Asian crisis 1997

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Ten years ago, on July 2ndThailand's central bank floated the baht after failing to protect the currency from speculative attack. The move triggered a financial and economic collapse that quickly spread to other economies in the region, causing GDP growth rates to contract precipitously, bankrupting companies that had overexposed themselves to foreign-currency risk, and ultimately necessitating costly and politically humiliating IMF-led bailouts in the worst-affected countries. Thus began the Asian financial crisis of

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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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Financial systems are more robust, but new risks abound. Infamously known as the "Ghost Tower," the structure has so deteriorated under the harsh tropical conditions that its fate now could be demolition. The unit Sathorn Unique condominium project is one of the or so major office, hotel and apartment developments in Bangkok that failed after the Asian financial crisis.

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It taught us that economic dislocations can emanate from the private sector rather than the government budget. Many of the most wildly successful economies in Asia tumbled into a crisis in July They had to be bailed out by the International Monetary Fund on terms that led to a lot of political angst.

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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.

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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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The beginning of the Asian financial crisis can be traced back to 2 July This became the trigger for the Asian currency crisis. Within the week the Philippines and Malaysian Governments were heavily intervening to defend their currencies, while Indonesia intervened and also allowed the currency to move in a widened trading range-a sort of a float but with a floor below which the monetary authority acts to defend the currency against further falls.

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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. 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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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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On July 2,Thailand devalued its currency relative to the US dollar. Malaysia, the Philippines, and Indonesia also allowed their currencies to weaken substantially in the face of market pressures, with Indonesia gradually falling into a multifaceted financial and political crisis. Hong Kong faced several large but unsuccessful speculative attacks on its currency peg to the dollar, the first of which triggered short-term stock market sell-offs across the globe. And severe balance-of-payments pressures in South Korea brought the country to the brink of default.

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