The East Asian financial crisis was a period of economic unrest that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. It is also commonly referred to as the East Asian currency crisis or locally as the IMF crisis although the latter is somewhat controversial. There is general consensus on the existence of a crisis and its consequences, but what is less clear are the causes of the crisis, its scope and resolution. The New York Stock Exchange A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... The term East Asian Tigers (Simplified Chinese: 亚洲四小龙; Traditional Chinese: 亞洲四小龍; Hanyu Pinyin: yǎzhōu sì xiǎo lóng (lit. ...

Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines were also hit by the slump. Mainland China, Taiwan, Singapore and Vietnam were relatively unaffected. Japan was not affected much by this crisis but was going through its own long-term economic difficulties. However, all nations mentioned above saw their currencies dip significantly relative to the US dollar, though the harder hit nations saw extended currency losses. The highlighted area in the map is what is commonly known as mainland China. Mainland China (Simplified Chinese: 中国大陆; Traditional Chinese: 中國大陸; pinyin: Zhōnggúo Dàlù; literally The Chinese Massive Landmass or Continental China) is an informal (disputed — see talk page) geographical term which is usually synonymous with the area...

Though called the "East Asian" crisis because it originated in East Asia, its effects rippled throughout the globe and caused a global financial crisis, with major effects felt as widely as Russia, Brazil, as investors lost confidence in emerging markets. United States as an investor was briefly affected. East Asia is a subregion of Asia that can be defined in either geographical or cultural terms. ... The term emerging markets is commonly used to describe business and market activity in industrializing or emerging regions of the world. ...

History and causes

Until 1997, Asia attracted almost half of total capital inflow to developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result the region's economies received a large inflow of hot money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, the Philippines, Singapore, and South Korea experienced high, 8-12% GDP growth rates in the late 1980s and early 1990s. This achievement was broadly acclaimed by economic institutions including the IMF and World Bank, and was known as part of the Asian economic miracle. A developing country is a country with low average income compared to the world average. ... Location of Southeast Asia Southeast Asia is a subregion of Asia. ... An interest rate is the rental price of money. ... Hot money is used in economics to refer to funds which flow into a country to take advantage of a favourable interest rate, and therefore obtain higher returns. ... The examples and perspective in this article or section may not represent a worldwide view. ... See also 1990s, the band The 1990s decade refers to the years from 1990 to 1999, inclusive, sometimes informally including popular culture from the late 1980s and shortly after the year 2000. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means...

Whatever the disputed causes, the Asian crisis started in mid-1997 and affected currencies, stock markets, and other asset prices of several Southeast Asian economies. Triggered by events in Latin America, particularly after the Mexican peso crisis of 1994, Western investors lost confidence in securities in East Asia and began to pull money out, creating a domino effect. The 1994 economic crisis in Mexico was an economic crisis that happened in December 1994 in Mexico. ...

In 1994, Princeton University (then MIT) economist Paul Krugman published an article attacking the idea of an Asian economic miracle. [1] He argued that East Asia's economic growth had historically been the result of capital investment, leading to growth in productivity. However, total factor productivity had increased only marginally or not at all. Krugman argued that only growth in total factor productivity, and not capital investment, could lead to long-term prosperity. Krugman would be seen by many as prescient after the financial crisis became full-blown, though he himself stated that he had not predicted the crisis or foreseen its depth. Princeton University is a coeducational private university located in Princeton, New Jersey in the United States of America. ... Mapúa Institute of Technology (MIT, MapúaTech or simply Mapúa) is a private, non-sectarian, Filipino tertiary institute located in Intramuros, Manila. ... Paul Samuelson, Nobel Prize in Economics winner. ... Paul Krugman Paul Robin Krugman (born February 28, 1953) is an economist at Princeton University who has written several books and since 2000 has written a twice-weekly op-ed column for The New York Times. ... Total-factor productivty (TFP) addresses any effects in total output not caused by inputs or productivity. ...

At the time Thailand, Indonesia and South Korea had large private current account deficits and the maintenance of pegged exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, two factors began to change their economic environment. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation. This made the U.S. a more attractive investment destination relative to Southeast Asia, which had attracted hot money flows through high short-term interest rates, and raised the value of the U.S. dollar, to which many Southeast Asian nations' currencies were pegged, thus making their exports less competitive. At the same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Blue = countries in current account surplus; Red = countries in current account deficit, 2005 The current account of the balance of payments is the sum of the balance of trade (exports less imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency (most often the US Dollar), to a basket of other currencies, or to another measure of value... For other uses, see United States (disambiguation) and US (disambiguation). ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central bank of the United States. ... Alan Greenspan, the thirteenth Federal Reserve Chairman Alan Greenspan (born March 6, 1926) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ...

Some economists have advanced the impact of Mainland China on the real economy as a contributing factor to their ASEAN nations' export growth slowdown, though these economists maintain the main cause of the crises was excessive real estate speculation. China had begun to compete effectively with other Asian exporters particularly in the 1990s after the implementation of a number of export-oriented reforms. Most importantly, the Thai and Indonesian currencies were closely tied to the dollar, which was appreciating in the 1990s. Western importers sought cheaper manufacturers and found them, indeed, in China whose currency was depreciated relative to the dollar. Other economists dispute this claim noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s. We dont have an article called Real economy Start this article Search for Real economy in. ... Main languages See Languages of ASEAN Secretary General Ong Keng Yong of Singapore Area  - Total 4,480,000 km2 Population  - Total (2004)  - Density 550,000,000 122. ... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold. ...

