Asian Currency Sink in 1997
During the second half of 1997, and beginning in Thailand, currencies and stock markets
plunged across East Asia, while hundreds of banks, builders, and manufacturers went bankrupt. The Thai baht, Indonesian rupiah, Malaysian ringgit, Philippine peso, and nouth Korean won depreciated by 40% to 80% apiece. All this happened despite the fact that Asia’s fundamentals looked good: low inflation, balanced budgets, well-run central banks, high domestic savings, strong export industries, a large and...
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