Asian financial crisis 1997 causes

The stock market also reached an all-time high in and the economy was growing by more than 7 percent, its highest in nearly two decades. Emerging Markets. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. By , however, analysts saw signs that the economies of Asia were beginning to recover. Ready investors and easy lending often lead to reduced investment quality, and excess capacity soon began to show in these economies. In the face of these pressures, foreign exchange intervention often proved counterproductive, with some countries depleting the bulk of their official reserves and suffering even larger subsequent depreciations. Pacific Rim The Pacific Rim refers to the geographic area surrounding the Pacific Ocean characterized by the heavy presence of a bulk of the world's shipping.
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Asian financial crisis - Wikipedia

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What Caused East Asia’s Financial Crisis?

The crisis has thus attracted interest from behavioral economists interested in market psychology. The Philippine GDP contracted by 0. In the run-up to the crisis, both government and private firms built up high external debt ratios. Global effects. A large number of PLCs were unable to regulate their financial affairs and were delisted.
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For further information, including about cookie settings, please read our Cookie Policy. Economy of South Korea. This is because many believe that investments in these markets provide higher returns, albeit higher risks. However, firms overstretched themselves and a combination of factors caused a depreciation in the exchange rate as they struggled to meet the payments.
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These weaknesses were caused largely by the lack of incentives for effective risk management created by implicit or explicit government guarantees against failure Moreno, Pasadilla, and Remolona and others cited below. This was confirmed by property developer Somprasong Land's default and the bankruptcy of Finance One, Thailand's largest finance company. Tokyo, Asian Development Bank Institute. Harvard Business School. Very high interest rates, which can be extremely damaging to a healthy economy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. Disruptions in bank and borrower balance sheets have led to widespread bankruptcies and an interruption in credit flows in the most severely affected economies.
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