Asian financial crisis

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Typically countries experienced rapid devaluation and capital outflows as investor confidence turned from over-exuberance to contagious pessimism as the structural imbalances in the economy became more apparent. Due to the financial instability, the IMF was requested to intervene. Unlike the debt crisis in Latin America, the debt crisis in East Asia stemmed from inappropriate borrowing by the private sector.

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We use cookies to improve our service for you. You can find more information in our data protection declaration. Emerging market economies and their currencies have come under severe stress in recent weeks, as rising US interest rates and trade fears prompt investors worldwide to shun their assets and move money to the US.

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On July 2,Thailand devalued its currency relative to the US dollar. Malaysia, the Philippines, and Indonesia also allowed their currencies to weaken substantially in the face of market pressures, with Indonesia gradually falling into a multifaceted financial and political crisis. Hong Kong faced several large but unsuccessful speculative attacks on its currency peg to the dollar, the first of which triggered short-term stock market sell-offs across the globe.

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The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency.

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The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. As a result of the devaluation of Thailand's baht, a large portion of East Asian currencies fell by as much as 38 percent.

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The beginning of the Asian financial crisis can be traced back to 2 July This became the trigger for the Asian currency crisis. Within the week the Philippines and Malaysian Governments were heavily intervening to defend their currencies, while Indonesia intervened and also allowed the currency to move in a widened trading range-a sort of a float but with a floor below which the monetary authority acts to defend the currency against further falls.

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Piyush Gupta recalls the Asian financial crisis clearly. The chief executive of DBS was at Citi at the time, and when riots broke out in Indonesia, the country head did not want to go back to Jakarta with his family. So Gupta put his hand up to go.

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Last week, the Chinese yuan depreciated further and broke through the very closely watched level of seven yuan per dollar. Many market economists view the Chinese currency breach of the long-held seven-yuan level as a sign that trade negotiations with the U. However, it may be a sign of a much more troubling problem.

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Asian financial crisismajor global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U.

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The current Asian economic crisis threatens to wipe out the gains from recent years of economic growth, poverty alleviation, and human development in many developing Asian countries. It has significantly weakened the capacity of many East Asian countries to keep a sizeable proportion of their populations from falling into abject poverty and severe food deprivation. During the past two decades, economic growth was the single, most important factor contributing to significant poverty reduction in East Asian countries, especially those in transition from centrally-planned to market economies. The sharp economic contraction in in some of these countries particularly Indonesia and Thailand has dealt a major blow to an otherwise good performance in poverty alleviation during the last quarter of the century.

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