Economic History · 20th-century economies
The 1997 Asian Financial Crisis
How the 'Asian miracle' economies crashed: dollar pegs, short-term foreign debt and property bubbles, the Thai baht's float on July 2, 1997, contagion to Indonesia, Korea and Malaysia, the IMF's tough rescues, and why Asia then hoarded reserves.
Step 1 of 6 · Overview30 min read ·
Key idea
Prereqs: Exchange rates; How Asia works. Next: The dot-com bubble; China's growth model. Sources: IMF, 'Recovery from the Asian Crisis and the Role of the IMF' (2000); Paul Blustein, *The Chastening* (2001); Marginal Revolution University.Next: 1. Setup