1997 asian financial crisis [bea3898c]

Tags: events

https://www.newyorkfed.org/medialibrary/media/research/economists/pesenti/whatjapwor.pdf

• concerns over procyclical and countercyclical processes

• thailand had to float their currency on July 2nd, 1997

  • Capital flight, most of south asia and japan saw slumping currencies
• indonesia, south korea, and thailand were the most affect
• Foreign debt-to-GDP reatios rose from 100% to 167% percent

• Was the currency peg too much??

  • similar to lebanon now?