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class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Panic_among_lenders_and_withdrawal_of_credit"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Panic among lenders and withdrawal of credit</span> </div> </a> <ul id="toc-Panic_among_lenders_and_withdrawal_of_credit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-IMF_role" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#IMF_role"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>IMF role</span> </div> </a> <button aria-controls="toc-IMF_role-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle IMF role subsection</span> </button> <ul id="toc-IMF_role-sublist" class="vector-toc-list"> <li id="toc-Economic_reforms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_reforms"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Economic reforms</span> </div> </a> <ul id="toc-Economic_reforms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-IMF_and_high_interest_rates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#IMF_and_high_interest_rates"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>IMF and high interest rates</span> </div> </a> <ul id="toc-IMF_and_high_interest_rates-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Countries/Regions_affected" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Countries/Regions_affected"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Countries/Regions affected</span> </div> </a> <button aria-controls="toc-Countries/Regions_affected-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Countries/Regions affected subsection</span> </button> <ul id="toc-Countries/Regions_affected-sublist" class="vector-toc-list"> <li id="toc-Thailand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Thailand"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Thailand</span> </div> </a> <ul id="toc-Thailand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Indonesia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Indonesia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Indonesia</span> </div> </a> <ul id="toc-Indonesia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Korea" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Korea"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>South Korea</span> </div> </a> <ul id="toc-South_Korea-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Philippines" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Philippines"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Philippines</span> </div> </a> <ul id="toc-Philippines-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#China"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>China</span> </div> </a> <ul id="toc-China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hong_Kong" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hong_Kong"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.6</span> <span>Hong Kong</span> </div> </a> <ul id="toc-Hong_Kong-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Malaysia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Malaysia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.7</span> <span>Malaysia</span> </div> </a> <ul id="toc-Malaysia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mongolia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mongolia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.8</span> <span>Mongolia</span> </div> </a> <ul id="toc-Mongolia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Singapore" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Singapore"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.9</span> <span>Singapore</span> </div> </a> <ul id="toc-Singapore-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Japan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Japan"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.10</span> <span>Japan</span> </div> </a> <ul id="toc-Japan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.11</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Consequences" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Consequences"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Consequences</span> </div> </a> <button aria-controls="toc-Consequences-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Consequences subsection</span> </button> <ul id="toc-Consequences-sublist" class="vector-toc-list"> <li id="toc-Asia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Asia"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Asia</span> </div> </a> <ul id="toc-Asia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Outside_Asia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Outside_Asia"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Outside Asia</span> </div> </a> <ul id="toc-Outside_Asia-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <button aria-controls="toc-Further_reading-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Further reading subsection</span> </button> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> <li id="toc-Papers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Papers"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>Papers</span> </div> </a> <ul id="toc-Papers-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">1997 Asian financial crisis</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 51 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-51" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">51 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%A3%D8%B2%D9%85%D8%A9_%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9_%D8%A7%D9%84%D8%A2%D8%B3%D9%8A%D9%88%D9%8A%D8%A9_(1997)" title="الأزمة المالية الآسيوية (1997) – Arabic" lang="ar" hreflang="ar" data-title="الأزمة المالية الآسيوية (1997)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Crisis_financiera_asi%C3%A1tica" title="Crisis financiera asiática – Asturian" lang="ast" hreflang="ast" data-title="Crisis financiera asiática" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%90%D0%B7%D0%B8%D1%8F_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81_%D0%BA%D1%80%D0%B8%D0%B7%D0%B8%D1%81%D1%8B" title="Азия финанс кризисы – Bashkir" lang="ba" hreflang="ba" data-title="Азия финанс кризисы" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%90%D0%B7%D0%B8%D0%B0%D1%82%D1%81%D0%BA%D0%B0_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0" title="Азиатска финансова криза – Bulgarian" lang="bg" hreflang="bg" data-title="Азиатска финансова криза" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Crisi_financera_del_sud-est_asi%C3%A0tic" title="Crisi financera del sud-est asiàtic – Catalan" lang="ca" hreflang="ca" data-title="Crisi financera del sud-est asiàtic" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Asijsk%C3%A1_finan%C4%8Dn%C3%AD_krize" title="Asijská finanční krize – Czech" lang="cs" hreflang="cs" data-title="Asijská finanční krize" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Asienkrisen" title="Asienkrisen – Danish" lang="da" hreflang="da" data-title="Asienkrisen" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://de.wikipedia.org/wiki/Asienkrise" title="Asienkrise – German" lang="de" hreflang="de" data-title="Asienkrise" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CF%83%CE%B9%CE%B1%CF%84%CE%B9%CE%BA%CE%AE_%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CE%BA%CF%81%CE%AF%CF%83%CE%B7_1997" title="Ασιατική οικονομική κρίση 1997 – Greek" lang="el" hreflang="el" data-title="Ασιατική οικονομική κρίση 1997" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Crisis_financiera_asi%C3%A1tica" title="Crisis financiera asiática – Spanish" lang="es" hreflang="es" data-title="Crisis financiera asiática" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Financa_krizo_de_1997_en_Azio" title="Financa krizo de 1997 en Azio – Esperanto" lang="eo" hreflang="eo" data-title="Financa krizo de 1997 en Azio" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%AD%D8%B1%D8%A7%D9%86_%D9%85%D8%A7%D9%84%DB%8C_%DB%B1%DB%B9%DB%B9%DB%B7_%D8%A2%D8%B3%DB%8C%D8%A7" title="بحران مالی ۱۹۹۷ آسیا – Persian" lang="fa" hreflang="fa" data-title="بحران مالی ۱۹۹۷ آسیا" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Crise_%C3%A9conomique_asiatique" title="Crise économique asiatique – French" lang="fr" hreflang="fr" data-title="Crise économique asiatique" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/1997%EB%85%84_%EC%95%84%EC%8B%9C%EC%95%84_%EA%B8%88%EC%9C%B5_%EC%9C%84%EA%B8%B0" title="1997년 아시아 금융 위기 – Korean" lang="ko" hreflang="ko" data-title="1997년 아시아 금융 위기" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/1997%E2%80%941998_%D5%A9%D5%BE%D5%A1%D5%AF%D5%A1%D5%B6%D5%B6%D5%A5%D6%80%D5%AB_%D5%A1%D5%BD%D5%AB%D5%A1%D5%AF%D5%A1%D5%B6_%D6%86%D5%AB%D5%B6%D5%A1%D5%B6%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B3%D5%A3%D5%B6%D5%A1%D5%AA%D5%A1%D5%B4" title="1997—1998 թվականների ասիական ֆինանսական ճգնաժամ – Armenian" lang="hy" hreflang="hy" data-title="1997—1998 թվականների ասիական ֆինանսական ճգնաժամ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%8F%E0%A4%B6%E0%A4%BF%E0%A4%AF%E0%A4%BE%E0%A4%88_%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%B8%E0%A4%82%E0%A4%95%E0%A4%9F" title="एशियाई वित्तीय संकट – Hindi" lang="hi" hreflang="hi" data-title="एशियाई वित्तीय संकट" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Krisis_finansial_Asia_1997" title="Krisis finansial Asia 1997 – Indonesian" lang="id" hreflang="id" data-title="Krisis finansial Asia 1997" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Fj%C3%A1rm%C3%A1lakreppan_%C3%AD_As%C3%ADu" title="Fjármálakreppan í Asíu – Icelandic" lang="is" hreflang="is" data-title="Fjármálakreppan í Asíu" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Crisi_finanziaria_asiatica" title="Crisi finanziaria asiatica – Italian" lang="it" hreflang="it" data-title="Crisi finanziaria asiatica" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%9E%D7%A9%D7%91%D7%A8_%D7%94%D7%A4%D7%99%D7%A0%D7%A0%D7%A1%D7%99_%D7%91%D7%90%D7%A1%D7%99%D7%94_(1997)" title="המשבר הפיננסי באסיה (1997) – Hebrew" lang="he" hreflang="he" data-title="המשבר הפיננסי באסיה (1997)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Krisis_finansial_Asia_1997" title="Krisis finansial Asia 1997 – Javanese" lang="jv" hreflang="jv" data-title="Krisis finansial Asia 1997" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%90%E1%83%96%E1%83%98%E1%83%98%E1%83%A1_%E1%83%A4%E1%83%98%E1%83%9C%E1%83%90%E1%83%9C%E1%83%A1%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%99%E1%83%A0%E1%83%98%E1%83%96%E1%83%98%E1%83%A1%E1%83%98" title="აზიის ფინანსური კრიზისი – Georgian" lang="ka" hreflang="ka" data-title="აზიის ფინანსური კრიზისი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Azijos_finans%C5%B3_kriz%C4%97" title="Azijos finansų krizė – Lithuanian" lang="lt" hreflang="lt" data-title="Azijos finansų krizė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%90%D0%B7%D0%B8%D1%81%D0%BA%D0%B0_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%81%D0%BA%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0_(1997)" title="Азиска финансиска криза (1997) – Macedonian" lang="mk" hreflang="mk" data-title="Азиска финансиска криза (1997)" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A5%A7%E0%A5%AF%E0%A5%AF%E0%A5%AD%E0%A4%9A%E0%A5%87_%E0%A4%86%E0%A4%B6%E0%A4%BF%E0%A4%AF%E0%A4%BE%E0%A4%88_%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B8%E0%A4%82%E0%A4%95%E0%A4%9F" title="१९९७चे आशियाई आर्थिक संकट – Marathi" lang="mr" hreflang="mr" data-title="१९९७चे आशियाई आर्थिक संकट" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Krisis_Kewangan_Asia_1997" title="Krisis Kewangan Asia 1997 – Malay" lang="ms" hreflang="ms" data-title="Krisis Kewangan Asia 1997" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://mn.wikipedia.org/wiki/1997_%D0%BE%D0%BD%D1%8B_%D0%90%D0%B7%D0%B8%D0%B9%D0%BD_%D1%81%D0%B0%D0%BD%D1%85%D2%AF%D2%AF%D0%B3%D0%B8%D0%B9%D0%BD_%D1%85%D1%8F%D0%BC%D1%80%D0%B0%D0%BB" title="1997 оны Азийн санхүүгийн хямрал – Mongolian" lang="mn" hreflang="mn" data-title="1997 оны Азийн санхүүгийн хямрал" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Aziatische_financi%C3%ABle_crisis" title="Aziatische financiële crisis – Dutch" lang="nl" hreflang="nl" data-title="Aziatische financiële crisis" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%A2%E3%82%B8%E3%82%A2%E9%80%9A%E8%B2%A8%E5%8D%B1%E6%A9%9F" title="アジア通貨危機 – Japanese" lang="ja" hreflang="ja" data-title="アジア通貨危機" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Asiakrisen" title="Asiakrisen – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Asiakrisen" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/1997-yilgi_Osiyo_moliyaviy_inqirozi" title="1997-yilgi Osiyo moliyaviy inqirozi – Uzbek" lang="uz" hreflang="uz" data-title="1997-yilgi Osiyo moliyaviy inqirozi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%9C%E1%9E%B7%E1%9E%94%E1%9E%8F%E1%9F%92%E1%9E%8F%E1%9E%B7%E1%9E%9F%E1%9F%81%E1%9E%8A%E1%9F%92%E1%9E%8B%E1%9E%80%E1%9E%B7%E1%9E%85%E1%9F%92%E1%9E%85%E1%9E%86%E1%9F%92%E1%9E%93%E1%9E%B6%E1%9F%86_%E1%9F%A1%E1%9F%A9%E1%9F%A9%E1%9F%A7" title="វិបត្តិសេដ្ឋកិច្ចឆ្នាំ ១៩៩៧ – Khmer" lang="km" hreflang="km" data-title="វិបត្តិសេដ្ឋកិច្ចឆ្នាំ ១៩៩៧" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Azjatycki_kryzys_finansowy" title="Azjatycki kryzys finansowy – Polish" lang="pl" hreflang="pl" data-title="Azjatycki kryzys finansowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Crise_financeira_asi%C3%A1tica_de_1997" title="Crise financeira asiática de 1997 – Portuguese" lang="pt" hreflang="pt" data-title="Crise financeira asiática de 1997" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%90%D0%B7%D0%B8%D0%B0%D1%82%D1%81%D0%BA%D0%B8%D0%B9_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D1%8B%D0%B9_%D0%BA%D1%80%D0%B8%D0%B7%D0%B8%D1%81" title="Азиатский финансовый кризис – Russian" lang="ru" hreflang="ru" data-title="Азиатский финансовый кризис" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis – Simple English" lang="en-simple" hreflang="en-simple" data-title="1997 Asian financial crisis" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%DA%8F%D8%A7%DA%A9%DA%BB_%D8%A7%D9%88%DA%80%D8%B1%D8%A7%D9%8A%D8%B4%D9%8A%D8%A7%D8%A6%D9%8A_%DA%AF%D9%87%D9%88%D9%BD%D8%A7%D9%84%D9%88" title="ڏاکڻ اوڀرايشيائي گهوٽالو – Sindhi" lang="sd" hreflang="sd" data-title="ڏاکڻ اوڀرايشيائي گهوٽالو" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target"><span>سنڌي</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/%C3%81zijsk%C3%A1_finan%C4%8Dn%C3%A1_kr%C3%ADza" title="Ázijská finančná kríza – Slovak" lang="sk" hreflang="sk" data-title="Ázijská finančná kríza" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%90%D0%B7%D0%B8%D1%98%D1%81%D0%BA%D0%B0_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%98%D1%81%D0%BA%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0_1997." title="Азијска финансијска криза 1997. – Serbian" lang="sr" hreflang="sr" data-title="Азијска финансијска криза 1997." data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Isto%C4%8Dnoazijska_ekonomska_kriza" title="Istočnoazijska ekonomska kriza – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Istočnoazijska ekonomska kriza" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Krisis_finansial_Asia_1997" title="Krisis finansial Asia 1997 – Sundanese" lang="su" hreflang="su" data-title="Krisis finansial Asia 1997" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Aasian_talouskriisi" title="Aasian talouskriisi – Finnish" lang="fi" hreflang="fi" data-title="Aasian talouskriisi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Asienkrisen" title="Asienkrisen – Swedish" lang="sv" hreflang="sv" data-title="Asienkrisen" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Krisis_sa_pananalapi_ng_Asya_noong_1997" title="Krisis sa pananalapi ng Asya noong 1997 – Tagalog" lang="tl" hreflang="tl" data-title="Krisis sa pananalapi ng Asya noong 1997" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/1997_%E0%AE%86%E0%AE%9A%E0%AE%BF%E0%AE%AF_%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF_%E0%AE%A8%E0%AF%86%E0%AE%B0%E0%AF%81%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AE%9F%E0%AE%BF" title="1997 ஆசிய நிதி நெருக்கடி – Tamil" lang="ta" hreflang="ta" data-title="1997 ஆசிய நிதி நெருக்கடி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A7%E0%B8%B4%E0%B8%81%E0%B8%A4%E0%B8%95%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%93%E0%B9%8C%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99%E0%B9%83%E0%B8%99%E0%B9%80%E0%B8%AD%E0%B9%80%E0%B8%8A%E0%B8%B5%E0%B8%A2_%E0%B8%9E.%E0%B8%A8._2540" title="วิกฤตการณ์การเงินในเอเชีย พ.ศ. 2540 – Thai" lang="th" hreflang="th" data-title="วิกฤตการณ์การเงินในเอเชีย พ.ศ. 2540" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/1997_Asya_mali_krizi" title="1997 Asya mali krizi – Turkish" lang="tr" hreflang="tr" data-title="1997 Asya mali krizi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%90%D0%B7%D1%96%D0%B9%D1%81%D1%8C%D0%BA%D0%B0_%D1%84%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0" title="Азійська фінансова криза – Ukrainian" lang="uk" hreflang="uk" data-title="Азійська фінансова криза" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kh%E1%BB%A7ng_ho%E1%BA%A3ng_t%C3%A0i_ch%C3%ADnh_ch%C3%A2u_%C3%81_1997" title="Khủng hoảng tài chính châu Á 1997 – Vietnamese" lang="vi" hreflang="vi" data-title="Khủng hoảng tài chính châu Á 1997" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E4%BA%9E%E6%B4%B2%E9%87%91%E8%9E%8D%E9%A2%A8%E6%9A%B4" title="亞洲金融風暴 – Cantonese" lang="yue" hreflang="yue" data-title="亞洲金融風暴" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E4%BA%9E%E6%B4%B2%E9%87%91%E8%9E%8D%E9%A2%A8%E6%9A%B4" title="亞洲金融風暴 – Chinese" lang="zh" hreflang="zh" data-title="亞洲金融風暴" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q80880#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div 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dir="ltr"><p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1237032888/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner img{background-color:white}}</style><div class="thumb tmulti tright"><div class="thumbinner multiimageinner" style="width:254px;max-width:254px"><div class="trow"><div class="theader">1997 Asian financial crisis</div></div><div class="trow"><div class="tsingle" style="width:252px;max-width:252px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Asienkrise.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/35/Asienkrise.svg/250px-Asienkrise.svg.png" decoding="async" width="250" height="176" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/35/Asienkrise.svg/375px-Asienkrise.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/35/Asienkrise.svg/500px-Asienkrise.svg.png 2x" data-file-width="850" data-file-height="600" /></a></span></div><div class="thumbcaption">Annual growth of GDP per capita in affected countries from 1995 to 2000</div></div></div><div class="trow"><div class="tsingle" style="width:252px;max-width:252px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:Jakarta_riot_14_May_1998.jpg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/22/Jakarta_riot_14_May_1998.jpg/250px-Jakarta_riot_14_May_1998.jpg" decoding="async" width="250" height="134" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/22/Jakarta_riot_14_May_1998.jpg/375px-Jakarta_riot_14_May_1998.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/22/Jakarta_riot_14_May_1998.jpg/500px-Jakarta_riot_14_May_1998.jpg 2x" data-file-width="1500" data-file-height="804" /></a></span></div><div class="thumbcaption">Rioters in <a href="/wiki/Jakarta" title="Jakarta">Jakarta</a>, during the <a href="/wiki/May_1998_riots_of_Indonesia" title="May 1998 riots of Indonesia">May 1998 riots of Indonesia</a></div></div></div></div></div> <p>The <b>1997 Asian financial crisis</b> was a period of <a href="/wiki/Financial_crisis" title="Financial crisis">financial crisis</a> that gripped much of <a href="/wiki/East_Asia" title="East Asia">East</a> and <a href="/wiki/Southeast_Asia" title="Southeast Asia">Southeast Asia</a> during the late 1990s. The crisis began in <a href="/wiki/Thailand" title="Thailand">Thailand</a> in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to <a href="/wiki/Financial_contagion" title="Financial contagion">financial contagion</a>.<sup id="cite_ref-:0_1-0" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided. </p><p>Originating in Thailand, where it was known as the <i><a href="/wiki/Tom_yum" title="Tom yum">Tom Yum Kung</a> crisis</i> (<a href="/wiki/Thai_language" title="Thai language">Thai</a>: <span lang="th">วิกฤตต้มยำกุ้ง</span>) on 2 July, it followed the financial collapse of the <a href="/wiki/Thai_baht" title="Thai baht">Thai baht</a> after the Thai government was forced to <a href="/wiki/Floating_currency" class="mw-redirect" title="Floating currency">float</a> the baht due to lack of <a href="/wiki/List_of_circulating_currencies" title="List of circulating currencies">foreign currency</a> to support its currency <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">peg</a> to the <a href="/wiki/U.S._dollar" class="mw-redirect" title="U.S. dollar">U.S. dollar</a>. <a href="/wiki/Capital_flight" title="Capital flight">Capital flight</a> ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of <a href="/wiki/Foreign_debt" class="mw-redirect" title="Foreign debt">foreign debt</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> As the crisis spread, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in <a href="/wiki/Private_debt" class="mw-redirect" title="Private debt">private debt</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Foreign <a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">debt-to-GDP ratios</a> rose from 100% to 167% in the four large <a href="/wiki/Association_of_Southeast_Asian_Nations" class="mw-redirect" title="Association of Southeast Asian Nations">Association of Southeast Asian Nations</a> (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13% to 21% and then as high as 40%, while the other northern <a href="/wiki/Newly_industrialized_country" title="Newly industrialized country">newly industrialized countries</a> fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/South_Korea" title="South Korea">South Korea</a>, <a href="/wiki/Indonesia" title="Indonesia">Indonesia</a> and <a href="/wiki/Thailand" title="Thailand">Thailand</a> were the countries most affected by the crisis. <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, <a href="/wiki/Laos" title="Laos">Laos</a>, <a href="/wiki/Malaysia" title="Malaysia">Malaysia</a> and the <a href="/wiki/Philippines" title="Philippines">Philippines</a> were also hurt by the slump. <a href="/wiki/Brunei" title="Brunei">Brunei</a>, <a href="/wiki/China" title="China">mainland China</a>, <a href="/wiki/Japan" title="Japan">Japan</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a>, <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a>, and <a href="/wiki/Vietnam" title="Vietnam">Vietnam</a> were less affected, although all suffered from a general loss of demand and confidence throughout the region. Although most of the governments of Asia had seemingly sound <a href="/wiki/Fiscal_policies" class="mw-redirect" title="Fiscal policies">fiscal policies</a>, the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis.<sup id="cite_ref-:0_1-1" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>However, the efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia. After 30 years in power, Indonesian President <a href="/wiki/Suharto" title="Suharto">Suharto</a> was <a href="/wiki/Fall_of_Suharto" title="Fall of Suharto">forced to step down</a> on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the <a href="/wiki/Indonesian_rupiah" title="Indonesian rupiah">rupiah</a>. The effects of the crisis lingered through 1998, where many important <a href="/wiki/Stock" title="Stock">stocks</a> fell in Wall Street as a result of a dip in the values of the currencies of <a href="/wiki/Russia" title="Russia">Russia</a> and <a href="/wiki/Latin_America" title="Latin America">Latin American</a> countries that weakened those countries' "demand for U.S. exports."<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In 1998, growth in the Philippines dropped to virtually zero. Only Singapore proved relatively insulated from the shock, but nevertheless suffered serious hits in passing, mainly due to its status as a major financial hub and its geographical proximity to Malaysia and Indonesia. By 1999, however, analysts saw signs that the <a href="/wiki/Economy_of_Asia" title="Economy of Asia">economies of Asia</a> were beginning to recover.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> After the crisis, economies in East and Southeast Asia worked together toward financial stability and better financial supervision.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Credit_bubbles_and_fixed_currency_exchange_rates">Credit bubbles and fixed currency exchange rates</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=1" title="Edit section: Credit bubbles and fixed currency exchange rates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:USD_to_Thai_Baht_exchange_rate.