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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 ...
Chinese property developer Yida China is battling to avoid defaulting on its debt as the coronavirus pandemic slams sales, borrowing costs spiral and police detain a director on suspicion of ...
The proposal was that an institution be formed to work towards setting up a regional network funded by Asian countries to overcome current and future economic crisis. [2] During the Asian financial crisis, Asian leaders had difficulties in dealing with both regional and international institutions such as the Association of Southeast Asian ...
A currency crisis, also called a devaluation crisis, [7] is normally considered as part of a financial crisis. Kaminsky et al. (1998), for instance, define currency crises as occurring when a weighted average of monthly percentage depreciations in the exchange rate and monthly percentage declines in exchange reserves exceeds its mean by more ...
Soon after, the 1997 Asian financial crisis spread to the ASEAN region, South Korea and other countries in Asia, resulting in great economic damage on the affected countries (but with Japan and China both largely escaping the crisis). In fact, some of the economies, most notably those of Thailand, Indonesia, and South Korea actually contracted.
BANGKOK (AP) — Asian shares advanced early Monday and bitcoin surged to a record high ahead of the inauguration of President-elect Donald Trump. U.S. markets will be closed Monday for a holiday ...
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