Asian crisis in 1998

Asian financial crisis , major 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. In the first six months, the value of the Indonesian rupiah was down by 80 percent, the Thai baht by more than 50 percent, the South Korean won by nearly 50 percent, and the Malaysian ringgit by 45 percent.
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Asian financial crisis

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5 Things Asian Economies Learned From Financial Crisis - Briefly - WSJ

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. Indonesia , South Korea , and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , mainland China , Singapore , Taiwan , and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.
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The Asian Financial Crisis Goes West

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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Urbi Garay urbi. This paper analyzes the currency and stock market collapses experienced by Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand in and early Documented is the close relationship between the behavior of the stock markets of these countries during this period, and the evolution of their currencies. This paper also describes the different theories of stock market co-movements across countries, which again become important with the post-crash reduction in the advantages to investors of international diversification.
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