Many economists, like those within the Cato Institute, believed that the Asian crisis was created not by market psychology or technology (which actually represents a more efficient form of capitalism through the ability to acquire information cheaply and more quickly) but by macroeconomic policies that distorted information which in turn created the volatility that attracted speculators. What some have called "herd mentality" was merely the result of speculators behaving rationally, noting the currency policies (The government defending the fixed exchange rate) which speculators assumed could not be sustained. Such economists believe that this crisis was the result of unsustainable macroeconomic/protectionist policies which create the very "market" imperfections they were originally designed to correct. The Cato Institute is a libertarian think tank headquartered in Washington, D.C.. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by seeking greater involvement of the... Herd behaviour is the term used to describe situations in which the individuals of any particular group react coherently. ...

Other economists, including Joseph Stiglitz and Jeffrey Sachs, have downplayed the role of the real economy in the crisis compared to the financial markets due to the speed of the crisis. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs points to strict monetary and contractory fiscal policies implemented by the governments at the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to the role of asymmetric information in the financial markets that led to a "herd mentality" among investors that magnified a relatively small risk in the real economy. The crisis has thus attracted interest from behavioral economists interested in market psychology. Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of Nobel Prize for economics ( 2001). ... Jeffrey Sachs Jeffrey David Sachs (born November 5, 1954 in Detroit, Michigan) is an American economist known for his work as an economic advisor to governments in Latin America, Eastern Europe, the former Soviet Union, Asia, and Africa. ... Theatrical promotional poster depicting a bank run A bank run is a type of financial crisis. ... Frederic S. Mishkin (January 11, 1951) is an economist and currently the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. ... In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ... Nobel Prize in Economics winner Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field. ... Nobel Prize in Economics winner Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field. ...

The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of currencies was a deliberate attempt to destabilise the ASEAN economies. Former Malaysian Prime Minister Mahathir Mohamad accused currency speculator George Soros of ruining Malaysia's economy with massive currency speculation. At the 30th ASEAN Ministerial Meeting held in Subang Jaya, Malaysia, they issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard.[2] Coincidentally, on that same day, the Central Bankers of most of the affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the New Arrangement to Borrow operational. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto, Japan on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the General Agreement to Borrow and the Emergency Finance Mechanism. As such, the crisis could be seen as the failure to adequately build capacity in time, to prevent currency manipulation. Mahathir bin Mohamad (born December 20, 1925 in Alor Star, Kedah) was the Prime Minister of Malaysia from July 16, 1981 to 2003. ... George Soros George Soros (pronounced ) (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is a Jewish-American financial speculator, stock investor, and liberal political activist. ... Note: For the use of the term speculative in literature, see speculative fiction. ... Subang Jaya is a residential hub in the Klang Valley conurbation in Selangor, Malaysia. ... Shanghai (Chinese: ; pinyin: ; Shanghainese: ), stuated on the banks of the Yangtze River Delta in East China, is the largest city of the Peoples Republic of China. ... APEC may refer to: Asia-Pacific Economic Cooperation Action Programme on the Elimination of Child Labour Advanced Placement European Civilization Atlantic Provinces Economic Council This article consisting of a 4-letter acronym or initialism is a disambiguation page — a list of pages that otherwise might share the same title. ... Kyōto ) (lit. ...

IMF and controversy

The neutrality of this article is disputed. Please see the discussion on the talk page.

The role of the International Monetary Fund (IMF) was very controversial during the crisis, causing many locals to call the crisis the "IMF crisis." To begin with, many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast track capitalism", meaning liberalization of the financial sector (i.e. elimination of restrictions on capital flows); maintenance of high domestic interest rates in order to suck in portfolio investment and bank capital; and pegging of the national currency to the dollar to reassure foreign investors against currency risk. [3]. Image File history File links Unbalanced_scales. ... The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ... Risk is a concept which relates to human expectations. ...

However, the greatest criticism of the IMF's role in the crisis was targeted towards its response. As country after country fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics in this scenario were similar to that of the Latin American debt crisis. The Latin American debt crisis refers to a period in the early 1980s (and for some countries starting in the 1970s) where countries in the region reached a point where their foreign debt exceeded their earning power and they were not able to repay it. ...

In response, the IMF offered to step in the case of each nation and offer it a multi-billion dollar "rescue package" to enable these nations to avoid default. However, the IMF's support was conditional on a series of drastic economic reforms influenced by neoliberal economic principles called a structural adjustment package (SAP). The SAP's called on crisis nations to cut government spending to reduce deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency, penalize insolvent companies, and protect currency values. However, the effects of the SAP's were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a recession, the traditional Keynesian response is to increase government spending, prop up major companies, and lower interest rates. The reasoning was that by stimulating the economy and staving off recession, governments could restore confidence while preventing economic pain. They pointed out that the U.S. government pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the U.S. itself entered a recession in 2001. The term neoliberalism is used to describe a political-economic philosophy that had major implications for government policies beginning in the 1970s – and increasingly prominent since 1980 – that de-emphasizes or rejects positive government intervention in the economy, focusing instead on achieving progress and even social justice by... Structural adjustment is a term used to describe the policy changes implemented by the International Monetary Fund (IMF) and the World Bank (the Bretton Woods Institutions)in developing countries. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... ... 2001: A Space Odyssey. ...

