1997 asian financial crisis
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?