Asian financial crisis of 1997–1998

E1183

economic crisis financial crisis historical event

The Asian financial crisis of 1997–1998 was a severe regional economic meltdown that began with currency devaluations in East and Southeast Asia, triggering widespread financial instability, recessions, and international policy responses.

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All labels observed (5)

Label	Occurrences
Asian financial crisis	13
1997 Asian financial crisis	1
1997–1998 Asian financial crisis	1
Asian financial crisis of 1997	1
Asian financial crisis of 1997–1998 canonical	1

Statements (81)

Predicate	Object
instanceOf	economic crisis ⓘ financial crisis ⓘ historical event ⓘ
countryAffected	Brazil ⓘ Brunei Darussalam ⓘ surface form: Brunei China ⓘ Hong Kong, China ⓘ surface form: Hong Kong Indonesia ⓘ Japan ⓘ Laos ⓘ Malaysia ⓘ Myanmar ⓘ Philippines ⓘ Russia ⓘ Singapore ⓘ South Korea ⓘ Chinese Taipei ⓘ surface form: Taiwan Thailand ⓘ United States of America ⓘ surface form: United States Viet Nam ⓘ surface form: Vietnam
endTime	1998 ⓘ
estimatedCost	hundreds of billions of US dollars in lost output ⓘ
field	international finance ⓘ macroeconomics ⓘ
followedBy	Brazilian currency crisis of 1999 ⓘ Russian financial crisis of 1998 ⓘ
hasCause	capital account liberalization without adequate supervision ⓘ currency devaluation ⓘ fixed or semi-fixed exchange rate regimes ⓘ high levels of short-term foreign debt ⓘ overheating of asset markets ⓘ speculative attacks on currencies ⓘ weak financial regulation in affected countries ⓘ
hasEffect	banking crises in several Asian countries ⓘ contagion to global financial markets ⓘ corporate bankruptcies ⓘ decline in asset prices ⓘ deep recessions in affected economies ⓘ regional economic slowdown in Asia ⓘ rising unemployment in affected countries ⓘ sharp currency depreciations in East Asia ⓘ social unrest in some countries ⓘ
influenced	creation of Chiang Mai Initiative ⓘ debate on IMF conditionality ⓘ development of regional reserve pooling arrangements ⓘ reforms of financial regulation in Asia ⓘ
involvesCurrency	Hong Kong dollar ⓘ Indonesian rupiah ⓘ Malaysian ringgit ⓘ Philippine peso ⓘ Singapore dollar ⓘ South Korean won ⓘ Thai baht ⓘ
involvesInstitution	Asian Development Bank ⓘ International Monetary Fund ⓘ World Bank ⓘ
notableBailout	IMF program for Indonesia ⓘ IMF program for South Korea ⓘ IMF program for Thailand ⓘ
originatedIn	Thailand ⓘ
policyResponse	IMF bailout packages ⓘ banking sector restructuring ⓘ capital controls in some countries ⓘ corporate debt restructuring ⓘ exchange rate regime reforms ⓘ fiscal austerity measures ⓘ interest rate hikes ⓘ structural adjustment programs ⓘ
precededBy	Mexican peso crisis of 1994 ⓘ
region	East Asia ⓘ Southeast Asia ⓘ
relatedConcept	balance of payments crisis ⓘ crony capitalism ⓘ currency crisis ⓘ financial contagion ⓘ moral hazard ⓘ
startTime	1997 ⓘ
timePeriod	late 20th century ⓘ
triggerDate	1997-07-02 ⓘ
triggerEvent	abandonment of the Thai baht peg to the US dollar ⓘ collapse of the Thai baht ⓘ

Referenced by (17)

Full triples — surface form annotated when it differs from this entity's canonical label.

G20 → foundingContext → Asian financial crisis of 1997–1998 ⓘ

Thai baht → relatedEvent → Asian financial crisis of 1997–1998 ⓘ

this entity surface form: 1997 Asian financial crisis

Indonesian rupiah → crisisEvent → Asian financial crisis of 1997–1998 ⓘ

this entity surface form: 1997–1998 Asian financial crisis

South Korean won → experiencedEvent → Asian financial crisis of 1997–1998 ⓘ