"Popular enthusiasm about Asia's boom deserves to have some cold water thrown on it." - Paul Krugman, The Myth of Asia's Miracle, 1994The Asian Financial Crisis of 1997 was a financial situation that elocutionary many Asian countries, including South Korea, Thailand, Malaysia, Indonesia, Singapore and the Philippines. After posting much of the most baronial growth rates in the world at the time, the so-called "tiger economies" saw their stock markets and currencies destroyed about 70% of their value. In this article, we will take a look at the causes of the Asian financial crisis and the solutions that ultimately brought about a recovery, as well as some lessons for modern times.
Asian Financial Crisis - Quora
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Asian Financial Crisis | Federal Reserve History
A financial crisis started in Thailand in gregorian calendar month 1997 and spread across East Asia, wreaking havoc on economies in the region and pre-eminent to spillover effects in emotional solid ground and Eastern Europe in 1998. On gregorian calendar month 2, 1997, kingdom of thailand devalued its currency relative to the US dollar. This development, which followed months of wondering pressures that had substantially depleted Thailand’s administrative unit foreign exchange reserves, marked the commencement of a deep financial crisis across much of East Asia.