Thailand

Exchange rate: Baht per U.S. Dollar

From 1985 to 1995, Thailand's economy grew at an average of 9%. On 14 May and 15 May 1997, the baht, the local currency, was hit by massive speculative attacks. On 30 June, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht, but Thailand's administration eventually floated the local currency, on 2 July. Opposition parties had claimed that future Thai Prime Minister Thaksin Shinawatra profited from the devaluation[4][5], although subsequent Opposition party-led governments did not investigate the issue. Exchange Rate US_Thailand This work is copyrighted. ... May 14 is the 134th day of the year in the Gregorian Calendar (135th in leap years). ... May 15 is the 135th day of the year in the Gregorian Calendar (136th in leap years). ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... Thai banknotes and coins. ... June 30 is the 181st day of the year (182nd in leap years) in the Gregorian Calendar, with 184 days remaining. ... General Chavalit Yongchaiyudh (Thai ชวลิต ยงใจยุทธ, born May 15, 1932) is a Thai politician, General, Defence Minister, Deputy Prime Minister and Thailands 22nd Prime Minister from (1996-1997). ... Devaluation is a reduction in the value of a currency. ... July 2 is the 183rd day of the year (184th in leap years) in the Gregorian Calendar, with 182 days remaining. ... Wikinews has news related to: Thai PM Shinawatra ousted by coup   (Thai: , IPA: ; born July 26, 1949 in Chiang Mai, Thailand with family roots in Meizhou, Guangdong, China), Thai businessman and politician, is the deposed Prime Minister of Thailand and the former leader of the populist Thai Rak Thai party. ...

In 1996, an American hedge fund had already sold $400 million of the Thai currency. From 1985 until 2 July 1997, the baht was pegged at 25 to the dollar. The baht dropped very swiftly and lost half of its value. The baht reached its lowest point of 56 to the dollar in January 1998. The Thai stock market dropped 75% in 1997. Finance One, the largest Thai finance company collapsed. On 11 August, the IMF unveiled a rescue package for Thailand with more than 16 billion dollars. The IMF approved on 20 August, another bailout package of 3.9 billion dollars. The baht has only recently in November 2006 reached pre-crisis highs of 36.5 to the dollar. Generally, a hedge fund is a lightly regulated private investment fund often characterized by unconventional investment strategies and often making use of legal structures (sometimes offshore) to mitigate the effects of local regulation and tax regimes. ... July 2 is the 183rd day of the year (184th in leap years) in the Gregorian Calendar, with 182 days remaining. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... August 11 is the 223rd day of the year (224th in leap years) in the Gregorian Calendar. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... August 20 is the 232nd day of the year (233rd in leap years) in the Gregorian Calendar. ...

Philippines

The Philippines central bank raised interest rates by 1.75 percentage points in May 1997 and again by 2 points on 19 June. Thailand triggered the crisis on 2 July. On 3 July, the Philippines central bank was forced to intervene heavily to defend the peso, raising the overnight rate from 15% to 24%. The peso fell significantly, from 26 pesos per dollar at the start of the crisis, to 38 pesos in 2000, to 40 pesos by the end of the crisis. June 19 is the 170th day of the year (171st in leap years) in the Gregorian Calendar, with 195 days remaining. ... July 2 is the 183rd day of the year (184th in leap years) in the Gregorian Calendar, with 182 days remaining. ... July 3 is the 184th day of the year (185th in leap years) in the Gregorian calendar, with 181 days remaining. ... The Philippine peso (Filipino: piso) is the official currency of the Philippines. ...

During the tenure of former President Joseph Estrada, the Philippine economy recovered from a contraction of .6 % in GDP during the worst part of the crisis to GDP growth of some 3% by 2001. Unfortunately, scandals rocked his administration in 2001, most notably the "jueteng" scandal, became a significant factor to calls for his ouster which caused significant falls in the share prices of companies listed on the Philippine Stock Exchange. The PSE Composite Index, the main index of the PSE, fell to some 1000 points from a high of some 3000 points in 1997. The peso fell even further, trading from levels of about 35 pesos to 56 pesos. Later that year, he was impeached but was not voted out of office. Massive protests caused EDSA II, which led to his resignation and lifted Gloria Macapagal-Arroyo to the Philippine presidency. Arroyo did manage to end the crisis in the Philippines, which led to the recovery of the Philippine peso to about 50 pesos by the time Arroyo became president. José Marcelo Ejército a. ... The PSE Tektite buildings in Ortigas Center, Pasig City. ... The PSE Composite Index, commonly known as the PHISIX, is the main stock market index of the Philippine Stock Exchange. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... The EDSA II revolution is depicted on the 200-peso bill. ... The young Gloria Macapagal (far right) and her family; when this picture was taken, her father Diosdado was the President of the Philippines. ...

