East Asian Financial Crisis (January 01, 1997 - December 01, 1997)
Event Details
The East Asian financial crisis was a financial crisis 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.
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, India, Taiwan, and Singapore were relatively unaffected. Japan was not affected much by this crisis but was going through its own long-term economic difficulties.
Though called the "East Asian" crisis because it originated in East Asia, its effects would ripple throughout the globe and cause a global financial crisis, with major effects being felt as widely as Russia, Brazil, and the United States.
Citation: wikipedia
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