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/USD_to_Thai_Baht_exchange_rate.webp/290px-USD_to_Thai_Baht_exchange_rate.webp.png" decoding="async" width="290" height="69" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/USD_to_Thai_Baht_exchange_rate.webp/435px-USD_to_Thai_Baht_exchange_rate.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a5/USD_to_Thai_Baht_exchange_rate.webp/580px-USD_to_Thai_Baht_exchange_rate.webp.png 2x" data-file-width="1604" data-file-height="381" /></a><figcaption> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #EF3340;background-color:#00247D; 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color:white;"> </span> <a href="/wiki/United_States_dollar" title="United States dollar">USD</a> / <a href="/wiki/South_Korean_won" title="South Korean won">South Korean Won</a> <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a></div> </figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:USD_to_Philippine_Peso_exchange_rate.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/82/USD_to_Philippine_Peso_exchange_rate.webp/290px-USD_to_Philippine_Peso_exchange_rate.webp.png" decoding="async" width="290" height="71" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/82/USD_to_Philippine_Peso_exchange_rate.webp/435px-USD_to_Philippine_Peso_exchange_rate.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/82/USD_to_Philippine_Peso_exchange_rate.webp/580px-USD_to_Philippine_Peso_exchange_rate.webp.png 2x" data-file-width="1586" data-file-height="387" /></a><figcaption> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #FED141;background-color:#0032A0; color:white;"> </span> <a href="/wiki/United_States_dollar" title="United States dollar">USD</a> / <a href="/wiki/Philippine_peso" title="Philippine peso">Philippine Peso</a> <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> </div> </figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:USD_to_Indonesian_Rupiah_exchange_rate.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/USD_to_Indonesian_Rupiah_exchange_rate.webp/290px-USD_to_Indonesian_Rupiah_exchange_rate.webp.png" decoding="async" width="290" height="70" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/USD_to_Indonesian_Rupiah_exchange_rate.webp/435px-USD_to_Indonesian_Rupiah_exchange_rate.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/USD_to_Indonesian_Rupiah_exchange_rate.webp/580px-USD_to_Indonesian_Rupiah_exchange_rate.webp.png 2x" data-file-width="1584" data-file-height="381" /></a><figcaption> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #FF0000;background-color:#EFEFEF; color:black;"> </span> <a href="/wiki/United_States_dollar" title="United States dollar">USD</a> / <a href="/wiki/Indonesian_rupiah" title="Indonesian rupiah">Indonesian Rupiah</a> <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> </div> </figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Indonesia_money_supply_increases_and_inflation.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Indonesia_money_supply_increases_and_inflation.webp/290px-Indonesia_money_supply_increases_and_inflation.webp.png" decoding="async" width="290" height="74" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Indonesia_money_supply_increases_and_inflation.webp/435px-Indonesia_money_supply_increases_and_inflation.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/24/Indonesia_money_supply_increases_and_inflation.webp/580px-Indonesia_money_supply_increases_and_inflation.webp.png 2x" data-file-width="1526" data-file-height="389" /></a><figcaption> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#C5C5C5 solid 3px;"> </span> Indonesian <a href="/wiki/Money_supply" title="Money supply">M2 money supply</a> increases</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#FF0000 solid 3px;"> </span> Inflation</div> </figcaption></figure> <p>The causes of the debacle are many and disputed. Thailand's economy developed into an <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubble</a> fueled by <a href="/wiki/Hot_money" title="Hot money">hot money</a>. More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia and Indonesia, which had the added complication of what was called "<a href="/wiki/Crony_capitalism" title="Crony capitalism">crony capitalism</a>".<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The short-term capital flow was expensive and often highly conditioned for quick <a href="/wiki/Profit_(economics)" title="Profit (economics)">profit</a>. Development money went in a largely uncontrolled manner to certain people only – not necessarily the best suited or most efficient, but those closest to the centers of power.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Weak corporate governance also led to inefficient investment and declining profitability.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Until 1999, Asia attracted almost half of the total <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> inflow into <a href="/wiki/Developing_country" title="Developing country">developing countries</a>. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high <a href="/wiki/Rate_of_return" title="Rate of return">rate of return</a>. As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including IMF and <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, and was known as part of the "<a href="/wiki/Four_Asian_Tigers" title="Four Asian Tigers">Asian economic miracle</a>". </p><p>In the mid-1990s, <a href="/wiki/Thailand" title="Thailand">Thailand</a>, <a href="/wiki/Indonesia" title="Indonesia">Indonesia</a> and <a href="/wiki/South_Korea" title="South Korea">South Korea</a> had large private <a href="/wiki/Current_account_(balance_of_payments)" title="Current account (balance of payments)">current account</a> deficits, and the maintenance of <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rates</a> encouraged external borrowing and led to excessive exposure to <a href="/wiki/Foreign_exchange_risk" title="Foreign exchange risk">foreign exchange risk</a> in both the financial and corporate sectors. </p><p>In the mid-1990s, a series of external shocks began to change the economic environment. The <a href="/wiki/Devaluation" title="Devaluation">devaluation</a> of the Chinese <a href="/wiki/Renminbi" title="Renminbi">renminbi</a> and the Japanese <a href="/wiki/Yen" class="mw-redirect" title="Yen">yen</a>, subsequent to the latter's strengthening due to the <a href="/wiki/Plaza_Accord" title="Plaza Accord">Plaza Accord</a> of 1985, the raising of U.S. interest rates which led to a strong U.S. dollar, and the sharp decline in semiconductor prices, all adversely affected their growth.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> As the <a href="/wiki/U.S._economy" class="mw-redirect" title="U.S. economy">U.S. economy</a> recovered from a recession in the early 1990s, the <a href="/wiki/U.S._Federal_Reserve_Bank" class="mw-redirect" title="U.S. Federal Reserve Bank">U.S. Federal Reserve Bank</a> under <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> began to raise U.S. interest rates to head off <a href="/wiki/Inflation" title="Inflation">inflation</a>. </p><p>This made the United States a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At the same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position. </p><p>Some economists have advanced the growing exports of China as a factor contributing to ASEAN nations' export growth slowdown, though these economists maintain the main cause of their crises was excessive real estate speculation.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> China had begun to compete effectively with other Asian exporters particularly in the 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. The resulting large quantities of <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a> that became available generated a highly <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leveraged</a> economic climate, and pushed up asset prices to an unsustainable level, particularly those in non-productive sectors of the economy such as real-estate.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> These asset prices eventually began to collapse, causing individuals and companies to <a href="/wiki/Default_(finance)" title="Default (finance)">default</a> on debt obligations. </p> <div class="mw-heading mw-heading2"><h2 id="Panic_among_lenders_and_withdrawal_of_credit">Panic among lenders and withdrawal of credit</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=2" title="Edit section: Panic among lenders and withdrawal of credit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a> and further bankruptcies. In addition, as foreign investors attempted to withdraw their money, the <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">exchange market</a> was flooded with the currencies of the crisis countries, putting <a href="/wiki/Depreciation_(currency)" class="mw-redirect" title="Depreciation (currency)">depreciative</a> pressure on their exchange rates. To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels (to help diminish <a href="/wiki/Capital_flight" title="Capital flight">flight of capital</a> by making lending more attractive to investors) and intervened in the exchange market, buying up any excess domestic currency at the <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> with <a href="/wiki/Foreign_reserves" class="mw-redirect" title="Foreign reserves">foreign reserves</a>. Neither of these policy responses could be sustained for long, as several countries had insufficient levels of foreign exchange reserves.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:South_Korean_bonds.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/South_Korean_bonds.webp/220px-South_Korean_bonds.webp.png" decoding="async" width="220" height="64" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/South_Korean_bonds.webp/330px-South_Korean_bonds.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/South_Korean_bonds.webp/440px-South_Korean_bonds.webp.png 2x" data-file-width="5449" data-file-height="1581" /></a><figcaption>South Korean bonds <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#CD2E3A solid 3px;"> </span> 50 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#0F64CD solid 3px;"> </span> 10 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#56C1FF solid 3px;"> </span> 2 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#000000 solid 3px;"> </span> 1 year</div> </figcaption></figure> <p>Very high interest rates, which can be extremely damaging to a healthy economy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. When it became clear that the tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to <a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">float</a>. The resulting depreciated value of those currencies meant that foreign currency-denominated <a href="/wiki/Liability_(accounting)" class="mw-redirect" title="Liability (accounting)">liabilities</a> grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Other economists, including <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> and <a href="/wiki/Jeffrey_Sachs" title="Jeffrey Sachs">Jeffrey Sachs</a>, have downplayed the role of the real economy in the crisis compared to the financial markets. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic <a href="/wiki/Bank_run" title="Bank run">bank run</a> prompted by a sudden risk shock. Sachs pointed to strict monetary and contractionary fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while <a href="/wiki/Frederic_Mishkin" title="Frederic Mishkin">Frederic Mishkin</a> points to the role of <a href="/wiki/Asymmetric_information" class="mw-redirect" title="Asymmetric information">asymmetric information</a> in the financial markets that led to a "<a href="/wiki/Herd_mentality" title="Herd mentality">herd mentality</a>" among investors that magnified a small risk in the real economy. The crisis has thus attracted attention from <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economists</a> interested in <a href="/wiki/Market_psychology" class="mw-redirect" title="Market psychology">market psychology</a>.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Another possible cause of the sudden risk shock may also be attributable to the <a href="/wiki/Transfer_of_sovereignty_over_Hong_Kong" class="mw-redirect" title="Transfer of sovereignty over Hong Kong">handover of Hong Kong sovereignty on 1 July 1997</a>. During the 1990s, hot money flew into the Southeast Asia region through <a href="/wiki/Financial_hub" class="mw-redirect" title="Financial hub">financial hubs</a>, especially Hong Kong. The investors were often ignorant of the actual fundamentals or risk profiles of the respective economies, and once the crisis gripped the region, the political uncertainty regarding the future of Hong Kong as an Asian financial centre led some investors to withdraw from Asia altogether. This shrink in investments only worsened the financial conditions in Asia<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="The current source is insufficiently reliable (WP:NOTRS). Blog Post on a defunct website, seriously Wikipedia? (April 2023)">better source needed</span></a></i>]</sup> (subsequently leading to the depreciation of the <a href="/wiki/Thai_baht" title="Thai baht">Thai baht</a> on 2 July 1997).<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Several case studies on the topic of the application of <a href="/wiki/Social_network_analysis" title="Social network analysis">network analysis</a> of a financial system help to explain the <a href="/wiki/Interconnectivity" class="mw-redirect" title="Interconnectivity">interconnectivity</a> of <a href="/wiki/Financial_market" title="Financial market">financial markets</a>, as well as the significance of the <a href="/wiki/Network_theory#Network_robustness" title="Network theory">robustness</a> of <a href="/wiki/Network_theory#Assortative_and_disassortative_mixing" title="Network theory">hubs</a> (or main nodes).<sup id="cite_ref-AFC-NA-15_22-0" class="reference"><a href="#cite_note-AFC-NA-15-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-AFC-NA-11_23-0" class="reference"><a href="#cite_note-AFC-NA-11-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-AFC-NA-12_24-0" class="reference"><a href="#cite_note-AFC-NA-12-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Any <a href="/wiki/Externality#Examples" title="Externality">negative externalities</a> in the hubs creates a <a href="/wiki/Ripple_effect" title="Ripple effect">ripple effect</a> through the financial system and the economy (as well as any connected economies) as a whole.<sup id="cite_ref-AFC-NA-16_25-0" class="reference"><a href="#cite_note-AFC-NA-16-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-AFC-NA-13_26-0" class="reference"><a href="#cite_note-AFC-NA-13-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-AFC-NA-14_27-0" class="reference"><a href="#cite_note-AFC-NA-14-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>The foreign ministers<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag possibly uses too-vague attribution or weasel words. (April 2023)">who?</span></a></i>]</sup> of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="Need to find who and what they were accussing (April 2023)">citation needed</span></a></i>]</sup>. Malaysian Prime Minister <a href="/wiki/Mahathir_Mohamad" title="Mahathir Mohamad">Mahathir Mohamad</a> accused <a href="/wiki/George_Soros" title="George Soros">George Soros</a> and other currency traders of ruining Malaysia's economy with <a href="/wiki/Currency_speculation" class="mw-redirect" title="Currency speculation">currency speculation</a>.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Soros <a href="/wiki/George_Soros#Currency_speculation" title="George Soros">claims to have been a buyer</a> of the ringgit during its fall,<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> having <a href="/wiki/Short_(finance)" title="Short (finance)">sold it short</a> in 1997. </p><p>At the 30th ASEAN Ministerial Meeting held in <a href="/wiki/Subang_Jaya" title="Subang Jaya">Subang Jaya</a>, <a href="/wiki/Malaysia" title="Malaysia">Malaysia</a>, the foreign ministers issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Coincidentally, on that same day, the central bankers of most of the affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the "New Arrangement to Borrow" operational. A year earlier, the finance ministers of these same countries had attended the 3rd <a href="/wiki/APEC" class="mw-redirect" title="APEC">APEC</a> finance ministers meeting in <a href="/wiki/Kyoto" title="Kyoto">Kyoto</a>, Japan, on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the "General Agreement to Borrow" and the "Emergency Finance Mechanism". </p> <div class="mw-heading mw-heading2"><h2 id="IMF_role">IMF role</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=3" title="Edit section: IMF role"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The scope and the severity of the collapses led to an urgent need for outside intervention. Since the countries melting down were among the richest in their region, and in the world, and since hundreds of billions of dollars were at stake, any response to the crisis was likely to be cooperative and international. The <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> created a series of <a href="/wiki/Bail_out_(finance)" class="mw-redirect" title="Bail out (finance)">bailouts</a> ("rescue packages") for the most-affected economies to enable them to avoid <a href="/wiki/Default_(finance)" title="Default (finance)">default</a>, tying the packages to currency, banking and financial system reforms.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Due to IMF's involvement in the financial crisis, the term IMF Crisis became a way to refer to the Asian Financial Crisis in countries that were affected.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Reliable_sources" title="Wikipedia:Reliable sources"><span title="The material near this tag may rely on an unreliable source. See unreliable sources list on WP:KO/RS (November 2024)">unreliable source?</span></a></i>]</sup><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template noprint noexcerpt Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:NOTRS" class="mw-redirect" title="Wikipedia:NOTRS"><span title="The current source is insufficiently reliable (WP:NOTRS). South Korean Tabloid (April 2023)">better source needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Economic_reforms">Economic reforms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=4" title="Edit section: Economic reforms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The IMF's support was conditional on a series of economic reforms, the "<a href="/wiki/Structural_adjustment" title="Structural adjustment">structural adjustment</a> package" (SAP). The SAPs called on crisis-struck nations to reduce government spending and deficits, allow <a href="/wiki/Insolvency" title="Insolvency">insolvent</a> banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal <a href="/wiki/Solvency" title="Solvency">solvency</a>, penalize insolvent companies, and protect currency values. Above all, it was stipulated that IMF-funded capital had to be administered rationally in the future, with no favored parties receiving funds by preference. In at least one of the affected countries the restrictions on foreign ownership were greatly reduced.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>There were to be adequate government controls set up to supervise all financial activities, ones that were to be independent, in theory, of private interest. Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In addition, financial systems were to become "transparent", that is, provide the kind of financial information used in the West to make financial decisions.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>As countries fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics of the situation were similar to that of the <a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a>. The effects of the SAPs were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a <a href="/wiki/Recession" title="Recession">recession</a>, the traditional <a href="/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesian</a> response was to increase <a href="/wiki/Government" title="Government">government</a> spending, prop up major companies, and lower interest rates. </p><p>The reasoning was that by stimulating the economy and staving off <a href="/wiki/Recession" title="Recession">recession</a>, governments could restore confidence while preventing <a href="/wiki/Pure_economic_loss" title="Pure economic loss">economic loss</a>. They pointed out that the U.S. government had pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the United States itself entered a recession in 2001, and arguably the same in the fiscal and monetary policies during the 2008–2009 Global Financial Crisis. </p><p>Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast-track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows), maintenance of high domestic interest rates to attract <a href="/wiki/Portfolio_investment" title="Portfolio investment">portfolio investment</a> and bank capital, and pegging of the national currency to the dollar to reassure foreign investors against currency risk.<sup id="cite_ref-waldenbelloimf_36-0" class="reference"><a href="#cite_note-waldenbelloimf-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="IMF_and_high_interest_rates">IMF and high interest rates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=5" title="Edit section: IMF and high interest rates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The conventional high-interest-rate economic strategy is normally employed by monetary authorities to attain the chain objectives of tightened <a href="/wiki/Money_supply" title="Money supply">money supply</a>, discouraged <a href="/wiki/Currency_speculation" class="mw-redirect" title="Currency speculation">currency speculation</a>, stabilized exchange rate, curbed currency depreciation, and ultimately contained <a href="/wiki/Inflation" title="Inflation">inflation</a>. </p><p>In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows: </p><p>From then IMF First Deputy managing director, <a href="/wiki/Stanley_Fischer" title="Stanley Fischer">Stanley Fischer</a> in 1998:<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <blockquote><p>When their governments "approached the IMF, the reserves of Thailand and South Korea were perilously low, and the Indonesian Rupiah was excessively depreciated. Thus, the first order of business was... to restore confidence in the currency. To achieve this, countries have to make it more attractive to hold domestic currency, which in turn, requires increasing interest rates temporarily, even if higher interest costs complicate the situation of weak banks and corporations... Why not operate with lower interest rates and a greater devaluation? This is a relevant tradeoff, but there can be no question that the degree of devaluation in the Asian countries is excessive, both from the viewpoint of the individual countries, and from the viewpoint of the international system. Looking first to the individual country, companies with substantial foreign currency debts, as so many companies in these countries have, stood to suffer far more from… currency (depreciation) than from a temporary rise in domestic interest rates…. Thus, on macroeconomics… monetary policy has to be kept tight to restore confidence in the currency....</p></blockquote> <p>From the then IMF managing director <a href="/wiki/Michel_Camdessus" title="Michel Camdessus">Michel Camdessus</a>:<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <blockquote><p>To reverse (currency depreciation), countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this (hurts) weak banks and corporations.</p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Countries/Regions_affected"><span id="Countries.2FRegions_affected"></span>Countries/Regions affected</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=6" title="Edit section: Countries/Regions affected"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Asian_Financial_Crisis_EN_vector.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Asian_Financial_Crisis_EN_vector.svg/350px-Asian_Financial_Crisis_EN_vector.svg.png" decoding="async" width="350" height="275" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Asian_Financial_Crisis_EN_vector.svg/525px-Asian_Financial_Crisis_EN_vector.