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Asian financial crisis of 1998

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Urbi Garay urbi. This paper analyzes the currency and stock market collapses experienced by Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand in and early Documented is the close relationship between the behavior of the stock markets of these countries during this period, and the evolution of their currencies. This paper also describes the different theories of stock market co-movements across countries, which again become important with the post-crash reduction in the advantages to investors of international diversification. The aim of this paper is twofold.
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Asian financial crisis

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Asian Financial Crisis - Cause & Effect | Indonesia Investments

The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. As a result of the devaluation of Thailand's baht, a large portion of East Asian currencies fell by as much as 38 percent. International stocks also declined as much as 60 percent.
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Asian Financial Crisis

Asian financial crisis , major global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U. In the first six months, the value of the Indonesian rupiah was down by 80 percent, the Thai baht by more than 50 percent, the South Korean won by nearly 50 percent, and the Malaysian ringgit by 45 percent. Significant in terms of both its magnitude and its scope, the Asian financial crisis became a global crisis when it spread to the Russian and Brazilian economies.
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On July 2, , Thailand devalued its currency relative to the US dollar. Malaysia, the Philippines, and Indonesia also allowed their currencies to weaken substantially in the face of market pressures, with Indonesia gradually falling into a multifaceted financial and political crisis. Hong Kong faced several large but unsuccessful speculative attacks on its currency peg to the dollar, the first of which triggered short-term stock market sell-offs across the globe. And severe balance-of-payments pressures in South Korea brought the country to the brink of default. Across East Asia, capital inflows slowed or reversed direction, and growth slowed sharply.
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