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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 ...
Part of the fall of Suharto, 1997 Asian financial crisis and Anti-Chinese sentiment in Indonesia: ... (Tragedi 1998) or simply the 98 event (Peristiwa 98), ...
South Korea signed the agreement with the IMF to address their deficients due to the 1997 Asian financial crisis. [10] The structural provisions included: increased flexibility of exchange rates; tightening of monetary policy; structural reform to remove features of the economy that would stunt growth
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 ...
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]
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]