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Asian_Financial_Crisis_EN_vector.svg/700px-Asian_Financial_Crisis_EN_vector.svg.png 2x" data-file-width="751" data-file-height="590" /></a><figcaption>The countries most affected by the 1997 Asian financial crisis, particularly Indonesia, South Korea and Thailand</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Thailand">Thailand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=7" title="Edit section: Thailand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_Thailand" title="Economy of Thailand">Economy of Thailand</a></div> <p>From 1985 to 1996, Thailand's economy grew at an average of over 9% per year, the highest economic growth rate of any country at the time. Inflation was kept reasonably low within a range of 3.4–5.7%.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> The baht was pegged at 25 to the U.S. dollar. </p><p>On 14 and 15 May 1997, the <a href="/wiki/Thai_baht" title="Thai baht">Thai baht</a> was hit by massive speculative attacks. On 30 June 1997, Prime Minister <a href="/wiki/Chavalit_Yongchaiyudh" title="Chavalit Yongchaiyudh">Chavalit Yongchaiyudh</a> said that he would not devalue the baht. However, Thailand lacked the foreign reserves to support the USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in the countryside and 600,000 foreign workers being sent back to their home countries.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the U.S. dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions. The IMF approved on 20 August 1997, another bailout package of $2.9 billion. </p><p>Poverty and inequality increased while employment, wages and social welfare all declined as a result of the crisis.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>Following the 1997 Asian financial crisis, income in the northeast, the poorest part of the country, rose by 46 percent from 1998 to 2006.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Nationwide poverty fell from 21.3 to 11.3 percent.<sup id="cite_ref-WBBO-200511_45-0" class="reference"><a href="#cite_note-WBBO-200511-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> Thailand's <a href="/wiki/Gini_coefficient" title="Gini coefficient">Gini coefficient</a>, a measure of <a href="/wiki/Income_inequality" class="mw-redirect" title="Income inequality">income inequality</a>, fell from .525 in 2000 to .499 in 2004 (it had risen from 1996 to 2000) versus 1997 Asian financial crisis.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>By 2001, Thailand's economy had recovered. The increasing tax revenues allowed the country to balance its budget and repay its debts to the IMF in 2003, four years ahead of schedule. The Thai baht continued to appreciate to 29 Baht to the U.S. dollar in October 2010. </p> <div class="mw-heading mw-heading3"><h3 id="Indonesia">Indonesia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=8" title="Edit section: Indonesia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Fall_of_Suharto" title="Fall of Suharto">Fall of Suharto</a>, <a href="/wiki/May_1998_riots_of_Indonesia" title="May 1998 riots of Indonesia">May 1998 riots of Indonesia</a>, <a href="/wiki/Economy_of_Indonesia" title="Economy of Indonesia">Economy of Indonesia</a>, and <a href="/wiki/Behind_98" title="Behind 98">Behind 98</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Suharto_resigns.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Suharto_resigns.jpg/300px-Suharto_resigns.jpg" decoding="async" width="300" height="181" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Suharto_resigns.jpg/450px-Suharto_resigns.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/14/Suharto_resigns.jpg/600px-Suharto_resigns.jpg 2x" data-file-width="942" data-file-height="567" /></a><figcaption><a href="/wiki/Fall_of_Suharto" title="Fall of Suharto">Fall of Suharto</a>: President Suharto resigns, 21 May 1998</figcaption></figure> <p>In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a <a href="/wiki/Trade_surplus" class="mw-redirect" title="Trade surplus">trade surplus</a> of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. However, a large number of Indonesian corporations had been borrowing in U.S. dollars. This practice had worked well for these corporations during the preceding years, as the <a href="/wiki/Rupiah" class="mw-redirect" title="Rupiah">rupiah</a> had strengthened respective to the dollar; their effective levels of debt and financing costs had decreased as the local currency's value rose. </p><p>In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah <a href="/wiki/Currency_trading_band" class="mw-redirect" title="Currency trading band">currency trading band</a> from 8% to 12%. As a result, the rupiah suddenly came under severe attack in August. Therefore, on the 14th of the month, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further due to the shift. The IMF came forward with a rescue package of $23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars. The rupiah and the <a href="/wiki/Jakarta_Stock_Exchange" title="Jakarta Stock Exchange">Jakarta Stock Exchange</a> touched a historic low in September. <a href="/wiki/Moody%27s" class="mw-redirect" title="Moody's">Moody's</a> eventually downgraded Indonesia's long-term debt to "<a href="/wiki/Junk_bond" class="mw-redirect" title="Junk bond">junk bond</a>".<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by the rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> The rate plunged to over 11,000 rupiah to 1 U.S. dollar on 9 January 1998, with spot rates over 14,000 during 23–26 January and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998, the rate was almost exactly 8,000 to 1 U.S. dollar.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> Indonesia lost 13.5% of its GDP that year. </p><p>In February 1998, President <a href="/wiki/Suharto" title="Suharto">Suharto</a> sacked the incumbent Bank Indonesia governor, <a href="/wiki/J._Soedradjad_Djiwandono" title="J. Soedradjad Djiwandono">J. Soedradjad Djiwandono</a>, but this proved insufficient. Amidst <a href="/wiki/May_1998_riots_of_Indonesia" title="May 1998 riots of Indonesia">widespread rioting in May 1998</a>, Suharto resigned under public pressure and Vice President <a href="/wiki/B._J._Habibie" title="B. J. Habibie">B. J. Habibie</a> replaced him. </p><p>As a result of the financial crisis that hit the country, many factors arising from all aspects, including sports broadcasting on Indonesian television, including: </p> <ul><li><a href="/wiki/ANTV" title="ANTV">ANTV</a> lost their television rights to broadcast the <a href="/wiki/1998_Formula_One_World_Championship" title="1998 Formula One World Championship">1998 Formula One World Championship</a> despite their Formula One broadcasting rights contract in Indonesia lasting until 1999; as a result, the 1998 season was not aired on Indonesian television. <a href="/wiki/RCTI" title="RCTI">RCTI</a> finally re-secured the broadcast rights for the <a href="/wiki/1999_Formula_One_World_Championship" title="1999 Formula One World Championship">1999</a> to <a href="/wiki/2001_Formula_One_World_Championship" title="2001 Formula One World Championship">2001</a> season.</li> <li>ANTV also stopped the coverage of <a href="/wiki/1997%E2%80%9398_Serie_A" title="1997–98 Serie A">1997–98 Serie A</a>, <a href="/wiki/1997%E2%80%9398_Bundesliga" title="1997–98 Bundesliga">1997–98 Bundesliga</a>, and the <a href="/wiki/1997%E2%80%9398_La_Liga" title="1997–98 La Liga">1997–98 La Liga</a>, before the end of their respective seasons. However, it did not affect the <a href="/wiki/1997%E2%80%9398_FA_Premier_League" title="1997–98 FA Premier League">1997–98 FA Premier League</a>, as they had already broadcast it up to the end of the season.</li> <li>All television stations had limited broadcast schedules, with an average closedown at 11:30 pm or 12:00 am.</li></ul> <p>Additionally, the <a href="/wiki/Indonesian_motorcycle_Grand_Prix" title="Indonesian motorcycle Grand Prix">Indonesian motorcycle Grand Prix</a>, which was held at <a href="/wiki/Sentul_International_Circuit" title="Sentul International Circuit">Sentul</a>, was dropped from the 1998 <a href="/wiki/1998_Superbike_World_Championship" title="1998 Superbike World Championship">Superbike</a> and <a href="/wiki/1998_Grand_Prix_motorcycle_racing_season" title="1998 Grand Prix motorcycle racing season">MotoGP</a> calendars. <a href="/wiki/World_Rally_Championship" title="World Rally Championship">World Rally Championship</a> also dropped the <a href="/wiki/Rally_Indonesia" class="mw-redirect" title="Rally Indonesia">Rally Indonesia</a> from <a href="/wiki/1998_World_Rally_Championship" title="1998 World Rally Championship">their 1998 calendar</a>. </p> <div class="mw-heading mw-heading3"><h3 id="South_Korea">South Korea</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=9" title="Edit section: South Korea"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_South_Korea#1990s_and_the_Asian_Financial_Crisis" title="Economy of South Korea">Economy of South Korea § 1990s and the Asian Financial Crisis</a>, and <a href="/wiki/South_Korea_and_the_International_Monetary_Fund" title="South Korea and the International Monetary Fund">South Korea and the International Monetary Fund</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Default_(2018_film)" title="Default (2018 film)">Default (2018 film)</a></div> <p>The banking sector was burdened with <a href="/wiki/Non-performing_loan" title="Non-performing loan">non-performing loans</a> as its large corporations were funding aggressive expansions. During that time, there was a haste to build great <a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">conglomerates</a> to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The <a href="/wiki/Chaebol" title="Chaebol">chaebol</a>, South Korean conglomerates, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers. </p> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:South_Korean_bonds.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/South_Korean_bonds.webp/220px-South_Korean_bonds.webp.png" decoding="async" width="220" height="64" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/84/South_Korean_bonds.webp/330px-South_Korean_bonds.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/84/South_Korean_bonds.webp/440px-South_Korean_bonds.webp.png 2x" data-file-width="5449" data-file-height="1581" /></a><figcaption>South Korean bonds <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#CD2E3A solid 3px;"> </span> 50 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#0F64CD solid 3px;"> </span> 10 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#56C1FF solid 3px;"> </span> 2 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#000000 solid 3px;"> </span> 1 year</div> </figcaption></figure> <p>Amongst other stimuli, the crisis resulted in the bankruptcy of major Korean companies, provoking not only corporations, but also government officials towards corruption. The <a href="/wiki/Hanbo_scandal" title="Hanbo scandal">Hanbo scandal</a> of early 1997 exposed South Korea's economic weaknesses and corruption problems to the international financial community.<sup id="cite_ref-:1hanbo_50-0" class="reference"><a href="#cite_note-:1hanbo-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Quah2011_51-0" class="reference"><a href="#cite_note-Quah2011-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> Later that year, in July, South Korea's third-largest car maker, <a href="/wiki/Kia_Motors" class="mw-redirect" title="Kia Motors">Kia Motors</a>, asked for emergency loans.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> The domino effect of collapsing large South Korean companies drove the interest rates up and international investors away.<sup id="cite_ref-Edwards2009_53-0" class="reference"><a href="#cite_note-Edwards2009-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p><p>In the wake of the Asian market downturn, <a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's</a> lowered the <a href="/wiki/Credit_rating" title="Credit rating">credit rating</a> of South Korea from A1 to A3, on 28 November 1997, and downgraded again to B2 on 11 December. That contributed to a further decline in South Korean shares since stock markets were already bearish in November. The <a href="/wiki/Korea_Exchange" title="Korea Exchange">Seoul stock exchange</a> fell by 4% on 7 November 1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. In 1998, <a href="/wiki/Hyundai_Motor_Company" title="Hyundai Motor Company">Hyundai Motor Company</a> took over Kia Motors. <a href="/wiki/Renault_Samsung_Motors" class="mw-redirect" title="Renault Samsung Motors">Samsung Motors</a>' $5 billion venture was dissolved due to the crisis, and eventually <a href="/wiki/Daewoo" title="Daewoo">Daewoo</a> Motors was sold to the American company <a href="/wiki/General_Motors" title="General Motors">General Motors</a> (GM). </p><p>The <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) provided US$58.4 billion as a bailout package.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> In return, Korea was required to take restructuring measures.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> The ceiling on foreign investment in Korean companies was raised from 26 percent to 100 percent.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> In addition, the Korean government started financial sector reform program. Under the program, 787 insolvent financial institutions were closed or merged by June 2003.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> The number of financial institutions in which foreign investors invested has increased rapidly. Examples include New Bridge Capital's takeover of Korea First Bank. </p><p>The <a href="/wiki/South_Korean_won" title="South Korean won">South Korean won</a>, meanwhile, weakened to more than 1,700 per U.S. dollar from around 800, but later managed to recover. However, like the chaebol, South Korea's government did not escape unscathed. Its <a href="/wiki/National_debt" class="mw-redirect" title="National debt">national debt</a>-to-GDP ratio more than doubled (approximately 13% to 30%) as a result of the crisis. </p> <div class="mw-heading mw-heading3"><h3 id="Philippines">Philippines</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=10" title="Edit section: Philippines"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_the_Philippines" title="Economy of the Philippines">Economy of the Philippines</a></div> <p>In May 1997, the <a href="/wiki/Bangko_Sentral_ng_Pilipinas" title="Bangko Sentral ng Pilipinas">Bangko Sentral ng Pilipinas</a>, the country's central bank, raised interest rates by 1.75 percentage points and again by 2 points on 19 June. Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the <a href="/wiki/Philippine_peso" title="Philippine peso">peso</a>, raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at the start of the crisis to 46.50 pesos in early 1998 to 53 pesos as in July 2001.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p><p>The Philippine GDP contracted by 0.6% during the worst part of the crisis, but grew by 3% by 2001, despite scandals of the administration of <a href="/wiki/Joseph_Estrada" title="Joseph Estrada">Joseph Estrada</a> in 2001, most notably the "jueteng" scandal, causing the <a href="/wiki/PSE_Composite_Index" title="PSE Composite Index">PSE Composite Index</a>, the main index of the Philippine Stock Exchange, to fall to 1,000 points from a high of 3,448 points in 1997. The peso's value declined to around 55.75 pesos to the U.S. dollar. Later that year, Estrada was on the verge of impeachment but his allies in the senate voted against continuing the proceedings. </p><p>This led to popular protests culminating in the "<a href="/wiki/EDSA_II_Revolution" class="mw-redirect" title="EDSA II Revolution">EDSA II Revolution</a>", which effected his resignation and elevated <a href="/wiki/Gloria_Macapagal_Arroyo" title="Gloria Macapagal Arroyo">Gloria Macapagal Arroyo</a> to the presidency. During her presidency, the crisis in the country lessened. The Philippine peso rose to about 50 pesos by the year's end and traded at around 41 pesos to a dollar in late 2007. The stock market also reached an all-time high in 2007 (surpassed by February 2018) and the economy was growing by more than 7 percent, its highest in nearly two decades. </p> <div class="mw-heading mw-heading3"><h3 id="China">China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=11" title="Edit section: China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_history_of_China_(1949%E2%80%93present)" title="Economic history of China (1949–present)">Economic history of China (1949–present)</a> and <a href="/wiki/Economy_of_China" title="Economy of China">Economy of China</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:USD-CNY_exchange_rate.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/USD-CNY_exchange_rate.webp/300px-USD-CNY_exchange_rate.webp.png" decoding="async" width="300" height="85" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/USD-CNY_exchange_rate.webp/450px-USD-CNY_exchange_rate.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a5/USD-CNY_exchange_rate.webp/600px-USD-CNY_exchange_rate.webp.png 2x" data-file-width="5056" data-file-height="1433" /></a><figcaption><a href="/wiki/United_States_dollar" title="United States dollar">USD</a>/<a href="/wiki/Renminbi" title="Renminbi">CNY</a> exchange rate 1981–2022</figcaption></figure> <p>China's nonconvertible capital account and its foreign exchange control were decisive in limiting the impact of the crisis.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p><p>The Chinese currency, the <a href="/wiki/Renminbi" title="Renminbi">renminbi</a> (RMB), had been <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">pegged</a> in 1994 to the <a href="/wiki/U.S._dollar" class="mw-redirect" title="U.S. dollar">U.S. dollar</a> at a ratio of 8.3 RMB to the dollar. Having largely kept itself above the fray throughout 1997–1998, there was heavy speculation in the Western press that China would soon be forced to devalue its currency to protect the competitiveness of its exports vis-a-vis those of the <a href="/wiki/ASEAN" title="ASEAN">ASEAN</a> nations, whose exports became cheaper relative to China's. However, the RMB's non-<a href="/wiki/Convertibility" title="Convertibility">convertibility</a> protected its value from currency speculators, and the decision was made to maintain the peg of the currency, thereby improving the country's standing within Asia. The currency peg was partly scrapped in July 2005, rising 2.3% against the dollar, reflecting pressure from the United States.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>Unlike investments of many of the Southeast Asian nations, almost all of China's foreign investment took the form of factories on the ground rather than securities, which insulated the country from rapid <a href="/wiki/Capital_flight" title="Capital flight">capital flight</a>. While China was unaffected by the crisis compared to Southeast Asia and South Korea, GDP growth slowed sharply in 1998 and 1999, calling attention to structural problems within its economy. In particular, the Asian financial crisis convinced the <a href="/wiki/Government_of_the_People%27s_Republic_of_China" class="mw-redirect" title="Government of the People's Republic of China">Chinese government</a> of the need to resolve the issues of its enormous financial weaknesses, such as having too many <a href="/wiki/Non-performing_loans" class="mw-redirect" title="Non-performing loans">non-performing loans</a> within its banking system, and relying heavily on trade with the United States.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p><p>Other Asian countries harshly affected by the crisis sought the United States or Japan to bail them out of the difficult economic conditions.<sup id="cite_ref-:1_62-0" class="reference"><a href="#cite_note-:1-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> As the United States and Japan moved slowly, China made a highly regarded symbolic gesture by refusing to devalue its own currency (which presumably would have touched off a series of competitive devaluations with serious consequences for the region).<sup id="cite_ref-:1_62-1" class="reference"><a href="#cite_note-:1-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> Instead, China contributed $4 billion to neighboring countries via a combination of bilateral bailouts and contributing to IMF bailout packages.<sup id="cite_ref-:1_62-2" class="reference"><a href="#cite_note-:1-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p><p>In 1999, as a result of these actions, the World Bank described China as a "source of stability for the region" in one of its reports.<sup id="cite_ref-:1_62-3" class="reference"><a href="#cite_note-:1-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p><p>The Asian Financial Crisis helped solidify Chinese policymakers' views that China should not move towards a liberal market economy, and that its <a href="/wiki/Reform_and_opening" class="mw-redirect" title="Reform and opening">reform and opening up</a> should focus on tightening financial regulations and resisting foreign pressures to open the country's financial markets prematurely.<sup id="cite_ref-:32_63-0" class="reference"><a href="#cite_note-:32-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page: 53">: 53 </span></sup>Lessons learned by policymakers following the financial crisis also became an important factor in China's evolving approach to managing state-owned assets, particularly its <a href="/wiki/Foreign-exchange_reserves_of_China" title="Foreign-exchange reserves of China">foreign exchange reserves</a>, and its creation of <a href="/wiki/Sovereign_funds_of_China" title="Sovereign funds of China">sovereign funds</a> beginning with <a href="/wiki/Central_Huijin_Investment" title="Central Huijin Investment">Central Huijin</a>.<sup id="cite_ref-:32_63-1" class="reference"><a href="#cite_note-:32-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Pages: 11–12">: 11–12 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Hong_Kong">Hong Kong</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=12" title="Edit section: Hong Kong"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_Hong_Kong" title="Economy of Hong Kong">Economy of Hong Kong</a></div> <p>In October 1997, the <a href="/wiki/Hong_Kong_dollar" title="Hong Kong dollar">Hong Kong dollar</a>, which had been pegged at 7.8 to the U.S. dollar since 1983, came under speculative pressure because Hong Kong's inflation rate had been significantly higher than the United States' for years. Monetary authorities spent more than $1 billion to defend the local currency. Since Hong Kong had more than $80 billion in <a href="/wiki/Foreign_reserves" class="mw-redirect" title="Foreign reserves">foreign reserves</a>, which is equivalent to 700% of its <a href="/wiki/Money_supply#Scope" title="Money supply">M1</a> money supply and 45% of its M3 money supply, the <a href="/wiki/Hong_Kong_Monetary_Authority" title="Hong Kong Monetary Authority">Hong Kong Monetary Authority</a> (HKMA, effectively the region's central bank) managed to maintain the peg.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p><p>Stock markets became more and more volatile; between 20 and 23 October the <a href="/wiki/Hang_Seng_Index" title="Hang Seng Index">Hang Seng Index</a> dropped 23%. The HKMA then promised to protect the currency. On 23 October 1997, it raised overnight interest rates from 8% to 23%, and at one point to 280%. The HKMA had recognized that speculators were taking advantage of the city's unique <a href="/wiki/Currency-board" class="mw-redirect" title="Currency-board">currency-board</a> system, in which overnight rates (<a href="/wiki/HIBOR" title="HIBOR">HIBOR</a>) automatically increase in proportion to large net sales of the local currency. The rate hike, however, increased downward pressure on the stock market, allowing speculators to profit by short selling shares. The HKMA started buying component shares of the Hang Seng Index in mid-August 1998. </p><p>The HKMA and <a href="/wiki/Donald_Tsang" title="Donald Tsang">Donald Tsang</a>, the then Financial Secretary, declared war on speculators. The Government ended up buying approximately HK$120 billion (US$15 billion) worth of shares in various companies,<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> and became the largest shareholder of some of those companies (e.g., the government owned 10% of <a href="/wiki/HSBC" title="HSBC">HSBC</a>) at the end of August, when hostilities ended with the closing of the August Hang Seng Index futures contract. In 1999, the Government started selling those shares by launching the <a href="/wiki/Tracker_Fund_of_Hong_Kong" title="Tracker Fund of Hong Kong">Tracker Fund of Hong Kong</a>, making a profit of about HK$30 billion (US$4 billion).