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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 ]
Thailand joined the IMF on May 3, 1949 [1] and has been the recipient of numerous IMF programs, most notably in its role as the source of contagion in the 1997 Asian financial crisis. Thailand currently has a quota of 3,211.9 million SDR's, which gives it the second most voting power in its constituency after Turkey. [2]
Factor 2: Transmitting the effect of the Southeast Asian monetary crisis 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.
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]
Like many of the countries directly affected by the 1997 Asian Financial Crisis, Chinese bank NPLs grew substantially (with some estimates reaching as high as 42% of the big four banks' loan balance). [2] This forced Chinese authorities to establish asset management companies (AMCs) in order to purchase NPLs and affect a bank recapitalization.
14–15 May – the Thai baht is hit by a massive speculative attack, triggering the 1997 Asian financial crisis; 2 July – the Bank of Thailand floats the baht, leading to rapid devaluation; 11 October – Promulgation of the Constitution of the Kingdom of Thailand B.E. 2540; 1 November – Thai Sky TV Station Broadcasting ceased at 6:00 AM.
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 ...
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 ...