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Asian financial crisis in 1998

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The Asian financial crisis in the late s had its roots in private sector borrowing. In years recent to that time, most of the afflicted countries ran budget surpluses or small budget deficits while private sector borrowing increased heavily, especially short-term and from abroad. For example, loans to Thai corporations from international banks doubled from to Most disturbingly, one-half of Thailand 's debt was short-term, falling due all within one year.
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Asian Financial Crisis in Indonesia

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Asian financial crisis - Wikipedia

The Asian financial crisis, like many other financial crises before and after it, began with a series of asset bubbles. Growth in the region's export economies led to high levels of foreign direct investment , which in turn led to soaring real estate values, bolder corporate spending, and even large public infrastructure projects. Heavy borrowing from banks provided most of the funding. Ready investors and easy lending often lead to reduced investment quality, and excess capacity soon began to show in these economies. The U. Federal Reserve also began to raise its interest rates around this time to counteract inflation, which led to less attractive exports for those with currencies pegged to the dollar and less foreign investment.
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Asian financial crisis

In the early s, while the United States lingered in a deep recession, the economic world marveled at the remarkable productivity levels being achieved by countries in the Far East. Like Japan before them, the "Asian Tigers" went from low-technology, agricultural economies to industrialized and sometimes high-tech economies in a surprisingly short period of time. Singapore, South Korea, Taiwan, and Hong Kong led the group with their high-tech industries while Indonesia, the Philippines, Malaysia and Thailand followed with their rapid industrialization. By the mids, however, the U.
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Global markets are echoing the financial crisis, according to Bank of America Merrill Lynch. One of the most prominent casualties of that crash was Long-Term Capital Management , a hedge fund set up by some of the world's smartest academics and investors. The reckoning came in , beginning with a financial crisis in Thailand that spread to Indonesia, the Philippines, Malaysia, South Korea, and Russia. Because LTCM held huge positions in the unattractive bonds, it struggled to find buyers.
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