Asian economics crisis

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Asian financial crisismajor 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.

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Typically countries experienced rapid devaluation and capital outflows as investor confidence turned from over-exuberance to contagious pessimism as the structural imbalances in the economy became more apparent. Due to the financial instability, the IMF was requested to intervene. Unlike the debt crisis in Latin America, the debt crisis in East Asia stemmed from inappropriate borrowing by the private sector.

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We use cookies to improve our service for you. You can find more information in our data protection declaration. Emerging market economies and their currencies have come under severe stress in recent weeks, as rising US interest rates and trade fears prompt investors worldwide to shun their assets and move money to the US.

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Boom and bust in Asia Interpreting the crisis Lack of incentives for risk management Why a crisis now? Conclusion References Pacific Basin Notes. This series appears on an occasional basis. The collapse of the Thai baht in July was followed by an unprecedented financial crisis in East Asia, from which these economies are still struggling to recover.

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Infive east Asian countries -- Indonesia, Malaysia, South Korea, the Philippines, and Thailand -- experienced sharp currency and banking crises. The contraction of real GDP was severe in relation to the previous history and in comparison with five east Asian countries that were less affected by the financial crisis. Recoveries in the five crisis countries in were strong in most cases, but it is unclear whether the pre-crisis growth paths will be reattained.

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Stanley Fischer 1 Tokyo, Japan, April 8, History has yet to decide the precise date on which the current Asian economic crisis began. It could be Julywhen Thailand devalued. Or it could be Octoberwhen the Hong Kong dollar was attacked, and for a few days the contagion threatened a global economic conflagration, that could have spread from Asia through Wall Street, and on to Latin America, Eastern Europe, and Russia.

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The Asian financial crisis, like many other financial crises before and after it, began with a series of asset bubbles. Growth in the region's export economies led to high levels of foreign direct investmentwhich in turn led to soaring real estate values, bolder corporate spending, and even large public infrastructure projects. Heavy borrowing from banks provided most of the funding.

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The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. As a result of the devaluation of Thailand's baht, a large portion of East Asian currencies fell by as much as 38 percent.

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The Asian financial crisis was a period of financial crisis that gripped much of East Asia 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.


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