Search results
Results from the WOW.Com Content Network
The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. [1]
On October 27, 1997, a global stock market crash was caused by an economic crisis in Asia, the "Asian contagion", or Tom Yum Goong crisis (Thai: วิกฤตต้มยำกุ้ง). The point loss that the Dow Jones Industrial Average suffered on this day currently ranks as the 18th biggest percentage loss since the Dow's creation in ...
Given the fundamental factors behind the Southeast Asian currency crisis, which erupted in Thailand in May 1997 and had spread to Indonesia, the Philippines, and Malaysia since July, it was also a widening deficit in the current account and slowing economic growth.
Showing how countries have saved up more reserves since 1997. South Korea has not borrowed from the IMF since the 1997 crisis. According to the Organization for Economic Co-operation and Development (OECD), South Korea's reserves have increased from 21.556 billion SDR in 1997 to 247.759 billion SDR in 2014. [14]
1991 Indian economic crisis; 1990s Finnish banking crisis; 1990–1994 Swedish financial crisis; Black Wednesday (1992) Mexican peso crisis (1994) 1997 Asian financial crisis; 1998 Russian financial crisis; 1998–1999 Ecuador economic crisis; 1998–2002 Argentine great depression; Samba effect (1999) Brazil
On July 2, 1997, Thailand changed its 13-year-old fixed exchange-rate system. As the exchange rate changed, the price of Thai baht in the foreign-exchange market fell. This was a cause of the East Asian financial crisis. [3] On May 21 of that year, the IMF was asked to provide liquidity-adjustment funds. [3]
Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies. Unique to these economies were the sustained rapid growth and high levels of equal income distribution.
Thailand joined the IMF on May 3, 1949 [1] and has been the recipient of numerous IMF programs, most notably in its role as the source of contagion in the 1997 Asian financial crisis. Thailand currently has a quota of 3,211.9 million SDR's, which gives it the second most voting power in its constituency after Turkey. [2]