<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Malaysia">Malaysia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=13" title="Edit section: Malaysia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_Malaysia" title="Economy of Malaysia">Economy of Malaysia</a></div> <p>In July 1997, within days of the <a href="/wiki/Thai_baht" title="Thai baht">Thai baht</a> devaluation, the Malaysian <a href="/wiki/Ringgit" class="mw-redirect" title="Ringgit">ringgit</a> was heavily traded by speculators. The overnight rate jumped from under 8% to over 40%. This led to rating downgrades and a general sell off on the stock and currency markets. By end of 1997, ratings had fallen many notches from investment grade to <a href="/wiki/Junk_bond" class="mw-redirect" title="Junk bond">junk</a>, the KLSE had lost more than 50% from above 1,200 to under 600, and the ringgit had lost 50% of its value, falling from above 2.50 to under 4.57 on (23 January 1998) to the dollar. The then prime minister, <a href="/wiki/Mahathir_Mohamad" title="Mahathir Mohamad">Mahathir Mohamad</a> imposed strict capital controls and introduced a 3.80 peg against the U.S. dollar. </p><p>Malaysian moves involved fixing the local currency to the U.S. dollar, stopping the overseas trade in ringgit currency and other ringgit assets therefore making offshore use of the ringgit invalid, restricting the amount of currency and investments that residents can take abroad, and imposed for foreign portfolio funds, a minimum one-year "stay period" which since has been converted to an exit tax. The decision to make ringgit held abroad invalid has also dried up sources of ringgit held abroad that speculators borrow from to manipulate the ringgit, for example by "<a href="/wiki/Selling_short" class="mw-redirect" title="Selling short">selling short</a>". Those who did, had to repurchase the limited ringgit at higher prices, making it unattractive to them.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> It also fully suspended the trading of CLOB (Central Limit Order Book) counters, indefinitely freezing approximately $4.47 billion worth of shares and affecting 172,000 investors, most of them Singaporeans,<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> which became a political issue between the two countries.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p><p>In 1998, the output of the real economy declined plunging the country into its first recession for many years. The construction sector contracted 23.5%, manufacturing shrunk 9% and the agriculture sector 5.9%. Overall, the country's gross domestic product plunged 6.2% in 1998. During that year, the ringgit plunged below 4.7 and the KLSE fell below 270 points. In September that year, various defensive measures were announced to overcome the crisis. </p><p>The principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime. <a href="/wiki/Bank_Negara" class="mw-redirect" title="Bank Negara">Bank Negara</a> fixed the ringgit at 3.8 to the dollar. Capital controls were imposed while aid offered from the IMF was refused. Various task force agencies were formed. The Corporate Debt Restructuring Committee dealt with corporate loans. <a href="/wiki/Danaharta" class="mw-redirect" title="Danaharta">Danaharta</a> discounted and bought bad loans from banks to facilitate orderly asset realization. <a href="/wiki/Danamodal" class="mw-redirect" title="Danamodal">Danamodal</a> recapitalized banks. </p><p>Growth then settled at a slower but more sustainable pace. The massive current account deficit became a fairly substantial surplus. Banks were better capitalized and NPLs were realised in an orderly way. Small banks were bought out by strong ones. A large number of PLCs were unable to regulate their financial affairs and were delisted. Compared to the 1997 current account, by 2005, Malaysia was estimated to have a $14.06 billion surplus.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> Asset values however, have not returned to their pre-crisis highs. Foreign investor confidence was still low, partially due to the lack of transparency shown in how the CLOB counters had been dealt with.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>In 2005 the last of the crisis measures were removed as taken off the fixed exchange system. But unlike the pre-crisis days, it did not appear to be a free float, but a managed float, like the <a href="/wiki/Singapore_dollar" title="Singapore dollar">Singapore dollar</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Mongolia">Mongolia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=14" title="Edit section: Mongolia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_Mongolia" title="Economy of Mongolia">Economy of Mongolia</a></div> <p>Mongolia was adversely affected by the crisis and suffered a further loss of income as a result of the Russian crisis in 1999. <a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a> picked up in 1997–99 after stalling in 1996 due to a series of <a href="/wiki/Natural_disaster" title="Natural disaster">natural disasters</a> and increases in world prices of <a href="/wiki/Copper" title="Copper">copper</a> and cashmere. Public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the Asian financial crisis. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products. Mongolia joined the <a href="/wiki/World_Trade_Organization" title="World Trade Organization">World Trade Organization</a> (WTO) in 1997. The international donor community pledged over $300 million per year at the last Consultative Group Meeting, held in <a href="/wiki/Ulaanbaatar" title="Ulaanbaatar">Ulaanbaatar</a> in June 1999.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Singapore">Singapore</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=15" title="Edit section: Singapore"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_Singapore" title="Economy of Singapore">Economy of Singapore</a></div> <p>As the financial crisis <a href="/wiki/Financial_contagion" title="Financial contagion">spread</a>, the economy of <a href="/wiki/Singapore" title="Singapore">Singapore</a> dipped into a short <a href="/wiki/Recession" title="Recession">recession</a>. The short duration and milder effect on its economy was credited to the active management by the government. For example, the <a href="/wiki/Monetary_Authority_of_Singapore" title="Monetary Authority of Singapore">Monetary Authority of Singapore</a> allowed for a gradual 20% depreciation of the <a href="/wiki/Singapore_dollar" title="Singapore dollar">Singapore dollar</a> to cushion and guide the economy to a soft landing. The timing of government programs such as the Interim Upgrading Program and other construction related projects were brought forward.<sup id="cite_ref-Ngian_Kee_Jin:_p._12_76-0" class="reference"><a href="#cite_note-Ngian_Kee_Jin:_p._12-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p><p>Instead of allowing the labor markets to work, the National Wage Council pre-emptively agreed to <a href="/wiki/Central_Provident_Fund" title="Central Provident Fund">Central Provident Fund</a> cuts to lower labor costs, with limited impact on <a href="/wiki/Disposable_income" title="Disposable income">disposable income</a> and local demand. Unlike in Hong Kong, no attempt was made to directly intervene in the <a href="/wiki/Capital_market" title="Capital market">capital markets</a> and the <a href="/wiki/Straits_Times_Index" title="Straits Times Index"><i>Straits Times</i> Index</a> was allowed to drop 60%. In less than a year, the Singaporean economy fully recovered and continued on its growth trajectory.<sup id="cite_ref-Ngian_Kee_Jin:_p._12_76-1" class="reference"><a href="#cite_note-Ngian_Kee_Jin:_p._12-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=16" title="Edit section: Japan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economy_of_Japan" title="Economy of Japan">Economy of Japan</a></div> <p>The crisis had also put pressure on Japan, whose economy is particularly prominent in the region. Asian countries usually ran a <a href="/wiki/Trade_deficit" class="mw-redirect" title="Trade deficit">trade deficit</a> with Japan. The <a href="/wiki/Japanese_yen" title="Japanese yen">Japanese yen</a> fell to 147 as mass selling began, but Japan was the world's largest holder of currency reserves at the time, so it was easily defended, and quickly bounced back. A run on the banks was narrowly averted on 26 November 1997 when TV networks decided not to report on long queues that had formed outside banks, before the central bank had ordered that they be let in. The real GDP growth rate slowed dramatically in 1997, from 5% to 1.6%, and even sank into recession in 1998 due to intense competition from cheapened rivals; also in 1998 the government had to bail out several banks. The Asian financial crisis also led to more bankruptcies in Japan. In addition, with South Korea's devalued currency and China's steady gains, many companies complained outright that they could not compete.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>According to Van Sant et al., in August 1997, Japan proposed the establishment of an <a href="/wiki/Asian_Monetary_Fund" title="Asian Monetary Fund">Asian Monetary Fund</a> (AMF) to address the Asian currency crisis. Japan aimed to reduce its dependence on the United States and increase its autonomy in economic, security, and diplomatic matters. However, the AMF proposal was abandoned due to strong objections from the United States and indifference from China. Instead, Japan announced plans for cooperation loans with international organizations such as the International Monetary Fund, the World Bank, and the <a href="/wiki/Asian_Development_Bank" title="Asian Development Bank">Asian Development Bank</a>. In October 1998, Japan proposed providing $30 billion to support Asia, and in December 1998, it proposed a total of $600 billion in special yen credits over the next three years.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p><p>A longer-term result was the changing relationship between the United States and Japan, with the United States no longer openly supporting the highly artificial trade environment and exchange rates that governed economic relations between the two countries for almost five decades after World War II.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=17" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The U.S. Treasury was deeply involved with the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">IMF</a> in finding solutions. The American markets were severely hit. On 27 October 1997, the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones industrial</a> plunged 554 points or 7.2%, amid ongoing worries about the Asian economies. During the crisis, it fell 12%. The crisis led to a drop in <a href="/wiki/Consumer_confidence" title="Consumer confidence">consumer</a> and spending confidence (see 27 October 1997 <a href="/wiki/27_October_1997,_mini-crash" class="mw-redirect" title="27 October 1997, mini-crash">mini-crash</a>). Nevertheless, the economy grew at a very robust 4.5% for the entire year, and did very well in 1998 as well.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Consequences">Consequences</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=18" title="Edit section: Consequences"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Asia">Asia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=19" title="Edit section: Asia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The crisis had significant <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomic</a>-level effects, including sharp reductions in values of currencies, <a href="/wiki/Stock_market" title="Stock market">stock markets</a>, and other asset prices of several <a href="/wiki/Asian_countries" class="mw-redirect" title="Asian countries">Asian countries</a>.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> The nominal U.S. dollar GDP of ASEAN fell by $9.2 billion in 1997 and $218.2 billion (31.7%) in 1998. In South Korea, the $170.9 billion fall in 1998 was equal to 33.1% of the 1997 GDP.<sup id="cite_ref-autogenerated1_82-0" class="reference"><a href="#cite_note-autogenerated1-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> Many businesses collapsed, and as a consequence, millions of people fell below the poverty line in 1997–1998. Indonesia, South Korea and Thailand were the countries most affected by the crisis. </p> <style data-mw-deduplicate="TemplateStyles:r1216972533">.mw-parser-output .col-begin{border-collapse:collapse;padding:0;color:inherit;width:100%;border:0;margin:0}.mw-parser-output .col-begin-small{font-size:90%}.mw-parser-output .col-break{vertical-align:top;text-align:left}.mw-parser-output .col-break-2{width:50%}.mw-parser-output .col-break-3{width:33.3%}.mw-parser-output .col-break-4{width:25%}.mw-parser-output .col-break-5{width:20%}@media(max-width:720px){.mw-parser-output .col-begin,.mw-parser-output .col-begin>tbody,.mw-parser-output .col-begin>tbody>tr,.mw-parser-output .col-begin>tbody>tr>td{display:block!important;width:100%!important}.mw-parser-output .col-break{padding-left:0!important}}</style><div> <table class="col-begin" role="presentation"> <tbody><tr> <td class="col-break"> <table class="wikitable"> <tbody><tr> <th rowspan="2">Currency</th> <th colspan="2">Exchange rate <br />(per US$1)<sup id="cite_ref-Cheetham_83-0" class="reference"><a href="#cite_note-Cheetham-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup></th> <th rowspan="2">Change </th></tr> <tr> <td>June 1997</td> <td>July 1998 </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Thailand" title="Thailand"><img alt="Thailand" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/23px-Flag_of_Thailand.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/35px-Flag_of_Thailand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/45px-Flag_of_Thailand.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Thai_baht" title="Thai baht">Thai baht</a></td> <td align="right">24.5</td> <td align="right">41</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 40.2% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Indonesia" title="Indonesia"><img alt="Indonesia" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/23px-Flag_of_Indonesia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/35px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/45px-Flag_of_Indonesia.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Indonesian_rupiah" title="Indonesian rupiah">Indonesian rupiah</a></td> <td align="right">2,380</td> <td align="right">14,150</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 83.2% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Philippines" title="Philippines"><img alt="Philippines" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/23px-Flag_of_the_Philippines.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/35px-Flag_of_the_Philippines.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/46px-Flag_of_the_Philippines.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/Philippine_peso" title="Philippine peso">Philippine peso</a></td> <td align="right">26.3</td> <td align="right">42</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 37.4% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Malaysia" title="Malaysia"><img alt="Malaysia" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/23px-Flag_of_Malaysia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/35px-Flag_of_Malaysia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/66/Flag_of_Malaysia.svg/46px-Flag_of_Malaysia.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/Malaysian_ringgit" title="Malaysian ringgit">Malaysian ringgit</a></td> <td align="right">2.48</td> <td align="right">4.88</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 49.1% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/South_Korea" title="South Korea"><img alt="South Korea" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/South_Korean_won" title="South Korean won">South Korean won</a></td> <td align="right">850</td> <td align="right">1,290</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 34.1% </td></tr></tbody></table> </td> <td class="col-break"> <table class="wikitable"> <tbody><tr> <th rowspan="2">Country</th> <th colspan="2"><a href="/wiki/GNP" class="mw-redirect" title="GNP">GNP</a> (US$1 billion)<sup id="cite_ref-Cheetham_83-1" class="reference"><a href="#cite_note-Cheetham-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup></th> <th rowspan="2">Change </th></tr> <tr> <td>June 1997</td> <td>July 1998 </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/23px-Flag_of_Thailand.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/35px-Flag_of_Thailand.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a9/Flag_of_Thailand.svg/45px-Flag_of_Thailand.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Thailand" title="Thailand">Thailand</a></td> <td align="right">170</td> <td align="right">102</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 40.0% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/23px-Flag_of_Indonesia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/35px-Flag_of_Indonesia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Flag_of_Indonesia.svg/45px-Flag_of_Indonesia.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/Indonesia" title="Indonesia">Indonesia</a></td> <td align="right">205</td> <td align="right">34</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 83.4% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/23px-Flag_of_the_Philippines.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/35px-Flag_of_the_Philippines.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Flag_of_the_Philippines.svg/46px-Flag_of_the_Philippines.svg.png 2x" data-file-width="1200" data-file-height="600" /></span></span> </span><a href="/wiki/Philippines" title="Philippines">Philippines</a></td> <td align="right">75</td> <td align="right">47</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 37.3% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Malaysia_23px.svg/23px-Flag_of_Malaysia_23px.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Malaysia_23px.svg/35px-Flag_of_Malaysia_23px.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c1/Flag_of_Malaysia_23px.svg/46px-Flag_of_Malaysia_23px.svg.png 2x" data-file-width="986" data-file-height="600" /></span></span> </span><a href="/wiki/Malaysia" title="Malaysia">Malaysia</a></td> <td align="right">90</td> <td align="right">55</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 38.9% </td></tr> <tr> <td><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/23px-Flag_of_South_Korea.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/35px-Flag_of_South_Korea.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/09/Flag_of_South_Korea.svg/45px-Flag_of_South_Korea.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/South_Korea" title="South Korea">South Korea</a></td> <td align="right">430</td> <td align="right">283</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 34.2% </td></tr></tbody></table> <p>  </p> </td></tr></tbody></table></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:KRW-USD_v2.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7b/KRW-USD_v2.svg/220px-KRW-USD_v2.svg.png" decoding="async" width="220" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7b/KRW-USD_v2.svg/330px-KRW-USD_v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7b/KRW-USD_v2.svg/440px-KRW-USD_v2.svg.png 2x" data-file-width="700" data-file-height="400" /></a><figcaption><a href="/wiki/South_Korean_won" title="South Korean won">South Korean won</a> to <a href="/wiki/United_States_dollar" title="United States dollar">USD</a></figcaption></figure> <p>The above tabulation shows that despite the prompt raising of interest rates to 32% in the Philippines upon the onset of crisis in mid-July 1997, and to 65% in Indonesia upon the intensification of crisis in 1998, their local currencies depreciated just the same and did not perform better than those of South Korea, Thailand, and Malaysia, which countries had their high interest rates set at generally lower than 20% during the Asian crisis. This created grave doubts on the credibility of IMF and the validity of its high-interest-rate prescription to economic crisis. </p><p>The economic crisis also led to a political upheaval, most notably culminating in the resignations of President <a href="/wiki/Suharto" title="Suharto">Suharto</a> in Indonesia and Prime Minister General <a href="/wiki/Chavalit_Yongchaiyudh" title="Chavalit Yongchaiyudh">Chavalit Yongchaiyudh</a> in Thailand. There was a general rise in <a href="/wiki/Anti-Western_sentiment" title="Anti-Western sentiment">anti-Western sentiment</a>, with <a href="/wiki/George_Soros" title="George Soros">George Soros</a> and the IMF in particular singled out as targets of criticisms. Heavy U.S. investment in Thailand ended, replaced by mostly European investment, though Japanese investment was sustained. <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2008)">citation needed</span></a></i>]</sup> <a href="/wiki/Islam" title="Islam">Islamic</a> and other separatist movements intensified in Southeast Asia as central authorities weakened.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p><p>New regulations weakened the influence of the <a href="/wiki/Bamboo_network" title="Bamboo network">bamboo network</a>, a network of <a href="/wiki/Overseas_Chinese" title="Overseas Chinese">overseas Chinese</a> family-owned businesses that dominate the private sector of Southeast Asia. After the crisis, business relationships were more frequently based on <a href="/wiki/Contracts" class="mw-redirect" title="Contracts">contracts</a>, rather than the trust and family ties of the traditional bamboo network.<sup id="cite_ref-Chen_85-0" class="reference"><a href="#cite_note-Chen-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> </p><p>More long-term consequences included reversal of some gains made in the boom years just preceding the crisis. Nominal U.S. dollar GNP per capita fell 42.3% in Indonesia in 1997, 21.2% in Thailand, 19% in Malaysia, 18.5% in South Korea and 12.5% in the Philippines.<sup id="cite_ref-autogenerated1_82-1" class="reference"><a href="#cite_note-autogenerated1-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> Falls in income per capita with <a href="/wiki/Purchasing_power_parity" title="Purchasing power parity">purchasing power parity</a> were much smaller: in Indonesia by 15%, Thailand 12%, Malaysia 10%, South Korea 6%, Philippines 3%.<sup id="cite_ref-WB_GDP_86-0" class="reference"><a href="#cite_note-WB_GDP-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> In most countries recovery was fast. Between 1999 and 2005 average per capita annual growth was 8.2%, investment growth nearly 9%, <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">foreign direct investment</a> 17.5%.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> Precrisis levels of income per capita with purchasing power parity were exceeded in 1999 in South Korea, in 2000 in Philippines, in 2002 in Malaysia and Thailand, in 2005 in Indonesia.<sup id="cite_ref-WB_GDP_86-1" class="reference"><a href="#cite_note-WB_GDP-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> Within East Asia, the bulk of investment and a significant amount of economic weight shifted from Japan and <a href="/wiki/ASEAN" title="ASEAN">ASEAN</a> to China and India.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p><p>The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind. Perhaps more interesting to economists was the speed with which it ended, leaving most of the developed economies unharmed. These curiosities have prompted an explosion of literature about <a href="/wiki/Financial_economics" title="Financial economics">financial economics</a> and a litany of explanations why the crisis occurred. A number of critiques have been leveled against the conduct of the IMF in the crisis, including one by former World Bank economist <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>. Politically there were some benefits. In several countries, particularly South Korea and Indonesia, there was renewed push for improved <a href="/wiki/Corporate_governance" title="Corporate governance">corporate governance</a>. Rampaging inflation weakened the authority of the Suharto regime and led to its toppling in 1998, as well as accelerating <a href="/wiki/East_Timor" title="East Timor">East Timor</a>'s independence.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> </p><p>It is believed that 10,400 people committed suicide in Hong Kong, Japan and South Korea as a result of the crisis.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> </p><p>In August 2001, the <a href="/wiki/International_Labour_Organization" title="International Labour Organization">International Labour Organization</a> arranged the Thirteenth Asian Regional Meeting with 39 member states as a result of the financial crisis. It focused on providing social protection, rights at work and creating new jobs.