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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 ]
Vietnam's economic policy following the 1997 Asian Financial Crisis has been a cautious one, emphasizing macroeconomic stability rather than growth. While the country shifted toward a more market-oriented economy, the Vietnamese government still continues to hold a tight rein over major state sectors , such as the banking system, state-owned ...
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]
The economy of Japan suffered its worst post-World War II economic stagnation set in the early 1990s (which coincided with the end of Cold War), which was triggered by the latter event of the 1997 Asian financial crisis. It, however, rebounded strongly in the early 2000s due to strong growth in exports, although unable to counteract China in ...
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]
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 ...
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.
Chen, J and Vu, A. Vietnam after the regional economic crisis Archived 23 November 2015 at the Wayback Machine. Murray, Geoffrey. Vietnam : Dawn of a New Market. New York : St. Martin's Press, 1997. Pham, Minh Chinh, and Vuong, Quan Hoang. Kinh te Viet Nam – Thang tram va Dot pha. Hanoi: NXB Chinh Tri Quoc Gia, 2009. Sakata, Shozo (2013).