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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]
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 ...
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 ...
In the second half of 1997, Indonesia became the country hardest hit by the 1997 Asian financial crisis. The economy suffered a flight of foreign capital leading to the Indonesian rupiah falling from Rp 2,600 per dollar in August 1997 to over Rp 14,800 per dollar by January 1998. Indonesian companies with US dollar-denominated borrowings ...
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]
The Asian Monetary Fund (AMF) was an idea put forward by the Japanese government during the 1997 Asian financial crisis at the G7-IMF meetings in Hong Kong during September 20–25, 1997 that was never implemented. [1]
1997–98 [2] Sudan: 1991 [2] ... 1997–2007: 1997 Asian financial crisis ... (particularly metals and oil) the 1998 Russian financial crisis ensued. Mounting debts ...
The 1997-98 Asian financial crisis resulted in the collapse of 64 Indonesian banks. [2] Numerous problematic banks were taken over by the government, which restructured and merged some of them. Prior to the crisis, Bank Bali was Indonesia's fourth-largest privately owned bank and was considered well managed. [3]