Asian Economic crisis
The economic crisis known as Asian crisis officially began, the July 2nd 1997, with the decision of the authorities inhabitants of Thailand to let float the Baht which involved in its fall the rupee indonésienne, the Ringgit Malayan and the Filipino Peso. To the autumn, the crisis extended to the Korea, Taiwan, Singapore and HongKong. The financial position of the banks and the local companies, which were strongly involved in debt in the short run in dollars and yens, worsened quickly. The insolvency of a great number of them as well as the capital flight involved a collapse of the credit and economic activity between the end of the year 1997 and the beginning of the year 1998, preventing the countries concerned from exploiting the advantages of competitiveness gotten by the depreciation of their currency.
The crisis is propagated at very high speed. The depreciation of the currencies touches the Southeast Asia and particularly Taiwan whose currency is depreciated of more than 45% compared to the dollar in the three weeks space.
A comparison with the preceding crises shows that the depreciation of the changes was equivalent but that the retreat of the activity and the adjustment of the current payments were more violent one.
- Economic crisis
- monetary and financial Crises
- article on the Telos site.
- Philippe Trainar: '' Leçons on the Asian crisis '' in Comment, n° 88 (winter 1999/2000)
- Leon Bendesky '' Beyond the financial crisis '', Diplomatic World (1997)
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