Robert Sawatzky
Oct 17, 2018

Asia’s financial crises and recessions

The ’97 crisis better-prepared the region for the global financial crisis in 2008-09.

Ripple effect: The collapse of the Thai baht in 1997 led to a region-wide financial crisis.

In the summer of 1997, Thailand’s currency, the baht, came under attack.  The government lacked foreign currency reserves to fend off speculative traders and the baht collapsed, triggering a devastating financial crisis that rippled across Asia. 

Economies left vulnerable due to excessive lending like Indonesia and South Korea were stung severely while the Philippines, Malaysia and Hong Kong were also hit. 

Mike Amour, in a global...

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