Hong Kong

The collapse of the Thai baht on July 2, 1997, came 24 hours after the United Kingdom handed over sovereignty of Hong Kong to the People's Republic of China. In October 1997, the Hong Kong dollar, which was pegged at 7.8 to the US dollar, came under speculative pressure since Hong Kong's inflation rate was significantly higher than that of the US for years. Monetary authorities spent more than US$1 billion to defend the local currency. Since Hong Kong has more than US$80 billion of foreign reserves, which is equivalent to 700% of M1 money supply and 45% of M3 money supply of Hong Kong, Hong Kong managed to keep the currency pegged to the US dollar despite the speculative attacks. Stock markets become more and more volatile; between 20 October and 23 October the Hang Seng Index dipped by 23%. Hong Kong Monetary Authority promised to protect the currency. On 15 August 1998, Hong Kong raised rates overnight from 8% to 23% and at one point, to 500%. While the Monetary Authority recognized that the speculative forces were taking advantage of the unique currency board system, in which the overnight rates would automatically increase proportionally when the currency is sold in the market heavily, which would in turn increase the downward pressure of the stock market and thus allowing the speculators to earn a large profit by short selling shares, the Monetary Authority started buying component shares of the Hang Seng Index in mid-August. The Monetary Authority and Donald Tsang, then Financial Secretary, declared war with speculators openly. The Government ended up buying approximately HK$120 billion (about US$15 billion) of shares of various companies, and becoming the largest shareholder of some of the companies (e.g. the government owned 10% of HSBC) at the end of August when hostilities ended with the closing of the August contract of Hang Seng Index Futures. The Government started to divest itself from the position in 2001 and made a profit of about HK$30 billion (about US$4 billion) in the process. The Hong Kong dollar (currency code HKD) is the currency of the Hong Kong Special Administrative Region of the Peoples Republic of China, and has been the currency of Hong Kong since 1937. ... The examples and perspective in this article or section may not represent a worldwide view. ... The examples and perspective in this article or section may not represent a worldwide view. ... October 20 is the 293rd day of the year (294th in leap years) in the Gregorian Calendar, with 72 days remaining. ... October 23 is the 296th day of the year (297th in leap years) in the Gregorian calendar. ... Hang Seng Index (abbreviated: HSI, Chinese: 恒生指數) is a capitalization-weighted stock market index in the Hong Kong Stock Exchange. ... The Hong Kong Monetary Authority (Traditional Chinese: 香港金融管理局) or HKMA (金管局) in short is a government authority founded on 1st April 1993 in Hong Kong from the consolidation of the Office of the Exchange Fund and the Office of the Commissioner of Banking. ... August 15 is the 227th day of the year in the Gregorian Calendar (228th in leap years), with 138 days remaining. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Other Hong Kong topics Culture - Economy Education - Geography - History Hong Kong Portal Donald Tsang The Honourable Donald Tsang Yam Kuen GBM JP KBE (Traditional Chinese: ; pinyin: Zēng Yīnquán, born October 7, 1944) has been the Chief Executive of Hong Kong since 2005. ... HSBC Holdings plc (LSE: HSBA, SEHK: 005, NYSE: HBC, Euronext: HSBC, BSX: 1077223879) is one of the largest banking groups in the world, ranked the fifth-largest company and third-largest banking company in the world in Forbes Global 2000. ...

Speculative actions against the Hong Kong Dollar and the stock market did not continue into September largely due to extraordinary reaction to speculators by the Malaysian authorities and the onset of the collapse of Russian bond and currency market, which caused massive loss to the speculators.

The currency peg between the Hong Kong Dollar and the US Dollar at 7.8:1 continued to exist undeterred.

South Korea

South Korea is the world's 10th largest economy. Macroeconomic fundamentals were good but the banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. Excess debt would eventually lead to major failures and take-overs. For example, in July, South Korea's third largest car maker, Kia Motors asked for emergency loans. In the wake of the Asian market downturn, Moody's lowered the credit rating of South Korea from A1 to A3, on November 28, 1997, and downgraded again to B2 on December 11. That contributed to a further decline in Korean shares since stock markets were already bearish in November. The Seoul stock exchange fell by 4% on 7 November 1997. On November 8, it plunged by 7% the biggest one-day drop recorded there to date. And on November 24, stocks fell another 7.2% on fears that the IMF would demand tough reforms. In 1998, Hyundai Motor took over Kia Motors. Samsung Motors' $5 billion dollar venture was dissolved due to the crisis, and eventually Daewoo Motors was sold off to General Motors. Kia Motors Company is a South Korean automobile manufacturer with headquarters in Yangjae-dong, Seocho-gu, Seoul, South Korea. ... Moodys Corporation (NYSE: MCO) is the holding company for Moodys Investors Service which performs financial research and analysis on commercial and government entities. ... A credit rating assesses the credit worthiness of an individual, corporation, or even a country. ... November 28 is the 332nd day (333rd on leap years) of the year in the Gregorian Calendar. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... December 11 is the 345th day (346th in leap years) of the year in the Gregorian calendar. ... November 7 is the 311th day of the year (312th in leap years) in the Gregorian Calendar, with 54 days remaining. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... November 8 is the 312th day of the year (313th in leap years) in the Gregorian Calendar, with 53 days remaining. ... November 24 is the 328th day (329th on leap years) of the year in the Gregorian Calendar. ... This article is about the chaebol Daewoo Group. ... General Motors Corporation, also known as GM, is the worlds largest automaker. ...

The Korean won, meanwhile bonged to less than 1700 per dollar from less than 1000, however, despite initial sharp economic slowdown and many companies going bankrupt, Korea has managed to triple its per capita GDP since the 1997 crisis to 2006 in dollar terms, continuing its growth from 1960 as the world's fastest growing economy in the period (1960-2006), per capita GDP having grown from $80 capita to over $18,000. However, like the chaebol, South Korea's government didn't come out unscathed, as its national debt to GDP ratio more than tripled after the crisis. To meet Wikipedias quality standards, this article or section may require cleanup. ... Per capita is a Latin phrase meaning for each head. ... Chaebol are South Koreas business conglomerates. ...