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Outside_Asia">Outside Asia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=20" title="Edit section: Outside Asia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">Economic effects of the September 11 attacks</a></div> <p>After the Asian crisis, international investors were reluctant to lend to developing countries, leading to economic slowdowns in developing countries in many parts of the world. The powerful negative shock also sharply reduced the price of oil, which reached a low of about $11 per barrel towards the end of 1998, causing a financial pinch in <a href="/wiki/OPEC" title="OPEC">OPEC</a> nations and other oil exporters. In response to a severe fall in <a href="/wiki/Oil_prices" class="mw-redirect" title="Oil prices">oil prices</a>, the <a href="/wiki/Supermajor" class="mw-redirect" title="Supermajor">supermajors</a> that emerged in the late-1990s, undertook some <a href="/wiki/Supermajor#History" class="mw-redirect" title="Supermajor">major mergers and acquisitions</a> between 1998 and 2002 – often in an effort to improve <a href="/wiki/Economies_of_scale" title="Economies of scale">economies of scale</a>, hedge against oil <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">price volatility</a>, and reduce large cash reserves through reinvestment.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>The reduction in oil revenue also contributed to the <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a>, which in turn caused <a href="/wiki/Long-Term_Capital_Management" title="Long-Term Capital Management">Long-Term Capital Management</a> in the United States to collapse after losing $4.6 billion in 4 months. A wider collapse in the financial markets was avoided when <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> and the <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a> organized a $3.625 billion <a href="/wiki/Bailout" title="Bailout">bailout</a>. Major <a href="/wiki/Emerging_economies" class="mw-redirect" title="Emerging economies">emerging economies</a> <a href="/wiki/Brazil" title="Brazil">Brazil</a> and <a href="/wiki/Argentina" title="Argentina">Argentina</a> also fell into crisis in the late 1990s (see <a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a>). The <a href="/wiki/September_11_attacks" title="September 11 attacks">September 11 attacks</a> contributed to major shockwave in developed and developing economies (see <a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a>)<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>The crisis in general was part of a global backlash against the <a href="/wiki/Washington_Consensus" title="Washington Consensus">Washington Consensus</a> and institutions such as the IMF and <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, which simultaneously became unpopular in developed countries following the rise of the <a href="/wiki/Anti-globalization_movement" title="Anti-globalization movement">anti-globalization movement</a> in 1999. It was a major cause for the beginning of the current <a href="/wiki/Anti-globalization_movement" title="Anti-globalization movement">anti-globalism movement</a><sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> and many <a href="/wiki/Nationalism" title="Nationalism">nationalist</a> movements. Four major rounds of world trade talks since the crisis, in <a href="/wiki/Seattle" title="Seattle">Seattle</a>, <a href="/wiki/Doha" title="Doha">Doha</a>, <a href="/wiki/Canc%C3%BAn" title="Cancún">Cancún</a>, and Hong Kong, have failed to produce a significant agreement as developing countries have become more assertive, and nations are increasingly turning toward regional or bilateral <a href="/wiki/Free_trade_agreement" title="Free trade agreement">free trade agreements</a> (FTAs) as an alternative to global institutions. </p><p>Many nations learned from this, and quickly built up <a href="/wiki/Foreign_exchange_reserve" class="mw-redirect" title="Foreign exchange reserve">foreign exchange reserves</a> as a hedge against attacks, including Japan, China, South Korea.<sup id="cite_ref-:0_1-2" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Pan Asian <a href="/wiki/Currency_swap" title="Currency swap">currency swaps</a> were introduced in the event of another crisis. China, in particular, bought up the <a href="/wiki/National_debt_of_the_United_States" title="National debt of the United States">government debt of the United States</a> to protect itself. However, nations such as Brazil, Russia, and India as well as most of <a href="/wiki/East_Asia" title="East Asia">East Asia</a> began copying the Japanese model of weakening their currencies, and restructuring their economies so as to create a <a href="/wiki/Current_account_(balance_of_payments)" title="Current account (balance of payments)">current account</a> surplus to build large <a href="/wiki/Foreign_currency_reserves" class="mw-redirect" title="Foreign currency reserves">foreign currency reserves</a>. This has led to ever-increasing funding for U.S. <a href="/wiki/Treasury_bonds" class="mw-redirect" title="Treasury bonds">treasury bonds</a>, allowing or aiding housing (in 2001–2005) and stock asset bubbles (in 1996–2000) to develop in the United States, setting the factors that led to the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=21" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Asia_(orthographic_projection).svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/80/Asia_%28orthographic_projection%29.svg/28px-Asia_%28orthographic_projection%29.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/80/Asia_%28orthographic_projection%29.svg/42px-Asia_%28orthographic_projection%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/80/Asia_%28orthographic_projection%29.svg/56px-Asia_%28orthographic_projection%29.svg.png 2x" data-file-width="541" data-file-height="541" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Asia" title="Portal:Asia">Asia portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Economy" class="mw-redirect" title="Portal:Economy">Economy portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:EC1835_C_cut.jpg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/EC1835_C_cut.jpg/24px-EC1835_C_cut.jpg" decoding="async" width="24" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/EC1835_C_cut.jpg/35px-EC1835_C_cut.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/EC1835_C_cut.jpg/47px-EC1835_C_cut.jpg 2x" data-file-width="506" data-file-height="600" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:1990s" title="Portal:1990s">1990s portal</a></span></li></ul> <ul><li><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a>, partly connected to the 1997 Asian financial crisis</li> <li><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a></li> <li><a href="/wiki/Bamboo_network" title="Bamboo network">Bamboo network</a></li></ul> <p><b>General:</b> </p> <ul><li><a href="/wiki/1990s_Chinese_bank_restructurings" title="1990s Chinese bank restructurings">1990s Chinese bank restructurings</a></li> <li><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></li> <li><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></li> <li><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></li> <li><a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">Financial crisis of 2007–08</a></li> <li><a href="/wiki/Stock_disasters_in_Hong_Kong" class="mw-redirect" title="Stock disasters in Hong Kong">Stock disasters in Hong Kong</a></li> <li><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></li> <li><a href="/wiki/Stock_market_crashes_in_India" title="Stock market crashes in India">Stock market crashes in India</a></li> <li><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=22" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-:0-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.worldbank.org/en/research/publication/waves-of-debt">"Global Waves of Debt: Causes and Consequences"</a>. <i>World Bank</i><span class="reference-accessdate">. Retrieved <span class="nowrap">13 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+Bank&rft.atitle=Global+Waves+of+Debt%3A+Causes+and+Consequences&rft_id=https%3A%2F%2Fwww.worldbank.org%2Fen%2Fresearch%2Fpublication%2Fwaves-of-debt&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="http://www.euromoney.com/Article/1005746/When-the-world-started-to-melt.html">"Asian Financial Crisis: When the World Started to Melt"</a></span>. <i>EuroMoney</i>. December 1997. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170608084312/http://www.euromoney.com/Article/1005746/When-the-world-started-to-melt.html">Archived</a> from the original on 8 June 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">16 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=EuroMoney&rft.atitle=Asian+Financial+Crisis%3A+When+the+World+Started+to+Melt&rft.date=1997-12&rft_id=http%3A%2F%2Fwww.euromoney.com%2FArticle%2F1005746%2FWhen-the-world-started-to-melt.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYamazawa1998" class="citation journal cs1">Yamazawa, Ippei (September 1998). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150924032900/http://www.ide.go.jp/English/Publish/Periodicals/De/pdf/98_03_05.pdf">"The Asian Economic Crisis and Japan"</a> <span class="cs1-format">(PDF)</span>. <i>The Developing Economies</i>. <b>36</b> (3): 332–351. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1746-1049.1998.tb00222.x">10.1111/j.1746-1049.1998.tb00222.x</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10.1111%2Fj.1746-1049.1998.tb00222.x">10.1111/j.1746-1049.1998.tb00222.x</a></span>. Archived from <a rel="nofollow" class="external text" href="http://www.ide.go.jp/English/Publish/Periodicals/De/pdf/98_03_05.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 24 September 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">16 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Developing+Economies&rft.atitle=The+Asian+Economic+Crisis+and+Japan&rft.volume=36&rft.issue=3&rft.pages=332-351&rft.date=1998-09&rft_id=info%3Ahdl%2F10.1111%2Fj.1746-1049.1998.tb00222.x&rft_id=info%3Adoi%2F10.1111%2Fj.1746-1049.1998.tb00222.x&rft.aulast=Yamazawa&rft.aufirst=Ippei&rft_id=http%3A%2F%2Fwww.ide.go.jp%2FEnglish%2FPublish%2FPeriodicals%2FDe%2Fpdf%2F98_03_05.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Kaufman: pp. 195–6</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="http://www.adb.org/publications/key-indicators-developing-asian-and-pacific-countries-2003">"Key Indicators of Developing Asian and Pacific Countries 2003"</a>. <i>Asian Development Bank</i>. <b>34</b>. August 2003. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151119054434/http://www.adb.org/publications/key-indicators-developing-asian-and-pacific-countries-2003">Archived</a> from the original on 19 November 2015<span class="reference-accessdate">. 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(2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121018154416/http://www.adbi.org/files/2012.08.28.wp377.central.banking.financial.stability.asia.pdf">"Central Banking for Financial Stability in Asia"</a> <span class="cs1-format">(PDF)</span>. <i>ADBI Working Paper 377</i>. Tokyo: Asian Development Bank Institute. 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Spring 1999.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Blustein: p. 73</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKohKoseNagleOhnsorge2020" class="citation journal cs1">Koh, Wee Chian; Kose, M. Ayhan; Nagle, Peter Stephen Oliver; Ohnsorge, Franziska; Sugawara, Naotaka (1 February 2020). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/abstract=3547375">"Debt and Financial Crises"</a>. <i>Centre for Economic Policy Research</i>. 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Retrieved <span class="nowrap">11 June</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=BBC&rft.atitle=explaining+%28at+26%3A02%29+Network+Theory+and+Hubs+in+the+BBC+Documentary&rft_id=http%3A%2F%2Ftopdocumentaryfilms.com%2Fsix-degrees-of-separation%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span> "Unfolding the science behind the idea of six degrees of separation"</span> </li> <li id="cite_note-AFC-NA-11-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-AFC-NA-11_23-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20101028174527/http://www.growthcommission.org/storage/cgdev/documents/gcwp067web.pdf">"Financial Crisis and Global Governance: A Network Analysis"</a> <span class="cs1-format">(PDF)</span>. July 2009. Archived from <a rel="nofollow" class="external text" href="http://www.growthcommission.org/storage/cgdev/documents/gcwp067web.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 28 October 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+Crisis+and+Global+Governance%3A+A+Network+Analysis&rft.date=2009-07&rft_id=http%3A%2F%2Fwww.growthcommission.org%2Fstorage%2Fcgdev%2Fdocuments%2Fgcwp067web.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span> by Andrew Sheng, Adj. Prof., <a href="/wiki/Tsinghua_University" title="Tsinghua University">Tsinghua University</a> and <a href="/wiki/University_of_Malaya" class="mw-redirect" title="University of Malaya">University of Malaya</a></span> </li> <li id="cite_note-AFC-NA-12-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-AFC-NA-12_24-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130503082823/https://bfi.uchicago.edu/sysrisk/sysrisk_summary.pdf">"Measuring Risk – A network analysis"</a> <span class="cs1-format">(PDF)</span>. 15 December 2010. Archived from <a rel="nofollow" class="external text" href="http://mfi.uchicago.edu/sysrisk/sysrisk_summary.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 3 May 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">15 January</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Measuring+Risk+%E2%80%93+A+network+analysis&rft.date=2010-12-15&rft_id=http%3A%2F%2Fmfi.uchicago.edu%2Fsysrisk%2Fsysrisk_summary.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span> University of Chicago</span> </li> <li id="cite_note-AFC-NA-16-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-AFC-NA-16_25-0">^</a></b></span> <span class="reference-text"><a href="/wiki/Albert-L%C3%A1szl%C3%B3_Barab%C3%A1si" title="Albert-László Barabási">Albert-László Barabási</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://topdocumentaryfilms.com/six-degrees-of-separation/">"explaining <i>(at 32:01)</i> significance of the Robustness of Hubs in the BBC Documentary"</a>. <i>BBC</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120503031501/http://topdocumentaryfilms.com/six-degrees-of-separation/">Archived</a> from the original on 3 May 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=BBC&rft.atitle=explaining+%28at+32%3A01%29+significance+of+the+Robustness+of+Hubs+in+the+BBC+Documentary&rft_id=http%3A%2F%2Ftopdocumentaryfilms.com%2Fsix-degrees-of-separation%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span> "Unfolding the science behind the idea of six degrees of separation"</span> </li> <li id="cite_note-AFC-NA-13-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-AFC-NA-13_26-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://docs.google.com/viewer?url=http%3A%2F%2Fwww.andrewsheng.com%2Fdocs%2F2009-08%2F090731Financial%2520Crisis%2520and%2520Global%2520Governance.doc">"Financial Crisis and Global Governance: A Network Analysis"</a>. July 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140307235522/https://docs.google.com/viewer?url=http%3A%2F%2Fwww.andrewsheng.com%2Fdocs%2F2009-08%2F090731Financial%2520Crisis%2520and%2520Global%2520Governance.doc">Archived</a> from the original on 7 March 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">11 June</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+Crisis+and+Global+Governance%3A+A+Network+Analysis&rft.date=2009-07&rft_id=https%3A%2F%2Fdocs.google.com%2Fviewer%3Furl%3Dhttp%253A%252F%252Fwww.andrewsheng.com%252Fdocs%252F2009-08%252F090731Financial%252520Crisis%252520and%252520Global%252520Governance.doc&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span> by Andrew Sheng, Adj. Prof., <a href="/wiki/Tsinghua_University" title="Tsinghua University">Tsinghua University</a> and <a href="/wiki/University_of_Malaya" class="mw-redirect" title="University of Malaya">University of Malaya</a></span> </li> <li id="cite_note-AFC-NA-14-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-AFC-NA-14_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20121120075648/http://www.institutlouisbachelier.org/risk2011/papers/Session_3_Taylan_Eren_Yenilmez_slides.pdf">"Analyzing Systemic Risk with Financial Networks During a Financial Crash"</a> <span class="cs1-format">(PDF)</span>. 10 March 2011. 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Retrieved <span class="nowrap">8 December</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Analyzing+Systemic+Risk+with+Financial+Networks+During+a+Financial+Crash&rft.date=2011-03-10&rft_id=http%3A%2F%2Fwww.institutlouisbachelier.org%2Frisk2011%2Fpapers%2FSession_3_Taylan_Eren_Yenilmez_slides.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.wsj.com/amp/articles/SB874958607615368500">"Mahathir Attacks Speculation And Soros, Who Returns Fire"</a>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. 22 September 1997<span class="reference-accessdate">. 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Retrieved <span class="nowrap">10 April</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Allkpop&rft.atitle=Taking+place+in+1997+when+the+IMF+%28International+Monetary+Fund%29+crisis+hit+South+Korea%2C+the+drama+draws+out+the+vivid+lives+of+a+group+of+teenagers+in+their+prime+stage+of+growth.&rft_id=https%3A%2F%2Fwww.allkpop.com%2Farticle%2F2012%2F09%2Freply-1997-was-originally-going-to-be-reply-1994&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.soompi.com/article/1316088wpp/microdots-parents-invite-criticism-with-explanation-of-their-actions-upon-return-to-korea">"We're sorry. We had no choice because of the IMF financial crisis. We will faithfully cooperate with investigations"</a>. <i><a href="/wiki/Soompi" title="Soompi">Soompi</a></i>. 8 April 2019. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190409130614/https://www.soompi.com/article/1316088wpp/microdots-parents-invite-criticism-with-explanation-of-their-actions-upon-return-to-korea">Archived</a> from the original on 9 April 2019<span class="reference-accessdate">. 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Retrieved <span class="nowrap">16 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Columbia.edu&rft.atitle=A+Good+Look+at+the+Thai+Financial+Crisis+in+1997%E2%80%9398&rft.date=1999&rft.aulast=Laplamwanit&rft.aufirst=Narisa&rft_id=http%3A%2F%2Fwww.columbia.edu%2Fcu%2Fthai%2Fhtml%2Ffinancial97_98.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">Haider A. Khan, "Global Markets and Financial Crises in Asia", University of Denver 2004 <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">Kaufman: pp. 193–198</span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text">Liebhold, David. "Thailand's Scapegoat? Battling extradition over charges of embezzlement, a financier says he's the fall guy for the 1997 financial crash." Time.com. 27 December 1999.</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text">Hewison, Kevin, "The World Bank and Thailand: Crisis and Safety Nets", <i>Public Administration and Policy</i>, 11, 1, pp. 1–21.</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text">NESDB, <a rel="nofollow" class="external text" href="http://www.nesdb.go.th/Portals/0/eco_datas/account/gpp/GPP%201998-2006.zip">Economic Data, 1995–2006</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110719090712/http://www.nesdb.go.th/Portals/0/eco_datas/account/gpp/GPP%201995-2006.zip">Archived</a> 19 July 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-WBBO-200511-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-WBBO-200511_45-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://siteresources.worldbank.org/INTTHAILAND/Resources/Economic-Monitor/2005nov-econ-full-report.pdf">"Thailand Economic Monitor, November 2005"</a> <span class="cs1-format">(PDF)</span>. <i>World Bank Bangkok Office</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090902021039/http://siteresources.worldbank.org/INTTHAILAND/Resources/Economic-Monitor/2005nov-econ-full-report.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2 September 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">15 January</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+Bank+Bangkok+Office&rft.atitle=Thailand+Economic+Monitor%2C+November+2005&rft_id=http%3A%2F%2Fsiteresources.worldbank.org%2FINTTHAILAND%2FResources%2FEconomic-Monitor%2F2005nov-econ-full-report.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://siteresources.worldbank.org/INTTHAILAND/Resources/Economic-Monitor/2005nov-econ-full-report.pdf">"Thailand Economic Monitor November 2005"</a> <span class="cs1-format">(PDF)</span>. World Bank. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090902021039/http://siteresources.worldbank.org/INTTHAILAND/Resources/Economic-Monitor/2005nov-econ-full-report.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2 September 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">5 January</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Thailand+Economic+Monitor+November+2005&rft.pub=World+Bank&rft_id=http%3A%2F%2Fsiteresources.worldbank.org%2FINTTHAILAND%2FResources%2FEconomic-Monitor%2F2005nov-econ-full-report.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaghavan1997" class="citation news cs1">Raghavan, Anita (26 December 1997). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB882840058627490500?mod=googlewsj">"Japan Stocks Slide Again on Fears About Stability"</a>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180316083616/https://www.wsj.com/articles/SB882840058627490500?mod=googlewsj">Archived</a> from the original on 16 March 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">2 September</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Japan+Stocks+Slide+Again+on+Fears+About+Stability&rft.date=1997-12-26&rft.aulast=Raghavan&rft.aufirst=Anita&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB882840058627490500%3Fmod%3Dgooglewsj&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.oanda.com/convert/fxhistory">Historical Exchange Rates</a>. OANDA. 13 August = 2673; 14 August = 2790; 15 August = 2900; 31 August = 2930; 31 October = 3640; 31 December = 5535. Accessed 20 August 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091001003445/http://www.oanda.com/convert/fxhistory">Archived</a> 4 September 2009.</span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.oanda.com/convert/fxhistory">Historical Exchange Rates</a>. OANDA. 31 January = 10,100; 31 March = 8,650; 31 May = 11,350; 31 July = 13,250; 30 September = 10,800. Accessed 20 August 2009. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091001003445/http://www.oanda.com/convert/fxhistory">Archived</a> 4 September 2009.</span> </li> <li id="cite_note-:1hanbo-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-:1hanbo_50-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchuman" class="citation news cs1">Schuman, Michael. <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB856112251674048000">"Hanbo Scandal Highlights Failings of Kim's Crusade"</a>. <i>WSJ</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180828170142/https://www.wsj.com/articles/SB856112251674048000">Archived</a> from the original on 28 August 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">28 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=WSJ&rft.atitle=Hanbo+Scandal+Highlights+Failings+of+Kim%27s+Crusade&rft.aulast=Schuman&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB856112251674048000&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-Quah2011-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-Quah2011_51-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJon_S._T._Quah2011" class="citation book cs1">Jon S. T. Quah (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=7qV6un8vKNUC&pg=PA307"><i>Curbing Corruption in Asian Countries: An Impossible Dream?</i></a>. Emerald Group Publishing. pp. 307–308. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-85724-820-6" title="Special:BookSources/978-0-85724-820-6"><bdi>978-0-85724-820-6</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200320072116/https://books.google.com/books?id=7qV6un8vKNUC&pg=PA307">Archived</a> from the original on 20 March 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">28 August</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Curbing+Corruption+in+Asian+Countries%3A+An+Impossible+Dream%3F&rft.pages=307-308&rft.pub=Emerald+Group+Publishing&rft.date=2011&rft.isbn=978-0-85724-820-6&rft.au=Jon+S.+T.+Quah&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D7qV6un8vKNUC%26pg%3DPA307&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/node/156049">"The Kia standard"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. 