Home » What Caused 1997 Asia's Financial Crisis? financial crisis

What Caused 1997 Asia's Financial Crisis? financial crisis

by Langsongshipin123



Welcome to the Investors Trading Academy talking glossary of financial terms and events.
Our word of the day is “Asian Crisis”

During 1997-98, many of the East Asian tiger economies suffered a severe financial and economic crisis. This had big consequences for the global financial markets, which had become increasingly exposed to the promise that Asia had seemed to offer.
The crisis destroyed wealth on a massive scale and sent absolute poverty shooting up. In the banking system alone, corporate loans equivalent to around half of one year’s GDP went bad – a destruction of savings on a scale more usually associated with a full-scale war. The precise cause of the crisis remains a matter of debate. Fingers have been pointed at the currency peg adopted by some countries, and a reduction of capital controls in the years before the crisis.
Some blamed economic contagion. The crisis brought an end to a then widespread belief that there was a distinct “Asian way” of capitalism that might prove just as successful as capitalism in America or Europe. Instead, critics turned their fire on Asian cronyism, ill-disciplined banking and lack of transparency. In the years following the crisis, most of the countries involved have introduced reforms designed to increase transparency and improve the health of the banking system, although some such as South Korea went much further than others like Indonesia.

See also  How to Spot a Fake "Guru" financial guru exposed
See also  Financial Markets | Business studies | Part 2 | class 12 financial business

By Barry Norman, Investors Trading Academy – ITA .

Images related to the topic financial crisis

What Caused 1997 Asia's Financial Crisis?

Search related to the topic What Caused 1997 Asia's Financial Crisis?

#Caused #Asia39s #Financial #Crisis
What Caused 1997 Asia's Financial Crisis?
financial crisis
See all the latest ways to make money online: See more here
See all the latest ways to make money online: See more here

Related Posts

10 comments

Ser 10/09/2021 - 3:25 AM

Wall Street license to robbed

Reply
Khen Daryl Cularte 10/09/2021 - 3:25 AM

actually wealthy families are the persons who have been hitted by that crisis because by that time our economy was hitted so hard but the people can still eat 3 times a day😆

Reply
Raj Cl 10/09/2021 - 3:25 AM

it was just a short-selling against Korean currency … guess by who?

Reply
MD. Hasib Al Islam 10/09/2021 - 3:25 AM

Thanks so much

Reply
Alex M 10/09/2021 - 3:25 AM

that was the worst analysis ever… a 5th grade book report could have done a better job

Reply
Steven Cowper 10/09/2021 - 3:25 AM

What a joke of analysis. Try the world banks interference due to monetary policy not fitting the cold war political narrative the US wanted. This was all propogated to separate the central banks from government policy. Japan was the same

Reply
Ronen Salathe 10/09/2021 - 3:25 AM

5th

Reply
Issac Beethoven 10/09/2021 - 3:25 AM

Guy it's george soros the corrupt

Reply
Jame Donrel 10/09/2021 - 3:25 AM

it was a speculative attack

Reply
ISM Gaming 10/09/2021 - 3:25 AM

i still dont get it

Reply

Leave a Comment