Asian cause crisis financial

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

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What Was the Asian Financial Crisis?

The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. Indonesia , South Korea , and Thailand were the countries most affected by the crisis.
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Asian financial crisis

Veteran Business and Economics teacher at a number of community colleges and in the for profit sector. Log in or sign up to add this lesson to a Custom Course. Log in or Sign up. The first Asian economy to really use exports as the road to prosperity was Japan. In the s, the Japanese flooded the world with Hondas and Toyotas, which were eagerly snapped up by car buyers.
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The Asian financial crisis, like many other financial crises before and after it, began with a series of asset bubbles. Growth in the region's export economies led to high levels of foreign direct investment , which in turn led to soaring real estate values, bolder corporate spending, and even large public infrastructure projects. Heavy borrowing from banks provided most of the funding. Ready investors and easy lending often lead to reduced investment quality, and excess capacity soon began to show in these economies. The U.
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