experiencing anywhere and anytime in the world. I have scanned many articles about types of crisis and examples of them. There are too many article but I can’t found any containing two of them together. There are too many research resources but they are very scattered. Almost all of them are post graduate level. They are hard to understand as a sudent at the graduate level. There is a sample article by Güven Delice. Title of article is Financial Crisis: Theoretical and historical perspective.... [tags: crisis, financial markets, suppliers]
1804 words (5.2 pages)
- Memories of 1997 Return with a Vengeance China’s decision to allow the yuan to weaken has potentially opened a whole new set of economic and financial permutations that would have been seemingly unthinkable barely a week ago. The most important is whether the potential threat of imported deflation from China will force the Fed to delay raising its policy rate. If the Federal Open Market Committee (FOMC) did decide to postpone increasing the federal funds target, then risky assets will consequently breathe a huge sigh of relief.... [tags: Inflation, Central bank, Monetary policy]
1865 words (5.3 pages)
- The Asian Financial Crisis Many economists have said that the growth experienced by Southeastern Asian countries during the 1980s and early 1990s was a "miracle." Japan, Malaysia, South Korea, Indonesia and other countries in the region experienced annual growth rates of over 7 percent. Along with this rapid growth, these countries also saw very little unemployment and an almost invisible wealth gap between the different social and economic classes of citizens. Circumstances have dramatically changed, however.... [tags: Business Economics Globalization]
2760 words (7.9 pages)
- The Asian Financial Crisis In the 1980s and for most of the 1990s, the entire Asian marketplace was seen as nothing less than a miracle. Business was booming, and economies in the region enjoyed GDP growth rates nearing 10% per year—4 to 5 times the growth rate of the US economy at the time. It began in the ‘80s when foreign investment in Asian countries began to increase. Foreign investors lured by stable governments, the promise of high returns, and currencies that were tightly pegged to the US dollar began throwing money into the ASEAN-5 (Indonesia, Malaysia, the Philippines, Singapore, and Thailand).... [tags: Economics Economy Government Essays]
1675 words (4.8 pages)
- In the summer of 1997, an economic and currency crisis rocked the Asian markets. One by one, Southeast Asian countries such as Thailand, Indonesia, Korea and Japan saw their economies crash in the wake of heavy foreign investment. An economic boom had made the region an attractive investment opportunity for much of the 1990s. By 1997, however, domestic production and development had stalled, and foreign investors grew nervous. A divestment run on the Thai baht triggered the crash. Large corporations, extremely dependent upon the confidence of foreign investors failed to meet debt obligations and began to fail throughout Southeast Asia.... [tags: business economics]
2968 words (8.5 pages)