Malaysia

Pre-crisis, Malaysia had a large current account deficit of 5% of GDP. At the time, Malaysia was a top investment destination, and this was reflected in KLSE activity which was regularly the most active exchange in the world. (with turnover exceeding even markets with far higher capitalisation like the NYSE) . Expectations at the time were that the growth rate would continue, propelling Malaysia into developed status by 2020, a government policy articulated in Wawasan 2020. As at start of 1997, the KLSE Composite index was above 1,200, the ringgit was trading above 2.50 to the dollar, and the overnight rate was below 7%. The Bursa Malaysia, previously known as Kuala Lumpur Stock Exchange (KLSE, Bursa Saham Kuala Lumpur in Malay) dates back to 1930 when the Singapore Stockbrokers Association was set up as a formal organisation dealing in securities in Malaya. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ... Wawasan 2020 is a slogan in Malaysia that stands for a vision of a more developed future Malaysia: a self-sufficient industrial develeped nation, complete with an economy that will be eightfold stronger by the year 2020 (as Greider describes it). ... The term composite can refer to several different things: A dental composite is an type of tooth filling material made of a plastic matrix containing high-strength quartz filler particles. ... In economics and finance an index (for example a price index, a stockmarket index) is a benchmark of activity, performance or any evolution in general. ...

In July, within days of the Thai baht devaluation, the Malaysian ringgit was "attacked" by speculators. The overnight rate jumped from under 8% to over 40%. This led to rating downgrades and a general sell off on the stock and currency markets. By end 1997, ratings had fallen many notches from investment grade to junk, the KLSE had lost more than 50% from above 1,200 to under 600, and the ringgit had lost 50% of its value, falling from above 2.50 to under 3.80 to the dollar. Thai banknotes and coins. ... Ringgit (Malay for jagged) mostly refers to the Malaysian ringgit, which is the local currency in Malaysia, but it can also refer to the Singapore dollar and Brunei dollar in the Malay language. ... Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... Junk may refer to: Junk (ship), sailing vessel of Chinese origin Junk (Transformers), fictional planet in the Transformers universe Junk (novel), by Melvin Burgess Junk (film), 2000 Japanese zombie film Waste, as in worthless material Hard drugs, junk being a slang term for that junk, slang for male genitals junk...

In 1998, the output of the real economy declined plunging the country into its first recession for many years. The construction sector contracted 23.5%, manufacturing shrunk 9% and the agriculture sector 5.9%. Overall, the country's gross domestic product plunged 6.2% in 1998. During the year, the ringgit plunged below 4.7 and the KLSE fell below 270. In September that year, various defensive measures were announced to overcome the crisis. A recession is usually defined in macroeconomics as a fall of a countrys real Gross Domestic Product in two or more successive quarters of a year. ...

The principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime. Bank Negara fixed the ringgit at 3.8 to the dollar. Capital controls were imposed. Various agencies were formed. The Corporate Debt Restructuring Committee dealt with corporate loans. Danaharta discounted and bought bad loans from banks to facilitate orderly asset realization. Danamodal recapitalised banks. Bank Negara Malaysia (BNM) is the Malaysian central bank. ...

Growth then settled at a slower but more sustainable pace. The massive current account deficit became a fairly substantial surplus. Banks were better capitalised and NPLs were realised in an orderly way. Small banks were bought out by strong ones. A large number of PLCs were unable to regularise their financial affairs and were de listed.

Asset values however, have not returned to their pre crisis highs.

In 2005 the last of the crisis measures was removed as the ringgit was taken off the fixed exchange system. But unlike pre-crisis days, it does not appear to be a free float, but a managed float, like the Singapore dollar.

Indonesia

Further information: Reformation (Indonesia)

In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. The Reformation (in bahasa Indonesia Reformasi) is the name commonly used for the present era in the history of Indonesia. ...

But a large number of Indonesian corporations had been borrowing in U.S. dollars. During preceding years, as the rupiah had strengthened respective to the dollar, this practice had worked well for those corporations -- their effective levels of debt and financing costs had decreased as the local currency's value rose. The 1998-2001 series of rupiah banknotes Rupiah (Rp) is the monetary unit of Indonesia (currency code IDR). ...

In July, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah trading band from 8% to 12%. The rupiah came under severe attack in August. On 14 August 1997, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further. The IMF came forward with a rescue package of $23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, strong demand for dollars. The rupiah and Jakarta Stock Exchange touched a new historic low in September. Moody's eventually downgraded Indonesia's long-term debt to junk bond. August 14 is the 226th day of the year in the Gregorian Calendar (227th in leap years), with 139 days remaining. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ...

Although the rupiah crisis began in July and August, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by the rupiah's decline, and many reacted by buying dollars, i.e. selling rupiah, undermining the value of the latter further.

