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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 ...
From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons. Place of publication not identified: International Monetary Fund. 3. Kihwan, K. (2006). The 1997-98 Korean financial crisis: Causes, policy response, and lessons. In the IMF Seminar on Crisis Prevention in Emerging Markets. 4. Kim, S., & Coe, D. (2002). Korean crisis and ...
The 1997 Asian financial crisis led broadcasters throughout East Asia to seek cheaper programs as an alternative to the expensive, but popular broadcasts from Japan. [20] In 2000, K-dramas were a quarter of the price of Japanese television programs and a tenth of the price of Hong Kong television programs. [25]
The 1997 Asian Financial Crisis, which started in Thailand, was a major blow to the Ramos administration. The economy was hit by currency devaluation, with the Philippine peso falling to ₱41.78 per U.S. Dollar in July 1998 from ₱26.37 in June 1997. [15] Growth fell to about -0.5% in 1998 from 5.2% in 1997, but recovered to 3.1% by 1999.
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]
In February 2006, South Korean movie workers responded to the reduction by staging mass rallies in protest. [36] According to Kim Hyun, "South Korea's movie industry, like that of most countries, is grossly overshadowed by Hollywood. The nation exported US$2 million-worth of movies to the United States last year and imported $35.9 million-worth ...
Five months after the election, however, it was caught in the Asian Financial Crisis which began when the Thai baht collapsed in July. The rupiah dropped from Rp2,450 to Rp4,000 to the US dollar between July and October, and economic growth slowed to 1.4% in the fourth quarter.