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Ten years after: Revisiting the Asian Financial Crisis
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The Asian financial crisis of 1997-98 is now seen as one of the
most significant economic events in recent world history. The
crisis began in early July 1997, when the Thai baht was floated,
and spread into a virulent contagion—leaping from Thailand to South
Korea, Indonesia, the Philippines, and Malaysia. It led to severe currency
depreciations and an economic recession that threatened to erase decades
of economic progress for the affected East and Southeast Asian nations.
The sequence of events triggered a self-reinforcing spiral of panic, which
many analysts argue was premised on a confluence of the inherent volatility
of financial globalization and the weak domestic financial systems in
East Asia. Financial liberalization in the region led to surges in capital flows
to domestic banks and firms, which expanded bank lending, ultimately
resulting in a rapid accumulation of foreign debt that exceeded the value
of foreign exchange reserves. As international speculation on dwindling
foreign reserves mounted, the regional currencies came under attack
Bhumika Muchhala - Personal Name
1st Edition
1-933549-24-6
NONE
Ten years after: Revisiting the Asian Financial Crisis
Management
English
Woodrow Wilson International Center
2007
Washington
1-138
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