4 September 1997. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161120003503/http://www.economist.com/node/156049">Archived</a> from the original on 20 November 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">19 November</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=The+Kia+standard&rft.date=1997-09-04&rft_id=http%3A%2F%2Fwww.economist.com%2Fnode%2F156049&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-Edwards2009-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-Edwards2009_53-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSebastian_Edwards2009" class="citation book cs1">Sebastian Edwards (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=CxnzJ3etZgYC&pg=PA503"><i>Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences</i></a>. University of Chicago Press. p. 503. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-18499-9" title="Special:BookSources/978-0-226-18499-9"><bdi>978-0-226-18499-9</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200920181230/https://books.google.com/books?id=CxnzJ3etZgYC&pg=PA503">Archived</a> from the original on 20 September 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">28 August</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capital+Controls+and+Capital+Flows+in+Emerging+Economies%3A+Policies%2C+Practices%2C+and+Consequences&rft.pages=503&rft.pub=University+of+Chicago+Press&rft.date=2009&rft.isbn=978-0-226-18499-9&rft.au=Sebastian+Edwards&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DCxnzJ3etZgYC%26pg%3DPA503&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text">Kihwan, Kim. (2006). <a rel="nofollow" class="external text" href="https://www.imf.org/external/np/seminars/eng/2006/cpem/pdf/kihwan.pdf">The 1997–98 Korean Financial Crisis: Causes, Policy Response, and Lessons.</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190605142557/https://www.imf.org/external/np/seminars/eng/2006/cpem/pdf/kihwan.pdf">Archived</a> 5 June 2019 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> The High-Level Seminar on Crisis Prevention in Emerging Markets, The International Monetary Fund and The Government of Singapore</span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text">Lim, Sunghack. (2005). "Foreign Capital Entry in the Domestic Banking Market of Korea: Bitter Medicine or Poison". <i>Korean Political Science Review</i>, 39(4)</span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text">Kalinowski, Thomas and Cho, Hyekyung. (2009) "The Political Economy of Financial Liberalization in South Korea: State, Big Business, and Foreign Investors." <i>Asian Survey</i>, 49(2)</span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text">Hahm, Joon-Ho. (2005). "The Resurgence of Banking Institutions in Post-crisis Korea". <i>Journal of Contemporary Asia</i>, 35(3)</span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text">Peter Krinks, <i>The economy of the Philippines: Elites, inequalities and economic restructuring</i> (Routledge, 2003). <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLin2006" class="citation book cs1">Lin, Chun (2006). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/63178961"><i>The transformation of Chinese socialism</i></a>. Durham [N.C.]: <a href="/wiki/Duke_University_Press" title="Duke University Press">Duke University Press</a>. p. 12. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8223-3785-0" title="Special:BookSources/978-0-8223-3785-0"><bdi>978-0-8223-3785-0</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/63178961">63178961</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+transformation+of+Chinese+socialism&rft.place=Durham+%5BN.C.%5D&rft.pages=12&rft.pub=Duke+University+Press&rft.date=2006&rft_id=info%3Aoclcnum%2F63178961&rft.isbn=978-0-8223-3785-0&rft.aulast=Lin&rft.aufirst=Chun&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F63178961&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text">Loren Brandt, and Xiaodong Zhu, "Redistribution in a decentralized economy: Growth and inflation in China under reform." <i>Journal of Political Economy</i> 108.2 (2000): 422–439.</span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text">Wanda Tseng, and Harm Zebregs, <i>Foreign direct investment in China: some lessons for other countries</i> ( International Monetary Fund, 2002) <a rel="nofollow" class="external text" href="https://www.elibrary.imf.org/view/journals/003/2002/003/article-A001-en.xml?language=es&redirect=true">online</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210724144755/https://www.elibrary.imf.org/view/journals/003/2002/003/article-A001-en.xml?language=es&redirect=true">Archived</a> 24 July 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-:1-62"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_62-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_62-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:1_62-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:1_62-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZhao2023" class="citation book cs1">Zhao, Suisheng (2023). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/1332788951"><i>The dragon roars back : transformational leaders and dynamics of Chinese foreign policy</i></a>. Stanford, California: <a href="/wiki/Stanford_University_Press" title="Stanford University Press">Stanford University Press</a>. p. 68. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-5036-3415-2" title="Special:BookSources/978-1-5036-3415-2"><bdi>978-1-5036-3415-2</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1332788951">1332788951</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+dragon+roars+back+%3A+transformational+leaders+and+dynamics+of+Chinese+foreign+policy&rft.place=Stanford%2C+California&rft.pages=68&rft.pub=Stanford+University+Press&rft.date=2023&rft_id=info%3Aoclcnum%2F1332788951&rft.isbn=978-1-5036-3415-2&rft.aulast=Zhao&rft.aufirst=Suisheng&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F1332788951&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-:32-63"><span class="mw-cite-backlink">^ <a href="#cite_ref-:32_63-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:32_63-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLiu2023" class="citation book cs1">Liu, Zongyuan Zoe (2023). <i>Sovereign Funds: How the Communist Party of China Finances its Global Ambitions</i>. The Belknap Press of <a href="/wiki/Harvard_University_Press" title="Harvard University Press">Harvard University Press</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2Fjj.2915805">10.2307/jj.2915805</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780674271913" title="Special:BookSources/9780674271913"><bdi>9780674271913</bdi></a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/jj.2915805">jj.2915805</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:259402050">259402050</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Sovereign+Funds%3A+How+the+Communist+Party+of+China+Finances+its+Global+Ambitions&rft.pub=The+Belknap+Press+of+Harvard+University+Press&rft.date=2023&rft_id=info%3Adoi%2F10.2307%2Fjj.2915805&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A259402050%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2Fjj.2915805%23id-name%3DJSTOR&rft.isbn=9780674271913&rft.aulast=Liu&rft.aufirst=Zongyuan+Zoe&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-64">^</a></b></span> <span class="reference-text">Y. C. Jao, <i>The Asian financial crisis and the ordeal of Hong Kong</i> (2001) <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCruz1998" class="citation news cs1">Cruz, Bayani (29 August 1998). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20071016114305/http://thestandard.com.hk/news_detail.asp?pp_cat=&art_id=48383&sid=&con_type=1&d_str=19980829&sear_year=1998">"We will hold on to blue-chip shares: Tsang"</a>. <i><a href="/wiki/The_Standard_(Hong_Kong)" title="The Standard (Hong Kong)">The Standard</a></i>. 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Mitra, "The Impact of Global Financial Crisis and Policy Responses: The Caucasus, Central Asia and Mongolia." <i>Global Journal of Emerging Market Economies</i> 2.2 (2010): 189–230.</span> </li> <li id="cite_note-Ngian_Kee_Jin:_p._12-76"><span class="mw-cite-backlink">^ <a href="#cite_ref-Ngian_Kee_Jin:_p._12_76-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Ngian_Kee_Jin:_p._12_76-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Ngian Kee Jin: p. 12</span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text">Pettis: pp. 55–60"</span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text">John Van Sant, Peter Mauch, and Yoneyuki Sugita. <i>The A to Z of United States-Japan Relations</i> (Scarecrow Press 2013), p. 103.</span> </li> <li id="cite_note-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-79">^</a></b></span> <span class="reference-text">Pettis: p. 79</span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text">Joseph E. Stiglitz, <i>The roaring nineties: a new history of the world's most prosperous decade</i> (WW Norton & Company, 2004) pp 217–219.</span> </li> <li id="cite_note-81"><span class="mw-cite-backlink"><b><a href="#cite_ref-81">^</a></b></span> <span class="reference-text">Tiwari: pp. 1–3</span> </li> <li id="cite_note-autogenerated1-82"><span class="mw-cite-backlink">^ <a href="#cite_ref-autogenerated1_82-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-autogenerated1_82-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="http://www.adb.org/publications/key-indicators-developing-asian-and-pacific-countries-2001"><i>Key Indicators of Developing Asian and Pacific Countries 2001: Growth and Change in Asia and the Pacific is the 32nd edition of the flagship annual statistical data book of ADB</i></a>. Vol. 32. 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School of Advanced International Studies of Johns Hopkins University, 7–9 June, Washington, D.C.</span> </li> <li id="cite_note-84"><span class="mw-cite-backlink"><b><a href="#cite_ref-84">^</a></b></span> <span class="reference-text">Radelet: pp. 5–6</span> </li> <li id="cite_note-Chen-85"><span class="mw-cite-backlink"><b><a href="#cite_ref-Chen_85-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMin_Chen2004" class="citation book cs1">Min Chen (2004). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zbaVMDJG8SIC&pg=PA205"><i>Asian Management Systems: Chinese, Japanese and Korean Styles of Business</i></a>. Cengage Learning EMEA. p. 205. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-86152-941-1" title="Special:BookSources/978-1-86152-941-1"><bdi>978-1-86152-941-1</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160105123019/https://books.google.com/books?id=zbaVMDJG8SIC&pg=PA205">Archived</a> from the original on 5 January 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">12 October</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Asian+Management+Systems%3A+Chinese%2C+Japanese+and+Korean+Styles+of+Business&rft.pages=205&rft.pub=Cengage+Learning+EMEA&rft.date=2004&rft.isbn=978-1-86152-941-1&rft.au=Min+Chen&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzbaVMDJG8SIC%26pg%3DPA205&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-WB_GDP-86"><span class="mw-cite-backlink">^ <a href="#cite_ref-WB_GDP_86-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-WB_GDP_86-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.KD?cid=GPD_31&end=2017&locations=TH-1W-ID-MY-PH-KR&start=1990">"GDP per capita, PPP (constant 2011 international $)"</a>. <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, International Comparison Program database. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200423013139/https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.KD?cid=GPD_31&end=2017&locations=TH-1W-ID-MY-PH-KR&start=1990">Archived</a> from the original on 23 April 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">12 December</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=GDP+per+capita%2C+PPP+%28constant+2011+international+%24%29&rft.pub=World+Bank%2C+International+Comparison+Program+database&rft_id=https%3A%2F%2Fdata.worldbank.org%2Findicator%2FNY.GDP.PCAP.PP.KD%3Fcid%3DGPD_31%26end%3D2017%26locations%3DTH-1W-ID-MY-PH-KR%26start%3D1990&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-87"><span class="mw-cite-backlink"><b><a href="#cite_ref-87">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.frbsf.org/our-district/press/presidents-speeches/yellen-speeches/2007/february/the-asian-financial-crisis-ten-years-later-assessing-the-past-and-looking-to-the-future/">The Asian financial crisis ten years later: assessing the past and looking to the future</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151117080434/http://www.frbsf.org/our-district/press/presidents-speeches/yellen-speeches/2007/february/the-asian-financial-crisis-ten-years-later-assessing-the-past-and-looking-to-the-future/">Archived</a> 17 November 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Janet L. Yellen. Speech to the Asia Society of Southern California, Los Angeles, California, 6 February 2007</span> </li> <li id="cite_note-88"><span class="mw-cite-backlink"><b><a href="#cite_ref-88">^</a></b></span> <span class="reference-text">Kilgour, Andrea (1999). The changing economic situation in Vietnam: A product of the Asian crisis?</span> </li> <li id="cite_note-89"><span class="mw-cite-backlink"><b><a href="#cite_ref-89">^</a></b></span> <span class="reference-text">Weisbrot: p. 6</span> </li> <li id="cite_note-90"><span class="mw-cite-backlink"><b><a href="#cite_ref-90">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/news/finance-and-economics/21724402-and-it-enough-protect-it-future-disasters-what-asia-learned-its">"What Asia learned from its financial crisis 20 years ago"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. 30 June 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170629223822/http://www.economist.com/news/finance-and-economics/21724402-and-it-enough-protect-it-future-disasters-what-asia-learned-its">Archived</a> from the original on 29 June 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=What+Asia+learned+from+its+financial+crisis+20+years+ago&rft.date=2017-06-30&rft_id=https%3A%2F%2Fwww.economist.com%2Fnews%2Ffinance-and-economics%2F21724402-and-it-enough-protect-it-future-disasters-what-asia-learned-its&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-91"><span class="mw-cite-backlink"><b><a href="#cite_ref-91">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ilo.org/global/meetings-and-events/regional-meetings/WCMS_071284/lang--en/index.htm">"Thirteenth Asian Regional Meeting"</a>. 15 August 2006. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210526143813/https://www.ilo.org/global/meetings-and-events/regional-meetings/WCMS_071284/lang--en/index.htm">Archived</a> from the original on 26 May 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">26 May</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Thirteenth+Asian+Regional+Meeting&rft.date=2006-08-15&rft_id=https%3A%2F%2Fwww.ilo.org%2Fglobal%2Fmeetings-and-events%2Fregional-meetings%2FWCMS_071284%2Flang--en%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-92"><span class="mw-cite-backlink"><b><a href="#cite_ref-92">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140101032917/http://www.pbs.org/newshour/bb/business/july-dec98/oil_12-1.html">"Slick Deal?"</a>. <a href="/wiki/NewsHour_with_Jim_Lehrer" class="mw-redirect" title="NewsHour with Jim Lehrer">NewsHour with Jim Lehrer</a>. 1 December 1998. Archived from <a rel="nofollow" class="external text" href="https://www.pbs.org/newshour/bb/business/july-dec98/oil_12-1.html">the original</a> on 1 January 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">20 August</span> 2007</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Slick+Deal%3F&rft.date=1998-12-01&rft_id=https%3A%2F%2Fwww.pbs.org%2Fnewshour%2Fbb%2Fbusiness%2Fjuly-dec98%2Foil_12-1.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-93"><span class="mw-cite-backlink"><b><a href="#cite_ref-93">^</a></b></span> <span class="reference-text"><i>The Crash</i> transcript. <a href="/wiki/PBS_Frontline" class="mw-redirect" title="PBS Frontline">PBS Frontline</a>.</span> </li> <li id="cite_note-94"><span class="mw-cite-backlink"><b><a href="#cite_ref-94">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPisani2017" class="citation web cs1">Pisani, Bob (26 October 2017). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2017/10/25/on-20th-anniversary-of-asian-flu-markets-still-feeling-the-effects.html">"On 20th anniversary of Asian 'flu,' markets still feeling the effects"</a>. <i><a href="/wiki/CNBC" title="CNBC">CNBC</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">2 June</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=On+20th+anniversary+of+Asian+%27flu%2C%27+markets+still+feeling+the+effects&rft.date=2017-10-26&rft.aulast=Pisani&rft.aufirst=Bob&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2017%2F10%2F25%2Fon-20th-anniversary-of-asian-flu-markets-still-feeling-the-effects.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=23" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAllen2009" class="citation book cs1">Allen, Larry (2009). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediamone00alle"><i>The Encyclopedia of Money</i></a></span> (2nd ed.). <a href="/wiki/ABC-CLIO" class="mw-redirect" title="ABC-CLIO">ABC-CLIO</a>. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediamone00alle/page/n143">125</a>–127. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1598842517" title="Special:BookSources/978-1598842517"><bdi>978-1598842517</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Encyclopedia+of+Money&rft.pages=125-127&rft.edition=2nd&rft.pub=ABC-CLIO&rft.date=2009&rft.isbn=978-1598842517&rft.aulast=Allen&rft.aufirst=Larry&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediamone00alle&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlustein2001" class="citation book cs1">Blustein, Paul (2001). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/chasteninginside00blus"><i>The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF</i></a></span>. <a href="/wiki/PublicAffairs" title="PublicAffairs">PublicAffairs</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-891620-81-2" title="Special:BookSources/978-1-891620-81-2"><bdi>978-1-891620-81-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Chastening%3A+Inside+the+Crisis+that+Rocked+the+Global+Financial+System+and+Humbled+the+IMF&rft.pub=PublicAffairs&rft.date=2001&rft.isbn=978-1-891620-81-2&rft.aulast=Blustein&rft.aufirst=Paul&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fchasteninginside00blus&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></li> <li>Delhaise Philippe F. (1998) <i>Asia in Crisis : The Implosion of the Banking and Finance Systems</i>. John Wiley & Sons. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-83193-X" title="Special:BookSources/0-471-83193-X">0-471-83193-X</a></li> <li>Enkhtungalug, G. and South, David.(1998) <a rel="nofollow" class="external text" href="https://books.google.com/books?id=13UvmyXIN7AC">Mongolia Update 1998</a>, UNDP Mongolia Communications Office.</li> <li>Goldstein, Morris. <i>The Asian financial crisis: Causes, cures, and systemic implications</i> (Institute For International Economics, 1998). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170329040256/http://faculty.arts.ubc.ca/tiberg/MPA_Asia_Apr_2010_readings/Goldstein%201999%20(Ch.%201).pdf">online</a></li> <li>Haggard Stephan: <i>The Political Economy of the Asian Financial Crisis</i> (2000) <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li>Hollingsworth, David Anthony (2007, rev. 2008) "The Rise, the Fall, and the Recovery of Southeast Asia's Minidragons: How Can Their History Be Lessons We Shall Learn During the Twenty-First Century and Beyond?" Lexington Books. (<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780739119815" title="Special:BookSources/9780739119815">9780739119815</a></li> <li>Kaufman, GG., Krueger, TH., Hunter, WC. (1999) <i>The Asian Financial Crisis: Origins, Implications and Solutions</i>. Springer. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-7923-8472-5" title="Special:BookSources/0-7923-8472-5">0-7923-8472-5</a></li> <li>Khan, Saleheen, Faridul Islam, and Syed Ahmed. (2005) "The Asian crisis: an economic analysis of the causes." <i>Journal of Developing Areas</i> (2005): 169–190. <a rel="nofollow" class="external text" href="http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.620.4910&rep=rep1&type=pdf">online</a></li> <li>Muchhala, Bhumika, ed. (2007) <i><a rel="nofollow" class="external text" href="http://www.cepr.net/documents/publications/tenyearsafter_2007_11.pdf">Ten Years After: Revisiting the Asian Financial Crisis</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20071129001921/http://www.cepr.net/documents/publications/tenyearsafter_2007_11.pdf">Archived</a> 29 November 2007 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Washington, DC: <a href="/wiki/Woodrow_Wilson_International_Center_for_Scholars" title="Woodrow Wilson International Center for Scholars">Woodrow Wilson International Center for Scholars</a> Asia Program.</li> <li>Noland, Markus, Li-gang Liu, Sherman Robinson, and Zhi Wang. (1998) <i>Global Economic Effects of the Asian Currency Devaluations</i>. Policy Analyses in International Economics, no. 56. Washington, DC: Institute for International Economics.</li> <li>Pempel, T. J. (1999) <i>The Politics of the Asian Economic Crisis</i>. Ithaca, NY: Cornell University Press. <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPettis2001" class="citation book cs1">Pettis, Michael (2001). <i>The Volatility Machine: Emerging Economies and the Threat of Financial Collapse</i>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-514330-0" title="Special:BookSources/978-0-19-514330-0"><bdi>978-0-19-514330-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Volatility+Machine%3A+Emerging+Economies+and+the+Threat+of+Financial+Collapse&rft.pub=Oxford+University+Press&rft.date=2001&rft.isbn=978-0-19-514330-0&rft.aulast=Pettis&rft.aufirst=Michael&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></li></ul> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRadeletSachsCooperBosworth1998" class="citation journal cs1">Radelet, Steven; Sachs, Jeffrey D.; Cooper, Richard N.; Bosworth, Barry P. (1998). "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects". <i><a href="/wiki/Brookings_Papers_on_Economic_Activity" title="Brookings Papers on Economic Activity">Brookings Papers on Economic Activity</a></i>. <b>1998</b> (1): 1–90. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.200.1827">10.1.1.200.1827</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2534670">10.2307/2534670</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1533-4465">1533-4465</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2534670">2534670</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Brookings+Papers+on+Economic+Activity&rft.atitle=The+East+Asian+Financial+Crisis%3A+Diagnosis%2C+Remedies%2C+Prospects&rft.volume=1998&rft.issue=1&rft.pages=1-90&rft.date=1998&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.200.1827%23id-name%3DCiteSeerX&rft.issn=1533-4465&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2534670%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F2534670&rft.aulast=Radelet&rft.aufirst=Steven&rft.au=Sachs%2C+Jeffrey+D.&rft.au=Cooper%2C+Richard+N.&rft.au=Bosworth%2C+Barry+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></li></ul> <ul><li>Ries, Philippe. (2000) <i>The Asian Storm: Asia's Economic Crisis Examined</i>. (2000) <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li>Sharma, Shalendra. (2003): <i>The Asian Financial Crisis: New International Financial Architecture: Crisis, Reform and Recovery</i> (Manchester University Press, 2003) <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li>Tecson, Marcelo L. (2005) <i>Puzzlers: Economic Sting</i> (The Case Against IMF, Central Banks, and IMF-Prescribed High Interest Rates) Makati City, Philippines: Raiders of the Lost Gold Publication <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIto,_TakatoshiAndrew_K._Rose2006" class="citation book cs1">Ito, Takatoshi; Andrew K. Rose (2006). <i>financial sector development in the Pacific Rim</i>. University of Chicago Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-38684-3" title="Special:BookSources/978-0-226-38684-3"><bdi>978-0-226-38684-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=financial+sector+development+in+the+Pacific+Rim&rft.pub=University+of+Chicago+Press&rft.date=2006&rft.isbn=978-0-226-38684-3&rft.au=Ito%2C+Takatoshi&rft.au=Andrew+K.+Rose&rfr_id=info%3Asid%2Fen.wikipedia.org%3A1997+Asian+financial+crisis" class="Z3988"></span></li> <li>Fengbo Zhang: Opinion on Financial Crisis, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130608153708/https://sites.google.com/site/fengbozhang3/">6. Defeating the World Financial Storm</a> China Youth Publishing House (2000).