What crisis happened in 1997?

What crisis happened in 1997?

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 1997 and raised fears of a worldwide economic meltdown due to financial contagion.

What caused the stock market crash of 1997?

The October 27, 1997, mini-crash is a global stock market crash that was caused by an economic crisis in Asia, the “Asian contagion”, or Tom Yum Goong crisis (Thai: วิกฤตต้มยำกุ้ง). This crash is considered a “mini-crash” because the percentage loss was relatively small compared to some other notable crashes.

What was the worst financial crisis in history?

20th century

• Depression of 1920–21, a U.S. economic recession following the end of WW1.
• Wall Street Crash of 1929 and Great Depression (1929–1939) the worst depression of modern history.

How did Malaysia Overcome financial crisis 1997?

The NERP called for an easing of fiscal and monetary policy, an increase in government spending, corporate debt restructuring, and establishment of special vehicles to purchase and recapitalize non-performing loans from banking institutions.

What year was the financial crash?

2007
Financial crisis of 2007–2008/Start dates

What caused the 1997 Asian financial crisis?

The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.

What happened when a financial crisis struck Thailand in 1997?

Being depleted of its foreign currency reserve in attempts to fight against the speculative forces, on July 2, 1997, Thailand decided to switch to a flexible exchange rate regime. The Thai bath was depreciated by more than 50% by the end of that year; the Thais had experienced a collapse of their economy for the first time.

What caused the financial crisis of Malaysia in 1997?

This article argues that the financial crisis Malaysia faced in 1997 -1998 was not home grown. It was the result of heightened currency speculation in the region, Malaysia was essentially the victim of contagion . The capital controls and pegging of local currency to US dollar were better alternatives that seeking the IMF assistance. Malaysia came out of the crisis faster and less harmed