The Political Economy of the Asian Financial Crisis The Asian economic crisis of 1997-98 was a singular event in the region’s postwar economic history. Unformatted text preview: 1997 Asian Financial Crisis . Adverse external shocks had struck the devel-oping countries of East and Southeast Asia in the past, most notably the oil price increases of the 1970s and early 1980s. ∗On October8th 1997, Indonesiaasksthe IMF and the World Bank for financial assistance. We find that a simple model composed of four traditional … Currencies and asset prices in most countries dropped by as much as 30% to 40%, and even more in the harder-hit countries. The Asian financial crisis, which erupted in 1997 in Thailand, awoke the world to "contagion," a new peril inherent to highly interconnected financial markets. It began as a currency crisis when Bangkok unpegged the Thai baht … The 1997–98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. In early 1960s and 1990s East Asia undergo rapid industrialization with high degree of market openness and great rate of investment that constructed average 7 % economic growth. Introduction A period of financial crisis – Beginning July 1997 Started in Thailand Floatingthe pegged currency Real estate driven financial over extension Excessive foreign exposure Resulting collapse of the Thai Baht Also affected Indonesia, … ∗On October22th 1997, South KoreanationalisedKiaMotors, … Ed Vallorani 12/14/2009 1997 Asian Financial Crisis Table of Contents Background 1 Japan – The Lost Decade 4 Country Information Ed Vallorani China 6 Hong Kong 6 Taiwan 7 Indonesia 8 Japan 8 Korea 9 Philippines 10 Singapore 10 Thailand 11 Country Summary 12 Lessons Learned 13 Notes 17 Sources 18 December 14, 2009 Contents 1997 Asian … Lee Kuan Yew, 1998 . THE FINANCIAL CRISIS IN MALAYSIA In mid-May 1997, the Thai baht came under severe pressure from speculative at-tacks. … This triggereda renewalof attacksagainstcurrenciesmore in the North. Spreading quickly within and outside the region, the crisis brought the world's 11th largest economy, Korea, to the brink of bankruptcy and led to the defaults by … After ten years, the 1997 Asian financial crisis has not only affected how business is conducted in Southeast Asia, it has also reshaped the terrains of politics. THEASIAN FINANCIAL CRISIS 1997 2. The commonly agreed start date of the Asian financial crisis can be pinpointed to July 2, 1997 when the Thai … In 1997, what had started as a currency crisis in Thailand quickly developed into a financial and economic crisis and spread to other countries in the region. Banks and corporations across the region … Predominantly Eight High Performing Asian … The Asian financial crisis of the late 1990s involved many nations, public and private organizations, and people, therefore one of the best ways to tackle understanding what occurred is to look at where everything started. Asian financial crisis, major global financial crisis that destabilized the Asian economy and then the world economy at the end of the 1990s.. ∗On October17 th 1997, despitebeinga creditorcountry, Taiwan isforcedto let the New Taiwan dollar float. II. shot of the crisis’ impact on the economy is provided. This conclusion is consistent with the results of estimating a simple probit model of balance-of-payments crises over a panel of developing countries including the Asian crisis countries and estimating out-of-sample crisis probabilities for 1997 (Berg and Pattillo (1999b)). 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