Falling of the prices of share assets and devaluation of currencies of the new industrial countries affected a condition of stock exchanges in the USA and other developed countries which are closely connected by the trade and financial relations with this region. And still crisis processes in stock markets of industrialized countries appeared much less destructive, than in the countries entering into emerging markets group.
Development of the crisis phenomena in the countries of "the second and third echelons" of industrial development in especially sharp forms is found in the financial sphere. At the same time, such financial crises as experience of the last decades testifies, are steadily developed at sharp decrease in growth rates of industrial production (or direct falling of absolute scales of productions. First of all the internal conflicts of that type of industrialization which gained distribution in the countries of Southeast Asia are the cornerstone of such crises.
And still the new stage of economic recovery can find real base only when there are economic conditions for expansion of production in the new branches which are in the ascending phases of the corresponding branch cycles and when the tendency to new massive inflow of the capitals is outlined.
With expansion of financial crisis and cyclic outflow of the capital from the new industrial countries of Southeast Asia dumping of actions gets the cumulative effect causing a collapse of stock exchange. At the same time repatriation of means, in turn, promoted increase of currency crisis.
Exhaustion of opportunities of this type of extensive industrial development began to be shown in sharp decrease in growth rates of labor productivity and efficiency of capital investments. Recently distinctly expressed dependence between dynamics of investments and construction whereas there was no so accurate dependence between dynamics of investments and industrial production was observed. The crisis developed in the new industrial countries of Asia testifies to need of serious restructuring and transition to mainly intensive forms of economic growth.
Delay of volumes of foreign trade and rates of economic growth that, first of all, concerns the countries which are directly captured by crisis. On average an effective exchange rate in the countries of OECD, considering structure of trade, decreased by 6%.
Owing to noted "opacity" of the financial markets "pervichnaya" negative information on a state of affairs in the monetary sphere sharply strengthens additional risk of investments, and the level of profitability falls that inevitably accelerates leaving of the capital. In other words, in the conditions of the begun crisis insufficient "transparency" of a financial system generates the additional animator of increase of risk.
The problem of liquidity of secondary securities markets is connected with insufficient development of a network of large market makers. Intensive development of a dealer network, the organization of repo market and mechanisms of "a discount window" appears a basis for maintenance of market activity.
Experience of development of monetary crises in the countries of the Central and Latin America, and also in the Asian countries testifies that in most cases crisis was preceded by intensive inflow of the foreign capital. The high share of the foreign capital in financing of investments creates high risk of emergence of crisis in a case of its outflow from the country.