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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]
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 ...
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
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.
Some of the key economic events during the collapse of the Japanese asset price bubble include the 1997 Asian financial crisis and the dot-com bubble. In addition, more recent economic events, such as the 2007–2008 financial crisis and August 2011 stock markets fall have prolonged this period. Black Wednesday: 16 Sep 1992 UK
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]
Predictions about a future burst increased following the October 27, 1997 mini-crash, in the wake of the 1997 Asian financial crisis. This caused an uncertain economic climate during the first few months of 1998. However conditions improved, and the Federal Reserve raised interest rates six times between June 1999 and May 2000 in an effort to ...
October 26 – 1997 World Series: The Florida Marlins defeat the Cleveland Indians. October 27 – Stock markets around the world crash due to a global economic crisis scare. The Dow Jones Industrial Average follows suit and plummets 554.26, or 7.18%, to 7,161.15. The points loss exceeds the loss from Black Monday.