</li></ul> <div class="mw-heading mw-heading3"><h3 id="Papers">Papers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=24" title="Edit section: Papers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Ngian Kee Jin (March 2000). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20050223070039/http://www.iseas.edu.sg/vr82000.pdf"><i>Coping with the Asian Financial Crisis: The Singapore Experience</i></a>. Institute of Southeast Asian Studies. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://www.worldcat.org/search?fq=x0:jrnl&q=n2:0219-3582">0219-3582</a></li> <li>Tiwari, Rajnish (2003). <a rel="nofollow" class="external text" href="http://www.global-innovation.net/team/tiwari/PDF/exchange-rate.pdf"><i>Post-crisis Exchange Rate Regimes in Southeast Asia</i></a>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081029095145/http://www.global-innovation.net/team/tiwari/PDF/exchange-rate.pdf">Archived</a> 29 October 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Seminar Paper, University of Hamburg.</li> <li>Kilgour, Andrea (1999). <a rel="nofollow" class="external text" href="http://www.geogr.uni-goettingen.de/kus/apsa/pn/pn12/vietnam.html"><i>The changing economic situation in Vietnam: A product of the Asian crisis?</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080817000329/http://www.geogr.uni-goettingen.de/kus/apsa/pn/pn12/vietnam.html">Archived</a> 17 August 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz, Joseph</a> (1996). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120130060810/http://wbro.oxfordjournals.org/content/11/2/151.short"><i>Some Lessons From The East Asian Miracle</i></a>. The World Bank Research Observer.</li> <li><a href="/wiki/Mark_Weisbrot" title="Mark Weisbrot">Weisbrot, Mark</a> (August 2007). <a rel="nofollow" class="external text" href="http://www.cepr.net/documents/publications/asia_crisis_2007_08.pdf"><i>Ten Years After: The Lasting Impact of the Asian Financial Crisis</i></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070925211721/http://www.cepr.net/documents/publications/asia_crisis_2007_08.pdf">Archived</a> 25 September 2007 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. <a href="/wiki/Center_for_Economic_and_Policy_Research" title="Center for Economic and Policy Research">Center for Economic and Policy Research</a>.</li> <li>Tecson, Marcelo L. (2009), <i>"IMF Must Renounce Its Weapon of Mass Destruction: High Interest Rates"</i> (4-part paper on <i>high-interest-rate fallacies and alternatives</i>, emailed to IMF and others on 27 January 2009)</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=1997_Asian_financial_crisis&action=edit&section=25" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20130509143947/http://photo-journ.com/asian-economic-crisis-is-thailand-on-the-road-to-recovery/#axzz2HacpXvKb/">Is Thailand on the road to recovery</a>, article by Australian photo-journalist John Le Fevre that looks at the effects of the Asian Economic Crisis on Thailand's construction industry</li> <li><a rel="nofollow" class="external text" href="https://photo-journ.com/women-bear-brunt-of-asian-economic-crisis/#axzz2HacpXvKb/">Women bear brunt of crisis</a>, article by Australian photo-journalist John Le Fevre examining the effects of the Asian Economic Crisis on Asia's female workforce</li> <li><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/pages/frontline/shows/crash/">The Crash</a> (transcript only), from the PBS series Frontline</li></ul> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about <br /> <b>1997 Asian financial crisis</b> <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=1997+Asian+financial+crisis">Resources in your library</a></li> <li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=1997+Asian+financial+crisis&library=0CHOOSE0">Resources in other libraries</a></li> </ul></div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20121216061926/http://repository.library.georgetown.edu/handle/10822/552587">Impact on Indonesia</a> from the <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160115205405/https://repository.library.georgetown.edu/handle/10822/552494">Dean Peter Krogh Foreign Affairs Digital Archives</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20151013100555/http://fas.org/man/crs/crs-asia2.htm">Congressional Research Service report for US Congress</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140201232556/http://www.adb.org/features/12-things-know-asias-financial-sector">Asia's Financial Sector: 12 Things to Know</a> Asian Development Bank</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output 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style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a href="/wiki/Aggregate_supply" title="Aggregate supply">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a class="mw-selflink selflink">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United States">United States</a></li> <li><a href="/wiki/COVID-19_recession#Zambia" title="COVID-19 recession">Zambia</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_bubbles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_bubbles" title="Template:Financial bubbles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_bubbles" title="Template talk:Financial bubbles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_bubbles" title="Special:EditPage/Template:Financial bubbles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_bubbles" style="font-size:114%;margin:0 4em"><a href="/wiki/Economic_bubble" title="Economic bubble">Financial bubbles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a></li> <li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li> <li><a href="/wiki/Real-estate_bubble" title="Real-estate bubble">Real-estate bubble</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a> (1634–1637)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble</a> (1684–1720)</li> <li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble</a> (1711–1720)</li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal Bubble of 1769</a> (1757–1769)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Canal_Mania" title="Canal Mania">Canal Mania</a> (c. 1790–c. 1810)</li> <li><a href="/wiki/Carolina_gold_rush" title="Carolina gold rush">Carolina gold rush</a> (1802–1825)</li> <li><a href="/wiki/Alabama_real_estate_bubble_of_the_1810s" title="Alabama real estate bubble of the 1810s">1810s Alabama real estate bubble</a></li> <li><a href="/wiki/Georgia_Gold_Rush" title="Georgia Gold Rush">Georgia Gold Rush</a> (1828–c. 1840)</li> <li><a href="/wiki/Chicago_real_estate_bubble_of_the_1830s" title="Chicago real estate bubble of the 1830s">1830s Chicago real estate bubble</a></li> <li><a href="/wiki/Chilean_silver_rush" title="Chilean silver rush">Chilean silver rush</a> (1830–1850)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Railway_Mania" title="Railway Mania">Railway Mania</a> (c. 1840–c. 1850)</li> <li><a href="/wiki/California_gold_rush" title="California gold rush">California gold rush</a> (1848–1855)</li> <li><a href="/wiki/Queen_Charlottes_Gold_Rush" title="Queen Charlottes Gold Rush">Queen Charlottes Gold Rush</a> (1851)</li> <li><a href="/wiki/Victorian_gold_rush" title="Victorian gold rush">Victorian gold rush</a> (1851–c. 1870)</li> <li><a href="/wiki/New_South_Wales_gold_rush" title="New South Wales gold rush">New South Wales gold rush</a> (1851–1880)</li> <li><a href="/wiki/Australian_gold_rushes" title="Australian gold rushes">Australian gold rushes</a> (1851–1914)</li> <li><a href="/wiki/Fraser_Canyon_Gold_Rush" title="Fraser Canyon Gold Rush">Fraser Canyon Gold Rush</a> (1858)</li> <li><a href="/wiki/Pike%27s_Peak_gold_rush" title="Pike's Peak gold rush">Pike's Peak gold rush</a> (1858–1861)</li> <li><a href="/wiki/Rock_Creek_Gold_Rush" title="Rock Creek Gold Rush">Rock Creek Gold Rush</a> (1859)</li> <li><a href="/wiki/Pennsylvania_oil_rush" title="Pennsylvania oil rush">Pennsylvania oil rush</a> (1859–1891)</li> <li><a href="/wiki/Similkameen_Gold_Rush" title="Similkameen Gold Rush">Similkameen Gold Rush</a> (1860)</li> <li><a href="/wiki/Stikine_Gold_Rush" title="Stikine Gold Rush">Stikine Gold Rush</a> (1861)</li> <li><a href="/wiki/Steamboats_of_the_Colorado_River" title="Steamboats of the Colorado River">Colorado River mining boom</a> (1861–1864)</li> <li><a href="/wiki/Otago_gold_rush" title="Otago gold rush">Otago gold rush</a> (1861–1864)</li> <li><a href="/wiki/Cariboo_Gold_Rush" title="Cariboo Gold Rush">Cariboo Gold Rush</a> (1861–1867)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">First Nova Scotia Gold Rush</a> (1861–1874)</li> <li><a href="/wiki/West_Coast_gold_rush" title="West Coast gold rush">West Coast gold rush</a> (1864–1867)</li> <li><a href="/wiki/Big_Bend_Gold_Rush" title="Big Bend Gold Rush">Big Bend Gold Rush</a> (c. 1865)</li> <li><a href="/wiki/Vermilion_Lake_gold_rush" title="Vermilion Lake gold rush">Vermilion Lake gold rush</a> (1865–1867)</li> <li><a href="/wiki/Kildonan_Gold_Rush" title="Kildonan Gold Rush">Kildonan Gold Rush</a> (1869)</li> <li><a href="/wiki/Omineca_Gold_Rush" title="Omineca Gold Rush">Omineca Gold Rush</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lapland_gold_rush" title="Lapland gold rush">1870s Lapland gold rush</a></li> <li><a href="/wiki/Coromandel_Gold_Rushes" title="Coromandel Gold Rushes">Coromandel Gold Rushes</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Cassiar_Country" title="Cassiar Country">Cassiar Gold Rush</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Black_Hills_gold_rush" title="Black Hills gold rush">Black Hills gold rush</a> (1874–1880)</li> <li><a href="/wiki/Colorado_Silver_Boom" title="Colorado Silver Boom">Colorado Silver Boom</a> (1879–1893)</li> <li><a href="/wiki/Western_Australian_gold_rushes" title="Western Australian gold rushes">Western Australian gold rushes</a> (c. 1880–c. 1900)</li> <li><a href="/wiki/Indiana_gas_boom" title="Indiana gas boom">Indiana gas boom</a> (c. 1880–1903)</li> <li><a href="/wiki/Petroleum_industry_in_Ohio" title="Petroleum industry in Ohio">Ohio oil rush</a> (c. 1880–c. 1930)</li> <li><a href="/wiki/Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a> (1883–1906)</li> <li><a href="/wiki/Cayoosh_Gold_Rush" title="Cayoosh Gold Rush">Cayoosh Gold Rush</a> (1884)</li> <li><a href="/wiki/Witwatersrand_Gold_Rush" title="Witwatersrand Gold Rush">Witwatersrand Gold Rush</a> (1886)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1886–1890)</li> <li><a href="/wiki/Cripple_Creek_Gold_Rush" title="Cripple Creek Gold Rush">Cripple Creek Gold Rush</a> (c. 1890–c. 1910)</li> <li><a href="/wiki/Klondike_Gold_Rush" title="Klondike Gold Rush">Klondike Gold Rush</a> (1896–1899)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Second Nova Scotia Gold Rush</a> (1896–1903)</li> <li><a href="/wiki/Kobuk_River_Stampede" title="Kobuk River Stampede">Kobuk River Stampede</a> (1897–1899)</li> <li><a href="/wiki/Mount_Baker_gold_rush" title="Mount Baker gold rush">Mount Baker gold rush</a> (1897–c. 1925)</li> <li><a href="/wiki/Nome_Gold_Rush" title="Nome Gold Rush">Nome Gold Rush</a> (1899–1909)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (c. 1900–1918)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1901–1918)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1903–1918)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1909–1918)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">1920s Florida land boom</a> (c. 1920–1925)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1918–1945)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1918–1945)</li> <li><a href="/wiki/Kakamega_gold_rush" title="Kakamega gold rush">1930s Kakamega gold rush</a></li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Third Nova Scotia Gold Rush</a> (1932–1942)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1945–c. 1950)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1945–c. 1960)</li> <li><a href="/wiki/Poseidon_bubble" title="Poseidon bubble">Poseidon bubble</a> (1969–1970)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">The Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a></li> <li><a href="/wiki/Mexican_oil_boom" title="Mexican oil boom">Mexican oil boom</a> (1977–1981)</li> <li><a href="/wiki/Silver_Thursday" title="Silver Thursday">Silver Thursday</a> (1980)</li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (c. 1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (1982–)</li> <li><a href="/wiki/Spanish_property_bubble" title="Spanish property bubble">Spanish property bubble</a> (1985–2008)</li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> (1986–1990)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a> (1995–2000)</li> <li><a href="/wiki/Baltic_states_housing_bubble" title="Baltic states housing bubble">Baltic states housing bubble</a> (2000–2006)</li> <li><a href="/wiki/Irish_property_bubble" title="Irish property bubble">Irish property bubble</a> (c. 2000–2007)</li> <li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2000–2008)</li> <li><a href="/wiki/Danish_property_bubble_of_2000s" title="Danish property bubble of 2000s">2000s Danish property bubble</a> (2001–2006)</li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">United States housing bubble</a> (2002–2006)</li> <li><a href="/wiki/Romanian_property_bubble" title="Romanian property bubble">Romanian property bubble</a> (2002–2007)</li> <li><a href="/wiki/Polish_property_bubble" title="Polish property bubble">Polish property bubble</a> (2002–2008)</li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a> (2002–)</li> <li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">Chinese property bubble</a> (2005–2011)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2005–2008)</li></ul> <ul><li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">Chinese stock bubble of 2007</a></li> <li><a href="/wiki/Uranium_bubble_of_2007" title="Uranium bubble of 2007">Uranium bubble of 2007</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2008–2014)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2008–)</li> <li><a href="/wiki/Corporate_debt_bubble" title="Corporate debt bubble">Corporate debt bubble</a> (2008–)</li> <li><a href="/wiki/Australian_property_bubble" title="Australian property bubble">Australian property bubble</a> (2010–)</li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a> (2011–)</li> <li><a href="/wiki/Everything_bubble" title="Everything bubble">Everything bubble</a> (2020–21)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Carbon_bubble" title="Carbon bubble">Carbon bubble</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Social_media_stock_bubble" title="Social media stock bubble">Social media stock bubble</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li> <li><a href="/wiki/Higher_education_bubble_in_the_United_States" title="Higher education bubble in the United States">U.S. higher education bubble</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_Hong_Kong" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_Hong_Kong_navbox" title="Template:Economy of Hong Kong navbox"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_Hong_Kong_navbox" title="Template talk:Economy of Hong Kong navbox"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_Hong_Kong_navbox" title="Special:EditPage/Template:Economy of Hong Kong navbox"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_Hong_Kong" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_Hong_Kong" title="Economy of Hong Kong">Economy of Hong Kong</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">History</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Seamen%27s_strike_of_1922" class="mw-redirect" title="Seamen's strike of 1922">Seamen's strike of 1922</a></li> <li><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></li> <li><a href="/wiki/Four_Asian_Tigers" title="Four Asian Tigers">Four Asian Tigers</a></li> <li><a href="/wiki/Ting_Hai_effect" title="Ting Hai effect">Ting Hai effect</a></li> <li><a class="mw-selflink selflink">1997 Asian financial crisis</a></li> <li><a href="/wiki/Stock_disasters_in_Hong_Kong" class="mw-redirect" title="Stock disasters in Hong Kong">Stock disasters in Hong Kong</a></li> <li><a href="/wiki/Brand_Hong_Kong" title="Brand Hong Kong">Brand Hong Kong</a></li> <li><a href="/wiki/Positive_non-interventionism" title="Positive non-interventionism">Positive non-interventionism</a></li> <li><a href="/wiki/Taipan_(corporate_title)" title="Taipan (corporate title)">Taipan</a></li> <li><a href="/wiki/Poverty_Campaign:_Speak_Up" title="Poverty Campaign: Speak Up">Poverty Campaign: Speak Up</a></li> <li><a href="/wiki/Pearl_River_Delta" title="Pearl River Delta">Pearl River Delta</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hong_Kong_dollar" title="Hong Kong dollar">Hong Kong dollar</a></li> <li><a href="/wiki/Hong_Kong_Mint" title="Hong Kong Mint">Hong Kong Mint</a></li> <li><a href="/wiki/Hong_Kong_Note_Printing" title="Hong Kong Note Printing">Hong Kong Note Printing</a></li> <li><a href="/wiki/Banknotes_of_the_Hong_Kong_dollar" title="Banknotes of the Hong Kong dollar">Banknotes of the Hong Kong dollar</a></li> <li><a href="/wiki/Coins_of_the_Hong_Kong_dollar" title="Coins of the Hong Kong dollar">Coins of the Hong Kong dollar</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Industry and business</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_companies_of_Hong_Kong" title="List of companies of Hong Kong">List of companies of Hong Kong</a></li> <li><a href="/wiki/Agriculture_and_aquaculture_in_Hong_Kong" title="Agriculture and aquaculture in Hong Kong">Agriculture and aquaculture in Hong Kong</a></li> <li><a href="/wiki/Hong_Kong_Export_Credit_Insurance_Corporation" title="Hong Kong Export Credit Insurance Corporation">Hong Kong Export Credit Insurance Corporation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government agencies</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hong_Kong_Trade_Development_Council" title="Hong Kong Trade Development Council">Hong Kong Trade Development Council</a></li> <li><a href="/wiki/Hong_Kong_Monetary_Authority" title="Hong Kong Monetary Authority">Hong Kong Monetary Authority</a></li> <li><a href="/wiki/Commerce_and_Economic_Development_Bureau" title="Commerce and Economic Development Bureau">Commerce and Economic Development Bureau</a></li> <li><a href="/wiki/Financial_Services_and_the_Treasury_Bureau" title="Financial Services and the Treasury Bureau">Financial Services and the Treasury Bureau</a></li> <li><a href="/wiki/Trade_and_Industry_Department" title="Trade and Industry Department">Trade and Industry Department</a></li> <li><a href="/wiki/Economic_Analysis_and_Business_Facilitation_Unit" class="mw-redirect" title="Economic Analysis and Business Facilitation Unit">Office of the Government Economist</a></li> <li><a href="/wiki/Inland_Revenue_Department_(Hong_Kong)" title="Inland Revenue Department (Hong Kong)">Inland Revenue Department</a></li> <li><a href="/wiki/Agriculture,_Fisheries_and_Conservation_Department" title="Agriculture, Fisheries and Conservation Department">Agriculture, Fisheries and Conservation Department</a></li> <li><a href="/wiki/State_enterprises_in_Hong_Kong" title="State enterprises in Hong Kong">State enterprises in Hong Kong</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Employment_in_Hong_Kong" title="Employment in Hong Kong">Employment</a> and tax</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Employment_in_Hong_Kong" title="Employment in Hong Kong">Employment in Hong Kong</a></li> <li><a href="/wiki/Estate_Duty_Ordinance" title="Estate Duty Ordinance">Estate Duty Ordinance</a></li> <li><a href="/wiki/Goepfert_case" title="Goepfert case">Goepfert case</a></li> <li><a href="/wiki/Inland_Revenue_Ordinance" title="Inland Revenue Ordinance">Inland Revenue Ordinance</a></li> <li><a href="/wiki/Partnership_taxation_(Hong_Kong)" title="Partnership taxation (Hong Kong)">Partnership taxation</a></li> <li><a href="/wiki/Profits_tax_in_Hong_Kong" class="mw-redirect" title="Profits tax in Hong Kong">Profits tax</a></li> <li><a href="/wiki/Rates_in_Hong_Kong" title="Rates in Hong Kong">Rates (tax)</a></li> <li><a href="/wiki/Salaries_tax" title="Salaries tax">Salaries tax</a></li> <li><a href="/wiki/Minimum_Wage_Ordinance" title="Minimum Wage Ordinance">Minimum Wage Ordinance</a></li> <li><a href="/wiki/Stamp_Duty_Ordinance" title="Stamp Duty Ordinance">Stamp Duty Ordinance</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp duty</a></li> <li><a href="/wiki/Goods_and_Services_Tax_(Hong_Kong)" class="mw-redirect" title="Goods and Services Tax (Hong Kong)">Goods and Service Tax</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Infrastructure <br /> and <a href="/wiki/Transport_in_Hong_Kong" title="Transport in Hong Kong">Transport</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Port_of_Hong_Kong" title="Port of Hong Kong">Port of Hong Kong</a></li> <li><a href="/wiki/Hong_Kong%E2%80%93Zhuhai%E2%80%93Macau_Bridge" title="Hong Kong–Zhuhai–Macau Bridge">Hong Kong–Zhuhai–Macau Bridge</a></li> <li><a href="/wiki/Hong_Kong_International_Airport" title="Hong Kong International Airport">Hong Kong International Airport</a></li> <li><a href="/wiki/Guangzhou%E2%80%93Shenzhen%E2%80%93Hong_Kong_Express_Rail_Link" title="Guangzhou–Shenzhen–Hong Kong Express Rail Link">Guangzhou–Shenzhen–Hong Kong Express Rail Link</a></li> <li><a href="/wiki/MTR" title="MTR">MTR</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Rankings</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_rankings_of_Hong_Kong" title="International rankings of Hong Kong">International rankings of Hong Kong</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Finance and banking</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hong_Kong_Exchanges_and_Clearing" title="Hong Kong Exchanges and Clearing">Hong Kong Exchanges and Clearing</a> <ul><li><a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">The Stock Exchange of Hong Kong </a></li> <li><a href="/wiki/Hong_Kong_Futures_Exchange" title="Hong Kong Futures Exchange">Hong Kong Futures Exchange</a></li></ul></li> <li><a href="/wiki/Securities_and_Futures_Commission" title="Securities and Futures Commission">Securities and Futures Commission</a></li> <li><a href="/wiki/Linked_exchange_rate_system_in_Hong_Kong" title="Linked exchange rate system in Hong Kong">Linked exchange rate</a></li> <li><a href="/wiki/Red_chip" title="Red chip">Red chip</a></li> <li><a href="/wiki/H_share" title="H share">H share</a></li> <li><a href="/wiki/Electronic_Payment_Services" title="Electronic Payment Services">Electronic Payment Services</a></li> <li><a href="/wiki/Growth_Enterprise_Market" title="Growth Enterprise Market">Growth Enterprise Market</a></li> <li><a href="/wiki/Hong_Kong_Mercantile_Exchange" title="Hong Kong Mercantile Exchange">Hong Kong Mercantile Exchange</a></li> <li><a href="/wiki/Hang_Seng_Index" title="Hang Seng Index">Hang Seng Index</a></li> <li><a href="/wiki/Hang_Seng_China_Enterprises_Index" title="Hang Seng China Enterprises Index">Hang Seng China Enterprises Index</a></li> <li><a href="/wiki/Hang_Seng_China-Affiliated_Corporations_Index" title="Hang Seng China-Affiliated Corporations Index">Hang Seng China-Affiliated Corporations Index</a></li> <li><a href="/wiki/CSI_Cross-Straits_500_Index" title="CSI Cross-Straits 500 Index">CSI Cross-Straits 500 Index</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Agreements</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainland_and_Hong_Kong_Closer_Economic_Partnership_Arrangement" title="Mainland and Hong Kong Closer Economic Partnership Arrangement">CEPA</a></li> <li><a href="/wiki/The_Revolution_of_Ship_Registration_in_Hong_Kong" class="mw-redirect" title="The Revolution of Ship Registration in Hong Kong">Ship Registration in Hong Kong</a></li> <li><a href="/wiki/Outward_Processing_Arrangement" title="Outward Processing Arrangement">Outward Processing Arrangement</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Energy</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_power_stations_in_Hong_Kong" title="List of power stations in Hong Kong">List of power stations in Hong Kong</a></li> <li class="mw-empty-elt"></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Water_supply_in_Hong_Kong" class="mw-redirect" title="Water supply in Hong Kong">Water supply in Hong Kong</a></li> <li><a href="/wiki/Individual_Visit_Scheme" title="Individual Visit Scheme">Individual Visit Scheme</a></li> <li><a href="/wiki/Economic_freedom" title="Economic freedom">Economic freedom</a></li> <li><a href="/wiki/Four_big_families_of_Hong_Kong" title="Four big families of Hong Kong">Four big families of Hong Kong</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><i>See also:</i> <span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Economy_of_Macau" title="Economy of Macau">Economy of