SouthViews No. 151, 6 July 2017
The Asian financial crisis – 20 years later
By Martin Khor
It’s been 20 years since the Asian financial crisis struck in July 1997. Since then there has been an even bigger global financial crisis, centred in the United States starting in 2008. Will there be another crisis in the near future? The Asian crisis began when speculators brought down the Thai baht, making fortunes in the process. Within months, the currencies of Indonesia, South Korea and Malaysia were also affected. The crisis was to turn the East Asian Miracle into an Asian Financial Nightmare.
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This article was tagged: Asian Financial Crisis, Asian Financial Nightmare, East Asian Miracle, Global Financial Crisis, International Monetary Fund (IMF)