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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]
Factor 2: Transmitting the effect of the Southeast Asian monetary crisis 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.
Special Period in Cuba (1990–1994) Early 1990s Recession; 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 ...
Twin crises diagram. The wave of twin crises in the 1990s, which started with the 1994 Mexican crisis, also known as the "Tequila crisis", and followed with the 1997 Asian financial crisis and the 1998 Russian financial crisis, gave rise to a huge discussion on the relations between banking and currency crises.
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 ...
During the Lebanese Civil War (1975-1990), ... Ghost Tower," this looming structure dates back to 1990. The 47-floor building was only 80% finished when the 1997 Asian financial crisis hit.
Like many of the countries directly affected by the 1997 Asian Financial Crisis, Chinese bank NPLs grew substantially (with some estimates reaching as high as 42% of the big four banks' loan balance). [2] This forced Chinese authorities to establish asset management companies (AMCs) in order to purchase NPLs and affect a bank recapitalization.
While most of us were alive 20 years ago, peoples' memories of the savings and loan crisis of the early 1990s have faded. But more than 1,000 so-called savings & loans -- banks specifically set up ...