The Impact of the 1997 Asian Financial Crisis on Singapore's Economy

Part 1- Consider the 1997 Asian Financial Crisis and its impact on the wealth of households and businesses in Singapore and incorporate each of the following elements into your essay: Using the Department of Statistics Singapore (Links to an external site.) data - Expenditure on Gross Domestic Product In Chained (2015) Dollars, Quarterly, Seasonally Adjusted, generate one appropriate EXCEL chart illustrating the quarterly national growth rate, the percentage change in Private Consumption Expenditure and the percentage change in Gross Fixed Capital Formation from 3Q 1997 to 2Q 1999. Undertake an overview of the event and how it impacted Singapore (remember to use reputable sources in your research and reference), incorporating the information from the chart you generated. Include in your discussion any actions undertaken by the government to combat the crisis and restore economic activity. Undertake a model analysis using the IS-LM model. Using the IS-LM model, illustrate and discuss the impact of the Asian Financial Crisis on interest rates and economic activity (and thus the unemployment rate). Remember to explain any changes you have made to the curves and/or any shift(s) you have undertaken. Based on the impact on interest rates and economic activity you have demonstrated in the IS-LM model, outline the policy advice you would have given to the government under these circumstances. Include in the discussion how the slopes of the curves may affect your policy advise and the long-run impact of this policy action.