The inflation of the rupiah and the resulting steep hikes in the prices of food staples led to riots throughout the country in which more than 500 people died alone in Jakarta. In February 1998, President Suharto sacked the governor of Bank Indonesia, but this proved insufficient. Suharto was forced to resign in mid-1998 and B. J. Habibie became President. Jakarta (also Djakarta or DKI Jakarta), formerly known as Sunda Kelapa, Jayakarta and Batavia is the capital and largest city of Indonesia. ... Haji Mohammad Soeharto (born June 8, 1921), more commonly referred to as simply Soeharto (Suharto in the English-speaking world), is a former Indonesian military and political leader. ... Bacharuddin Jusuf Habibie Bacharuddin Jusuf Habibie (born June 25, 1936), more commonly known simply as Rudy Habibie or B J Habibie, was the third President of Indonesia, holding office from 1998 to 1999. ...

Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2000 rupiah to 1 USD. The rate had plunged to over 18000 rupiah to 1 USD at times during the crisis. The 1998-2001 series of rupiah banknotes Rupiah (Rp) is the monetary unit of Indonesia (currency code IDR). ...

Indonesia lost 13.5% of its GDP that year.

Singapore

The Singaporean economy dipped into a short recession almost purely as a result of contagion. The relatively short duration and milder effects can be credited to active management by the government. For example, the Monetary Authority of Singapore allowed for a gradual 20% depreciation of the Singapore dollar to cushion and guide the economy to a soft landing. The timing of government programmes such as the Interim Upgrading Program and other construction related projects were brought forward. Instead of allowing the labor markets to work, the National Wage Council pre-emptively agreed to CPF (Central Provident Fund, the Singapore's mandatory saving and social security plan) cuts to lower labor costs, with limited impact on disposable income and local demand. Unlike in Hong Kong, no attempt was made to directly intervene in the capital markets, and the Straits Times index was allowed to drop 60%. The Singapore Dollar. ... The Monetary Authority of Singapore is Singapores central bank. ... ISO 4217 Code SGD User(s) Singapore, Brunei Inflation 0. ... CPF may stand for: CandlePowerForums, a forum dedicated to flashlights and lighting technology. ...

In less than a year, the Singapore economy recovered, and continued on its growth trajectory.

Needless to say, the economic effects, although collectively much milder than in other economies, were, in absolute terms, still very devastating, to those badly affected.

People's Republic of China

The Chinese currency, renminbi (RMB), had been pegged to the US dollar at a ratio of 8.3 RMB to the dollar, in 1994. Throughout 1998 there was heavy speculation in the Western press that China would soon be forced to devalue its currency to protect the competitiveness of Chinese exports vis-a-vis those of ASEAN nations, whose exports became cheaper relative to China's. However, the RMB's non-convertibility protected its value from currency speculators, and the decision was made to maintain the peg of the currency, improving the country's standing within Asia. The currency peg was partly scrapped in July 2005 rising (only) 2.3 % against the dollar, reflecting pressure from the United States. ISO 4217 Code CNY User(s) Mainland of the Peoples Republic of China Inflation rate 1. ... See Occident (movement) for the French political movement. ... News is any new information or current events. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...

Unlike investments of many of the Southeast Asian nations, almost all of its foreign investment took the form of factories on the ground rather than securities, which insulated the country from rapid capital flight. While the PRC was relatively unaffected by the crisis compared to Southeast Asia and Korea, GDP growth slowed sharply in 1998 and 1999, calling attention to structural problems with the PRC economy. In particular, the Asian financial crisis convinced the Chinese government of the need to resolve the issue of non-performing loans within the banking system. Seen in Asian markets in the 1990s capital flight is when assets and/or money rapidly flow out of a country. ...

Although most of the deposits in PRC banks are domestic and there was not a run on the banks, there was a fear within the Chinese government that weak banks would cause a future crisis lead to a scenario similar to the fall of Suharto in which the Communist Party of China would be overthrown. This led to measures to fix the banks and the industrial enterprises, which were largely complete by 2005. Haji Mohammad Soeharto (born June 8, 1921), more commonly referred to as simply Soeharto (Suharto in the English-speaking world), is a former Indonesian military and political leader. ... The Communist Party of China (CPC) (official name, though almost universally known in English as the Chinese Communist Party (CCP)) (Simplified Chinese: , Traditional Chinese: ; pinyin: Zhōngguó Gòngchǎndǎng) is the ruling political party of the Peoples Republic of China, a position guaranteed by the countrys...

The United States and Japan

The "Asian flu" also put pressure on the United States and Japan. Their economies did not collapse, but they were severely hit.

On 27 October 1997, the Dow Jones industrial plunged 554-points, or 7.2%, amid ongoing worries about the Asian economies. The New York Stock Exchange briefly suspended trading. The crisis led to a drop in consumer and spending confidence (see October 27, 1997 mini-crash). October 27 is the 300th day of the year (301st in leap years) in the Gregorian Calendar, with 65 days remaining. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... The Dow Jones Industrial Average (NYSE: DJI) is one of several stock market indices created by Wall Street Journal editor and Dow Jones & Company founder Charles Dow. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) , also nicknamed the Big Board, is the largest stock exchange in the world in dollar volume and second largest by number of companies listed. ... The Index of Consumer Confidence is issued periodically by The Conference Board, an independent economic research organization. ... Confidence is trust or faith that a person or thing is capable. ... The October 27, 1997 mini-crash is the name of a global stock market crash that was caused by an economic crisis scare in Asia. ...

