Statement of Purpose
Essay title: Statement of Purpose
My true interest in economics originated from the Asian financial crisis in 1997. Not only did Thailand suffer from this phenomenon but also other countries in East Asia. The crisis resulted in financial collapses in both the private and government sectors, slumping currencies, devalued stock markets and asset worth and a precipitous rise in private debt. The crucial factors which played an important role in the crisis were a weak banking sector and the fragility of the financial market. Although a stronger currency and an increasing number of foreign investments in these past few years have reflected the competency and potential of Thailands financial institutions, the lack of strong public sectors and economists still remain.
In addition, my family business, International Scientific Supply Co., Ltd., was directly impacted by the crisis also. Expenditure of our company, including costs of importation from suppliers in the United States, was increased drastically because of the Thai slumping currency. As well, due to the economic recession, our business revenue dropped sharply and therefore, at the worst period, we needed to lay off many employees in order to maintain our business. That was the first time I experienced financial and economic problems and that, later, inspired my interest in the field of economics.