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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 ...
The global crisis had less impact of India because exports account for only 15% of India's GDP, less than half the levels of major Asian economic powers such as China and Japan. [30] However, unlike other major Asian economies, India's government finances were in poor shape and as a consequence, it was not able to enact large-scale economic ...
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 ...
After the Korean War in 1953, the South Korean economy achieved sustained growth, but had accumulated an unseen amount of short term foreign debt. Korea was one of the last countries to be affected by the Asian Financial Crisis.
Twin crises diagram. The wave of twin crises in the 1990s, which started with the 1994 Mexican crisis, also known as the "Tequila crisis", and followed with the 1997 Asian financial crisis and the 1998 Russian financial crisis, gave rise to a huge discussion on the relations between banking and currency crises.
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 ...
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] At the time, the real cause of the foreign-exchange-liquidity problem was controversial. [3]