Japan was affected because its economy is prominent in the region. Asian countries usually run a trade deficit with Japan because the latter's economy was more than twice the size of the rest of Asia together. The Japanese yen fell to 147 as mass selling began, but Japan was the world's largest holder of currency reserves at the time, so it was easily defended, and quickly bounced back. About 40% of Japan's exports go to Asia. GDP real growth rate slowed dramatically in 1997, from 5% to 1.6% and even sank into recession in 1998, due to intense competition from cheapened rivals. The Asian financial crisis also led to more bankruptcies in Japan. In addition, with South Korea's devalued currency, and China's steady gains, many companies complained outright they could not compete. Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ...

Consequences in Asia

The crisis had significant macro-level effects, including sharp reductions in values of currencies, stock markets, and other asset prices of several Asian countries. Many businesses collapsed, and as a consequence, millions of people fell below the poverty line in 1997-1998. Indonesia, South Korea and Thailand were the countries most affected by the crisis.

The economic crisis also led to political upheaval, most notably culminating in the resignations of Suharto in Indonesia and Chavalit Yongchaiyudh in Thailand. There was a general rise in anti-Western sentiment, with George Soros and the International Monetary Fund in particular singled out as targets of criticisms. Heavy US investment in Thailand ended...replaced by mostly European investment, though Japanese investment continued. Islamic and separatist movements intensified in Indonesia as the central authority weakened. Haji Mohammad Soeharto (born June 8, 1921), more commonly referred to as simply Soeharto (Suharto in the English-speaking world), is a former Indonesian military and political leader. ... George Soros George Soros (pronounced ) (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is a Jewish-American financial speculator, stock investor, and liberal political activist. ... The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ...

More long-term consequences include reversal of the relative gains made in the boom years just preceding the crisis. For example, the CIA World Factbook reports that the per capita income (measured by purchasing power parity) in Thailand declined from $8,800 to $8,300 between 1997 and 2005; in Indonesia it declined from $4,600 to $3,700; in Malaysia it declined from $11,100 to $10,400. Over the same period, world per capita income rose from $6,500 to $9,300 [6],[7]. Indeed, the CIA's analysis suggests the economy of Indonesia was still smaller in 2005 than it had been in 1997 despite a population increase of 30 million, suggesting an impact on that country similar to the Great Depression. World Factbook 2004 cover The World Factbook is an annual publication by the Central Intelligence Agency of the United States with basic almanac-style information about the various countries of the world. ... In economics, purchasing power parity (PPP) is a theory which says that the long-run equilibrium exchange rate of two currencies is the rate that equalizes the currencies purchasing power. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... Indonesia has a market-based economy in which the government plays a significant role. ... The Great Depression was a worldwide economic downturn which started in 1929 (although its effects were not fully felt until late 1930) and lasted through most of the 1930s. ...

In Thailand, GDP numbers could not explain the plight of ordinary people, as many thousands of office workers and other middle class were suddenly without plunged into poverty. Drug abuse and prostitution increased, people started moonlighting as taxi drivers and street vendors en masse to make ends meet, and tourists were targeted in violent and desperate scams, thousands abandoned their automobiles, auto production became a third of pre-crisis levels but eventually recovered after many years.

Within East Asia, the bulk of investment and a significant amount of economic weight shifted from Japan and ASEAN to China. Main languages See Languages of ASEAN Secretary General Ong Keng Yong of Singapore Area  - Total 4,480,000 km2 Population  - Total (2004)  - Density 550,000,000 122. ...

The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind. Perhaps more interesting to economists is the speed with which it ended, leaving most of the developed economies unharmed. These curiosities have prompted an explosion of literature about financial economics and a litany of explanations why the crisis occurred. A number of critiques have been leveled against the conduct of the International Monetary Fund in the crisis, including one by former World Bank economist Joseph Stiglitz. Financial economics is the branch of economics concerned with resource allocation over time. ... The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means... Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of Nobel Prize for economics ( 2001). ...

Politically there were some benefits. In several countries, particularly South Korea and Indonesia, there was renewed push for corporate governance. Rampaging inflation weakened the authority of the Suharto regime and lead to its toppling in 1998, accelerating East Timor's independence. Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. ... Haji Mohammad Soeharto (born June 8, 1921), more commonly referred to as simply Soeharto (Suharto in the English-speaking world), is a former Indonesian military and political leader. ...

Consequences elsewhere

After the Asian crisis, international investors were reluctant to lend to developing countries, leading to economic slowdowns in developing countries in many parts of the world. The powerful negative shock also sharply reduced the price of oil, which reached a low of $8/barrel towards the end of 1998, causing a financial pinch in OPEC nations and other oil exporters. Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international organization made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. ...

Such sharply reduced oil revenue in turn contributed to the Russian financial crisis in 1998. Which in turn caused Long-Term Capital Management in the United States to collapse, after losing $4.6 billion in 4 months. A wider collapse in the financial markets was avoided when Alan Greenspan and the Federal Reserve Bank of New York organized a $3.625 bn bail-out. The global recession of 1998, which started with the Asian financial crisis in July 1997, exacerbated Russias financial crisis. ... Long-Term Capital Management (LTCM) was a hedge fund founded in 1994 by John Meriwether (the former vice-chairman and head of Bond trading at Salomon Brothers). ... Alan Greenspan, the thirteenth Federal Reserve Chairman Alan Greenspan (born March 6, 1926) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... The Federal Reserve Bank of New York, located at 33 Liberty Street in Manhattan. ...

Major emerging economies Brazil and Argentina also fell into crisis in the late 1990s (see Argentine debt crisis). The Argentine economic crisis was part of the situation that affected Argentinas economy during the late 1990s and early 2000s. ...

