Logged out
Access All our Essays in an Instant
Swap your work for FREE access, or pay £4.99 for instant access
The 'Asian Miracle' that became the 'Asian Crisis' 1997.
Member rating: No Rating | Words: | Submitted: Fri Jan 28 2005
Page Preview
On the left is an image preview of every page of this document, and below are the first 150 words with formatting removed:
The case of South East Asia The East Asian financial crisis was truly remarkable; suddenly the 'Asian Miracle' became the 'Asian Crisis'. A diary of the crisis is given below: - In September 1996, Moody's Investors Services downgraded Thailand's short-term debt rating, citing the country's over reliance on short-term debt to finance persistent current-account deficits. In December, the central bank spent about 2.3 percent of its foreign exchange reserves in defense of the baht, which had been the subject of devaluation rumors. On February 14, 1997, another speculative attack temporarily dropped the value of the baht by almost 1 percent against the dollar, and the benchmark SET index fell by 4.5 percent. Both moves were in response to a suggestion that Thailand's sovereign credit rating might be cut. In March, a run on bank deposits led to an estimated withdrawal of more than $1.2 billion from 91 finance companies. On April 10,...
Get instant access
- Instant, unlimited access to our documents in full
- Swap your work for free access, or pay £4.99
- To see the full version of this document and 150,044 others
