Asian financial crisis contagion

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TurkeyIndonesia and Argentina have all seen their currencies experience huge drops in recent months. Similarly, stocks in India, South AfricaMexico and others have taken a hit. Emerging markets across the board have been under pressure since the US Federal Reserve raised interest rates in June.

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The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. As a result of the devaluation of Thailand's baht, a large portion of East Asian currencies fell by as much as 38 percent.

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The topic of "War and Peace" is inexorably linked to the study of economics. Economic factors inevitably play a large role in determining the political fate of a nation or region. Thus, to examine the greatest threats currently facing the United States and the rest of the world, it is necessary to evaluate contemporary economic trends.

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Economists have believed for a long time that financial systems are fragile in the sense that small shocks can cause serious disruption. Research has focused on phenomena, such as bank runs, which affect the stability of individual institutions. Only recently has there been interest in the phenomenon of contagion, in which financial distress in one institution or one sector of the financial system spreads to other institutions or sectors. This paper reviews a number of possible hypotheses about the process of financial contagion and relates them to recent events in emerging markets.

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Jump to navigation. The Asian financial contagion has so far left China largely unaffected. Unlike the plummeting currencies elsewhere in the region, the renminbi has appreciated against the U.

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Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Definition: In economics and finance, a contagion can be explained as a situation where a shock in a particular economy or region spreads out and affects others by way of, say, price movements.

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The Asian financial crisis is the last in a series of financial or economic crises that have beset the world economy and brought about significant problems, causal investigations, cures or solutions, social unrest and structural changes in the last few years. The first crisis is with the savings and loans banks in the US where massive losses were incurred by companies with heavy investment in South America. This was followed by the British pound sterling crisis in the United Kingdom and the Italian lira crisis in Italy after sustained pressure was created by international investment banks.

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The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency.

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This book provides a sweeping, up-to-date, and boldly critical account of the financial crises that rocked East Asia and other parts of the world beginning with the collapse of the Thai baht in Retracing the story of Asia's "Crisis Five"--Indonesia, Malaysia, South Korea, the Philippines, and Thailand--Padma Desai argues that the region's imprudently fast-paced opening to the free flow of capital was pushed by determined advocates, official and private, in the global economy's U. Turmoil ensued in these peripheral economies, the Russian ruble faltered, and Brazil was eventually hit.


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