The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank, which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in 1999. Four major rounds of world trade talks since the crisis, in Seattle, Doha, Cancun, and Hong Kong, have failed to produce a significant agreement as developing countries have become more assertive, and nations are increasingly turning toward regional or bilateral FTAs (Free Trade Agreement) as an alternative to global institutions. The Washington Consensus is a phrase initially coined in the early 1990s to describe a relatively specific set of ten macroeconomic policy prescriptions that were considered by the phrases originator to constitute a standard reform package promoted for crisis-racked countries by Washington-based institutions such as the International... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... Logo of the World Bank The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, is an international organization whose original mission was to finance the reconstruction of nations devastated by WWII. Now, its mission has expanded to fight poverty by means... Anti-WEF grafiti in Lausanne. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Old Farts by the Sometimes-United Nations. ... City nickname Emerald City City bird Great Blue Heron City flower Dahlia City mottos The City of Flowers The City of Goodwill City song Seattle, the Peerless City Mayor Greg Nickels County King County Area   - Total   - Land   - Water   - % water 369. ... Doha, Qatar Doha (Arabic: الدوحة;, Ad-Dawḥah or Ad-Dōḥah), population 400,051 (2005 census), is the capital of Qatar, and is at , on the Persian Gulf. ... Canc n is a coastal city in Quintana Roo, Mexicos easternmost state. ... FTA may stand for: FTA Free Trade Agreement, see free trade, or Trade bloc for a list of FTAs FTA Canada-U.S. Free Trade Agreement Free trade area FTAA Free Trade Area of the Americas Failure to appear, legal term Fundamental theorem of algebra, mathematical term Free-to-air...

Many nations learned from this, and quickly built up foreign exchange reserves as a hedge against attacks, including Japan, China, South Korea. Pan Asian currency swaps were introduced in the event of another crisis. However, interestingly enough, such nations as Brazil, Russia, and India as well as most of East Asia began copying the Japanese model of weakening their currencies, restructuring their economies so as to create a current account surplus to build large foreign currency reserves. This has led to ever increasing funding for US treasury bonds, allowing or aiding housing (2001-2005) and stock asset bubbles (1996-2000) to develop in the United States. Blue = countries in current account surplus; Red = countries in current account deficit, 2005 The current account of the balance of payments is the sum of the balance of trade (exports less imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as... Foreign exchange reserves are the foreign currency deposits held by national banks of different nations. ...

Other Important Economic Papers on the subject

• The East Asian Financial Crisis: Diagnosis, Remedies, Prospects

S Radelet, JD Sachs, RN Cooper, BP Bosworth - Brookings Papers on Economic Activity, 1998

• Some Lessons From The East Asian Miracle Joseph Stigler, The World Bank Research Observer, 1996.

See also

• Economics
• Economy of the People's Republic of China
• Economy of Hong Kong
• Economy of Indonesia
• Economy of Malaysia
• Economy of the Philippines
• Economy of South Korea
• Economy of Singapore
• Economy of Thailand
• Economy of the Republic of China (Taiwan)
• List of finance topics

Face-to-face trading interactions among on the New York Stock Exchange trading floor Economics, may just involve more otriches than you think social science, studies the production, distribution, and consumption of commodities. ... For the purpose of this article, the economies of the special adminsitrative regions of Hong Kong and Macau are treated separately from the rest of the Peoples Republic of China, and are excluded from this article. ... Other Hong Kong topics Culture - Education Geography - History - Politics Hong Kong Portal The economy of Hong Kong is widely believed to be the economically freest in the world. ... Indonesia has a market-based economy in which the government plays a significant role. ... Malaysia is a small and relatively open economy. ... The agricultural industry of the Philippines is one of the fastest growing economies in South East Asia. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organisations APEC, WTO and OECD Statistics [1] GDP ranking 12th by volume (at PPP) (2005); GDP $1. ... The Singapore Dollar. ... The economy of Thailand is export-dependent, with exports accounting for 60% of GDP. Thailands recovery from the 1997-98 Asian financial crisis relied largely on external demand from the United States and other foreign markets. ... Taiwan, formally including the Republic of China on Taiwan and other islands, has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... What follows is a list of over 250 Wikipedia articles on finance topics. ...

References

• Michael Pettis, The Volatility Machine: Emerging Economies and the Threat of Financial Collapse Oxford University Press 2001 ISBN 0-19-514330-2
• Paul Blustein, The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF PublicAffairs 2001 ISBN 1-891620-81-9
• Frontline: The Crash, from the PBS series Frontline, unfortunately only the transcript is available and not the episode itself.
• WGBH's Commanding Heights, additional information in Episode 3 Chapters 11-14.
• Peter Gowan: The Globalization Gamble
• Ngian Kee Jin, Coping with the Asian Financial Crisis: The Singapore Experience. http://www.iseas.edu.sg/vr82000.pdf Extracted December 13, 2005.
• Tiwari, Rajnish (2003): Post-crisis Exchange Rate Regimes in Southeast Asia, Seminar Paper, University of Hamburg. (PDF)
• Kilgour, Andrea, (1999) The changing economic situation in Vietnam: A product of the Asian crisis? (Link)

there is no reference Oxford University Press (OUP) is a highly-respected publishing house and a department of the University of Oxford in England. ... 2001: A Space Odyssey. ... 2001: A Space Odyssey. ...