Asian crisis finance financial international review

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Please take this quick survey to tell us about what happens after you publish a paper. Review of World Economics. This paper investigates whether, during the Asian crisis, contagion occurred from Thailand to the other crisis countries through the foreign exchange market, and, if so, determines the contribution of this contagion to the crisis.

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Commodity producers around the world have suffered. Yet there were few signs of impending crisis, such as rising interest rates in the g -7 countries or a sudden suspension of capital flows to developing countries after the baht devaluation. On the contrary, bank lending to Asia actually rose to a record level in the third quarter of

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Markets, despite their collective expertise, are apparently destined to repeat history as irrational exuberance is followed by an equally irrational despair. Periodic bouts of chaos are the inevitable result. To see the digital version of this report, please click here.

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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. International stocks also declined as much as 60 percent.

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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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October : pp. In our investigation we employ daily values of the four indexes from two periods of time: a pre-crisis period, from 3rd January to 15th September and a crisis period, from 16th September to 30th December We analyze the long-term relations by the Johansen cointegration procedure while for the short-term relations we use the Granger causality procedure.

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Saborowski and R. Ehrmann, R. Political economy of monetary union: has EMU made a difference?

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As the access to this document is restricted, you may want to search for a different version of it. Michael P. Hutchison,

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This piece was originally featured in the Australian Financial Review on July 02, Twenty years ago, on July 2,the Thai baht broke its peg with the U. Growth plunged from positive 7 percent in the years leading up to the crisis to negative 7 percent, with Indonesian gross domestic product declining 13 percent.

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Topics: Economic Crisis. It has seriously endangered the livelihood of millions of people, causing untold misery and suffering. The Asian economic crisis has not been simply a matter of movements in the global markets. Geopolitical factors have also been at work.

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