Causes of asian financial crisis 1997

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Asian financial crisis , major global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U. In the first six months, the value of the Indonesian rupiah was down by 80 percent, the Thai baht by more than 50 percent, the South Korean won by nearly 50 percent, and the Malaysian ringgit by 45 percent.
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Asian Financial Crisis 1997

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Timeline Of The Crash | The Crash | FRONTLINE | PBS

The Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. Indonesia , South Korea , and Thailand were the countries most affected by the crisis.
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Corsetti, G. Discussion Papers. Buiter, Willem H.
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The Asian financial crisis started in Thailand with the collapse of the Thai baht in July What began as a currency crisis soon affected the wider economy and spread quickly to the rest of the region, leading to economic downturns in several countries. Singapore was not directly hit but suffered the spill-over effects of the economic slowdown, 1 and fell into recession in the second half of Realising that stimulating domestic demand was not a viable option in a downturn caused by external circumstances, the Singapore government implemented various measures to help ease the cost burden on businesses and individuals.

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