Macau</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Economy_of_Asia" title="Economy of Asia">Economy of Asia</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_Indonesia" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_Indonesia" title="Template:Economy of Indonesia"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_Indonesia" title="Template talk:Economy of Indonesia"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_Indonesia" title="Special:EditPage/Template:Economy of Indonesia"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_Indonesia" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_Indonesia" title="Economy of Indonesia">Economy of Indonesia</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_history_of_Indonesia" title="Economic history of Indonesia">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Benteng_program" title="Benteng program">Benteng program</a></li> <li><a href="/wiki/Berkeley_Mafia" title="Berkeley Mafia">Berkeley Mafia</a></li> <li><a class="mw-selflink selflink">Asian financial crisis</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Indonesia" class="mw-redirect" title="Economic impact of the COVID-19 pandemic in Indonesia">COVID-19 pandemic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_Indonesia" title="Bank Indonesia">Bank Indonesia</a></li> <li><a href="/wiki/Indonesian_rupiah" title="Indonesian rupiah">Indonesian rupiah</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and finance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Indonesia_Stock_Exchange" title="Indonesia Stock Exchange">Indonesia Stock Exchange</a></li> <li><a href="/wiki/QRIS" title="QRIS">QRIS</a></li> <li><a href="/wiki/List_of_banks_in_Indonesia" title="List of banks in Indonesia">Commercial banks</a></li> <li><a href="/wiki/Indonesian_regional_development_bank" title="Indonesian regional development bank">Regional development banks</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ministries and agencies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Coordinating_Ministry_for_Economic_Affairs" title="Coordinating Ministry for Economic Affairs">Coordinating Ministry for Economic Affairs</a> <ul><li><a href="/wiki/Ministry_of_Finance_(Indonesia)" title="Ministry of Finance (Indonesia)">Finance</a></li> <li><a href="/wiki/Ministry_of_Industry_(Indonesia)" title="Ministry of Industry (Indonesia)">Industry</a></li> <li><a href="/wiki/Ministry_of_Trade_(Indonesia)" title="Ministry of Trade (Indonesia)">Trade</a></li> <li><a href="/wiki/Ministry_of_Agriculture_(Indonesia)" title="Ministry of Agriculture (Indonesia)">Agriculture</a></li> <li><a href="/wiki/Ministry_of_State_Owned_Enterprises_(Indonesia)" class="mw-redirect" title="Ministry of State Owned Enterprises (Indonesia)">State Owned Enterprises</a></li> <li><a href="/wiki/Ministry_of_Manpower_(Indonesia)" title="Ministry of Manpower (Indonesia)">Manpower</a></li> <li><a href="/w/index.php?title=Ministry_of_Cooperatives_and_Small_%26_Medium_Enterprises_(Indonesia)&action=edit&redlink=1" class="new" title="Ministry of Cooperatives and Small & Medium Enterprises (Indonesia) (page does not exist)">Small & Medium Enterprises</a></li> <li><a href="/w/index.php?title=Ministry_of_Land_and_Spatial_Planning_(Indonesia)&action=edit&redlink=1" class="new" title="Ministry of Land and Spatial Planning (Indonesia) (page does not exist)">Land and Spatial Planning</a></li></ul></li> <li><a href="/wiki/Coordinating_Ministry_for_Maritime_and_Investment_Affairs" title="Coordinating Ministry for Maritime and Investment Affairs">Coordinating Ministry for Maritime and Investment Affairs</a> <ul><li><a href="/wiki/Ministry_of_Transportation_(Indonesia)" title="Ministry of Transportation (Indonesia)">Transportation</a></li> <li><a href="/wiki/Ministry_of_Marine_Affairs_and_Fisheries" title="Ministry of Marine Affairs and Fisheries">Maritime Affairs and Fisheries</a></li> <li><a href="/wiki/Ministry_of_Public_Works_and_Housing_(Indonesia)" class="mw-redirect" title="Ministry of Public Works and Housing (Indonesia)">Public Works and Housing</a></li> <li><a href="/wiki/Ministry_of_Tourism_and_Creative_Economy" title="Ministry of Tourism and Creative Economy">Tourism and Creative Economy</a></li> <li><a href="/wiki/Ministry_of_Energy_and_Mineral_Resources_(Indonesia)" class="mw-redirect" title="Ministry of Energy and Mineral Resources (Indonesia)">Energy and Mineral Resources</a></li> <li><a href="/wiki/Ministry_of_Environment_and_Forestry" title="Ministry of Environment and Forestry">Forestry</a></li> <li><a href="/wiki/Ministry_of_Investment_(Indonesia)" title="Ministry of Investment (Indonesia)">Investment</a></li></ul></li> <li><a href="/wiki/Financial_Services_Authority_(Indonesia)" title="Financial Services Authority (Indonesia)">OJK</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Agreements</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/ASEAN_Free_Trade_Area" title="ASEAN Free Trade Area">ASEAN Free Trade Area</a></li> <li><a href="/wiki/Regional_Comprehensive_Economic_Partnership" title="Regional Comprehensive Economic Partnership">Regional Comprehensive Economic Partnership</a></li> <li>Bilateral agreements <ul><li><a href="/wiki/Indonesia%E2%80%93Australia_Comprehensive_Economic_Partnership_Agreement" title="Indonesia–Australia Comprehensive Economic Partnership Agreement">Australia</a></li> <li><a href="/wiki/Chile%E2%80%93Indonesia_Comprehensive_Economic_Partnership_Agreement" title="Chile–Indonesia Comprehensive Economic Partnership Agreement">Chile</a></li> <li><a href="/wiki/Indonesia%E2%80%93Japan_Economic_Partnership_Agreement" title="Indonesia–Japan Economic Partnership Agreement">Japan</a></li> <li><a href="/wiki/Indonesia%E2%80%93Mozambique_Preferential_Trade_Agreement" title="Indonesia–Mozambique Preferential Trade Agreement">Mozambique</a></li> <li><a href="/wiki/Indonesia%E2%80%93Korea_Comprehensive_Economic_Partnership_Agreement" title="Indonesia–Korea Comprehensive Economic Partnership Agreement">South Korea</a></li> <li><a href="/wiki/Indonesia%E2%80%93Pakistan_Preferential_Trade_Agreement" title="Indonesia–Pakistan Preferential Trade Agreement">Pakistan</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Industries</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Category:Ports_and_harbours_of_Indonesia" title="Category:Ports and harbours of Indonesia">Ports</a></li> <li><a href="/wiki/Transport_in_Indonesia" title="Transport in Indonesia">Transport</a></li> <li><a href="/wiki/Tourism_in_Indonesia" title="Tourism in Indonesia">Tourism</a></li> <li><a href="/wiki/Pos_Indonesia" title="Pos Indonesia">Postal</a></li> <li><a href="/wiki/Agriculture_in_Indonesia" title="Agriculture in Indonesia">Agriculture</a> <ul><li><a href="/wiki/Coconut_production_in_Indonesia" title="Coconut production in Indonesia">Coconut</a></li> <li><a href="/wiki/Coffee_production_in_Indonesia" title="Coffee production in Indonesia">Coffee</a></li> <li><a href="/wiki/Palm_oil_production_in_Indonesia" title="Palm oil production in Indonesia">Palm oil</a></li> <li><a href="/wiki/Pulp_and_paper_industry_in_Indonesia" title="Pulp and paper industry in Indonesia">Pulp and paper</a></li> <li><a href="/wiki/Rice_production_in_Indonesia" title="Rice production in Indonesia">Rice</a></li> <li><a href="/wiki/Tea_production_in_Indonesia" title="Tea production in Indonesia">Tea</a></li> <li><a href="/wiki/Tobacco_products_in_Indonesia" title="Tobacco products in Indonesia">Tobacco</a></li></ul></li> <li><a href="/wiki/Automotive_industry_in_Indonesia" title="Automotive industry in Indonesia">Automotive</a></li> <li><a href="/wiki/Mining_in_Indonesia" class="mw-redirect" title="Mining in Indonesia">Mining</a> <ul><li><a href="/wiki/Bauxite_mining_in_Indonesia" title="Bauxite mining in Indonesia">Bauxite</a></li> <li><a href="/wiki/Coal_mining_in_Indonesia" class="mw-redirect" title="Coal mining in Indonesia">Coal</a></li> <li><a href="/wiki/Copper_mining_in_Indonesia" title="Copper mining in Indonesia">Copper</a></li> <li><a href="/wiki/Nickel_mining_in_Indonesia" title="Nickel mining in Indonesia">Nickel</a></li> <li><a href="/wiki/Tin_mining_in_Indonesia" title="Tin mining in Indonesia">Tin</a></li></ul></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Economy_of_Indonesia" title="Category:Economy of Indonesia">Category</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_Malaysia" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_Malaysia" title="Template:Economy of Malaysia"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_Malaysia" title="Template talk:Economy of Malaysia"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_Malaysia" title="Special:EditPage/Template:Economy of Malaysia"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_Malaysia" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_Malaysia" title="Economy of Malaysia">Economy of Malaysia</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_history_of_Malaysia" title="Economic history of Malaysia">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dawn_Raid_(Malaysia)" title="Dawn Raid (Malaysia)">Dawn Raid (Malaysia)</a></li> <li><a class="mw-selflink selflink">1997 Asian financial crisis</a></li> <li><a href="/wiki/Tiger_Cub_Economies" title="Tiger Cub Economies">Tiger Cub Economies</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Impact of the COVID-19 pandemic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_Negara_Malaysia" class="mw-redirect" title="Bank Negara Malaysia">Central Bank of Malaysia</a></li> <li><a href="/wiki/Malaysian_ringgit" title="Malaysian ringgit">Malaysian ringgit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and Finance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bursa_Malaysia" title="Bursa Malaysia">Kuala Lumpur Stock Exchange</a></li> <li><a href="/wiki/Islamic_banking_in_Malaysia" title="Islamic banking in Malaysia">Islamic Banking</a></li> <li><a href="/wiki/Payments_Network_Malaysia" title="Payments Network Malaysia">Payments Network Malaysia</a> (PayNet)</li> <li><a href="/wiki/Overnight_Policy_Rate" class="mw-redirect" title="Overnight Policy Rate">Overnight Policy Rate</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Government_agency" title="Government agency">Government agencies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Employees_Provident_Fund_(Malaysia)" title="Employees Provident Fund (Malaysia)">Employees Provident Fund</a></li> <li><a href="/wiki/Energy_Commission_of_Malaysia" class="mw-redirect" title="Energy Commission of Malaysia">Energy Commission of Malaysia</a></li> <li><a href="/wiki/Federal_Land_Development_Authority" title="Federal Land Development Authority">Federal Land Development Authority</a></li> <li><a href="/wiki/Khazanah_Nasional" title="Khazanah Nasional">Khazanah Nasional</a></li> <li><a href="/wiki/Permodalan_Nasional_Berhad" title="Permodalan Nasional Berhad">Permodalan Nasional Berhad</a></li> <li><a href="/wiki/Malaysian_Industrial_Development_Authority" class="mw-redirect" title="Malaysian Industrial Development Authority">Malaysian Industrial Development Authority</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Corridors and Regions</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/East_Coast_Economic_Region" title="East Coast Economic Region">East Coast Economic Region</a> (ECER)</li> <li><a href="/wiki/Iskandar_Malaysia" title="Iskandar Malaysia">Iskandar Malaysia</a> (IM)</li> <li><a href="/wiki/Labuan_International_Business_and_Financial_Centre" title="Labuan International Business and Financial Centre">Labuan International Business and Financial Centre</a> (Labuan IBFC)</li> <li><a href="/wiki/Malaysia_International_Islamic_Financial_Centre" title="Malaysia International Islamic Financial Centre">Malaysia International Islamic Financial Centre</a> (Kuala Lumpur)</li> <li><a href="/wiki/Malaysia_Vision_Valley" title="Malaysia Vision Valley">Malaysia Vision Valley</a> (MVV)</li> <li><a href="/wiki/Northern_Corridor_Economic_Region" title="Northern Corridor Economic Region">Northern Corridor Economic Region</a> (NCER)</li> <li><a href="/wiki/Port_Klang_Free_Zone" title="Port Klang Free Zone">Port Klang Free Zone</a> (PKFZ)</li> <li><a href="/wiki/Sabah_Development_Corridor" title="Sabah Development Corridor">Sabah Development Corridor</a> (SDC)</li> <li><a href="/wiki/Sarawak_Corridor_of_Renewable_Energy" title="Sarawak Corridor of Renewable Energy">Sarawak Corridor of Renewable Energy</a> (SCORE)</li> <li><a href="/w/index.php?title=South_Perak_Region&action=edit&redlink=1" class="new" title="South Perak Region (page does not exist)">South Perak Region</a> (WPS)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">States</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_Johor" title="Economy of Johor">Johor</a></li> <li><a href="/wiki/Economy_of_Penang" title="Economy of Penang">Penang</a></li> <li><a href="/wiki/Economy_of_Sarawak" title="Economy of Sarawak">Sarawak</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economic blueprint</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wawasan_2020" title="Wawasan 2020">Vision 2020</a></li> <li><a href="/wiki/Shared_Prosperity_Vision_2030" title="Shared Prosperity Vision 2030">Shared Prosperity Vision 2030</a></li> <li><a href="/wiki/Transformasi_Nasional_2050" title="Transformasi Nasional 2050">National Transformation 2050</a> (defunct)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economic co-operation</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BIMP-EAGA" class="mw-redirect" title="BIMP-EAGA">BIMP-EAGA</a></li> <li><a href="/wiki/Indonesia%E2%80%93Malaysia%E2%80%93Singapore_Growth_Triangle" class="mw-redirect" title="Indonesia–Malaysia–Singapore Growth Triangle">Indonesia–Malaysia–Singapore Growth Triangle</a></li> <li><a href="/wiki/Indonesia%E2%80%93Malaysia%E2%80%93Thailand_Growth_Triangle" title="Indonesia–Malaysia–Thailand Growth Triangle">Indonesia–Malaysia–Thailand Growth Triangle</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies and Programs</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Malaysian_New_Economic_Policy" title="Malaysian New Economic Policy">Malaysian New Economic Policy</a> (NEP)</li> <li><a href="/wiki/National_Development_Policy" title="National Development Policy">National Development Policy</a> (NDP)</li> <li><a href="/wiki/New_Economic_Model" title="New Economic Model">New Economic Model</a> (NEM)</li> <li><a href="/wiki/Government_Transformation_Programme_(Malaysia)" title="Government Transformation Programme (Malaysia)">Government Transformation Programme</a> (GTP)</li> <li><a href="/wiki/Economic_Transformation_Programme" title="Economic Transformation Programme">Economic Transformation Programme</a> (ETP)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Agreements</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Malaysia%E2%80%93European_Union_Free_Trade_Agreement" title="Malaysia–European Union Free Trade Agreement">Malaysia–European Union Free Trade Agreement</a></li> <li><a href="/wiki/Malaysia%E2%80%93New_Zealand_Free_Trade_Agreement" title="Malaysia–New Zealand Free Trade Agreement">Malaysia–New Zealand Free Trade Agreement</a></li> <li><a href="/wiki/Malaysia%E2%80%93United_States_Free_Trade_Agreement" title="Malaysia–United States Free Trade Agreement">Malaysia–United States Free Trade Agreement</a></li> <li><a href="/wiki/Regional_Comprehensive_Economic_Partnership" title="Regional Comprehensive Economic Partnership">Regional Comprehensive Economic Partnership</a> (RCEP)</li> <li><a href="/wiki/Comprehensive_and_Progressive_Agreement_for_Trans-Pacific_Partnership" title="Comprehensive and Progressive Agreement for Trans-Pacific Partnership">Comprehensive and Progressive Agreement for Trans-Pacific Partnership</a> (CPTPP)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Industries</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Category:Ports_and_harbours_of_Malaysia" title="Category:Ports and harbours of Malaysia">Ports</a></li> <li><a href="/wiki/Transport_in_Malaysia" title="Transport in Malaysia">Transport</a></li> <li><a href="/wiki/Tourism_in_Malaysia" title="Tourism in Malaysia">Tourism</a></li> <li><a href="/wiki/Pos_Malaysia" title="Pos Malaysia">Postal</a></li> <li><a href="/wiki/Agriculture_in_Malaysia" title="Agriculture in Malaysia">Agriculture</a> <ul><li><a href="/wiki/Palm_oil_production_in_Malaysia" title="Palm oil production in Malaysia">Palm oil production</a></li></ul></li> <li><a href="/wiki/Automotive_industry_in_Malaysia" title="Automotive industry in Malaysia">Automotive</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_Malaysia_states_by_GDP" class="mw-redirect" title="List of Malaysia states by GDP">List of Malaysia states by GDP</a></li> <li><a href="/wiki/List_of_Malaysian_states_and_municipalities_by_exports" title="List of Malaysian states and municipalities by exports">List of Malaysian states and municipalities by exports</a></li> <li><a href="/wiki/Poverty_in_Malaysia" title="Poverty in Malaysia">Poverty in Malaysia</a></li> <li><a href="/wiki/Goods_and_Services_Tax_(Malaysia)" title="Goods and Services Tax (Malaysia)">Goods and services tax in Malaysia</a></li> <li><a href="/wiki/Bamboo_network" title="Bamboo network">Bamboo network</a></li> <li><a href="/wiki/Subsidy_reform_in_Malaysia" title="Subsidy reform in Malaysia">Subsidy reform in Malaysia</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Economy_of_Malaysia" title="Category:Economy of Malaysia">Category</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_China" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_China" title="Template:Economy of China"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_China" title="Template talk:Economy of China"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_China" title="Special:EditPage/Template:Economy of China"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_China" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_China" title="Economy of China">Economy of China</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Companies_of_China" title="Category:Companies of China">Companies of China</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Economic_history_of_the_People%27s_Republic_of_China" title="Category:Economic history of the People's Republic of China">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_history_of_China_(1949%E2%80%93present)" title="Economic history of China (1949–present)">History</a></li> <li><a href="/wiki/Chinese_economic_reform" title="Chinese economic reform">Reform</a></li> <li><a href="/wiki/Five-year_plans_of_China" title="Five-year plans of China">Five-year plans</a></li> <li><a href="/wiki/Industrialization_of_China" title="Industrialization of China">Industrial Revolution</a></li> <li><a href="/wiki/Iron_rice_bowl" title="Iron rice bowl">Iron rice bowl</a></li> <li><a href="/wiki/Three-anti_and_Five-anti_Campaigns" title="Three-anti and Five-anti Campaigns">Three-anti and Five-anti Campaigns</a></li> <li><a href="/wiki/Great_Leap_Forward" title="Great Leap Forward">Great Leap Forward</a></li> <li><a href="/wiki/Four_Modernizations" title="Four Modernizations">Four Modernizations</a></li> <li><a href="/wiki/Socialist_market_economy" title="Socialist market economy">Socialist market economy</a></li> <li><a href="/wiki/Deng_Xiaoping%27s_southern_tour" title="Deng Xiaoping's southern tour">Deng Xiaoping's southern tour</a></li> <li>"<a href="/wiki/Grasping_the_large,_letting_go_of_the_small" title="Grasping the large, letting go of the small">Grasping the large, letting go of the small</a>"</li> <li><a href="/wiki/Scientific_Outlook_on_Development" title="Scientific Outlook on Development">Scientific Outlook on Development</a></li> <li><a href="/wiki/Historical_GDP_of_China" title="Historical GDP of China">Historical GDP</a></li> <li><a href="/wiki/Population_history_of_China" title="Population history of China">Population history</a></li> <li><a href="/wiki/Wage_reform_in_China,_1949%E2%80%931976" title="Wage reform in China, 1949–1976">1949–1976 wage reform</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Industry_in_China" title="Category:Industry in China">Industries</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Industry_of_China" title="Industry of China">Industry</a> <ul><li><a href="/wiki/Technological_and_industrial_history_of_China" title="Technological and industrial history of China">history</a></li></ul></li> <li><a href="/wiki/Advanced_materials_industry_in_China" title="Advanced materials industry in China">Advanced materials</a></li> <li><a href="/wiki/Aquaculture_in_China" title="Aquaculture in China">Aquaculture</a></li> <li><a href="/wiki/Automotive_industry_in_China" title="Automotive industry in China">Automotive</a></li> <li><a href="/wiki/Civil_aviation_in_China" title="Civil aviation in China">Aviation</a></li> <li><a href="/wiki/Aviation_Industry_Corporation_of_China" title="Aviation Industry Corporation of China">Aircraft</a></li> <li><a href="/wiki/China_Aerospace_Science_and_Technology_Corporation" title="China Aerospace Science and Technology Corporation">Aerospace</a></li> <li><a href="/wiki/Beer_in_China" title="Beer in China">Beer</a></li> <li><a href="/wiki/Biotechnology_industry_in_China" title="Biotechnology industry in China">Biotechnology</a></li> <li><a href="/wiki/Business_process_outsourcing_in_China" title="Business process outsourcing in China">Business process outsourcing</a></li> <li><a href="/wiki/Cement_industry_in_China" title="Cement industry in China">Cement</a></li> <li><a href="/wiki/Coffee_production_in_China" title="Coffee production in China">Coffee</a></li> <li><a href="/wiki/Container_industry_in_China" title="Container industry in China">Container</a></li> <li><a href="/wiki/China_Cotton_Association" title="China Cotton Association">Cotton</a></li> <li><a href="/wiki/Electric_motor_manufacturing_industry_in_China" title="Electric motor manufacturing industry in China">Electric motor</a></li> <li><a href="/wiki/Electricity_sector_in_China" title="Electricity sector in China">Electric power</a></li> <li><a href="/wiki/Electronics_industry_in_China" title="Electronics industry in China">Electronics</a></li> <li><a href="/wiki/Cinema_of_China" title="Cinema of China">Film</a></li> <li><a href="/wiki/Fishing_industry_in_China" title="Fishing industry in China">Fishing</a></li> <li><a href="/wiki/Gambling_in_China" title="Gambling in China">Gambling</a></li> <li><a href="/wiki/Hedge_fund_industry_in_China" title="Hedge fund industry in China">Hedge fund</a></li> <li><a href="/wiki/Internet_in_China" title="Internet in China">Internet</a></li> <li><a href="/wiki/Mass_media_in_China" title="Mass media in China">Media</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Mining_in_China" title="Category:Mining in China">Mining</a> <ul><li><a href="/wiki/Gold_mining_in_China" title="Gold mining in China">gold mining</a></li></ul></li> <li><a href="/wiki/Mobile_phone_industry_in_China" title="Mobile phone industry in China">Mobile phone</a></li> <li><a href="/wiki/Online_gaming_in_China" class="mw-redirect" title="Online gaming in China">Online gaming</a></li> <li><a href="/wiki/Pearl_farming_industry_in_China" title="Pearl farming industry in China">Pearl farming</a></li> <li><a href="/wiki/Pharmaceutical_industry_in_China" title="Pharmaceutical industry in China">Pharmaceuticals</a> and <a href="/wiki/Pharmacy_in_China" title="Pharmacy in China">pharmacy</a></li> <li><a href="/wiki/Publishing_industry_in_China" title="Publishing industry in China">Publishing</a> and <a href="/wiki/Academic_publishing_in_China" title="Academic publishing in China">academic publishing</a></li> <li><a href="/wiki/Radio_in_China" title="Radio in China">Radio</a></li> <li>Railway <ul><li><a href="/wiki/Railway_equipment_industry_in_China" title="Railway equipment industry in China">equipment industry</a></li></ul></li> <li><a href="/wiki/Rare_earth_industry_in_China" title="Rare earth industry in China">Rare earth</a></li> <li><a href="/wiki/Real_estate_in_China" title="Real estate in China">Real estate</a></li> <li><a href="/wiki/Renewable_energy_in_China" title="Renewable energy in China">Renewable energy</a></li> <li><a href="/wiki/Securities_industry_in_China" title="Securities industry in China">Securities</a></li> <li><a href="/wiki/Sex_toy_industry_in_China" title="Sex toy industry in China">Sex toys</a></li> <li><a href="/wiki/Shipping_industry_of_China" title="Shipping industry of China">Shipping</a></li> <li><a href="/wiki/Silk_industry_in_China" title="Silk industry in China">Silk</a></li> <li><a href="/wiki/Software_industry_in_China" title="Software industry in China">Software</a></li> <li><a href="/wiki/Steel_industry_in_China" title="Steel industry in China">Steel</a></li> <li><a href="/wiki/Telecommunications_industry_in_China" title="Telecommunications industry in China">Telecommunications</a></li> <li><a href="/wiki/Television_in_China" title="Television in China">Television</a> <ul><li><a href="/wiki/Television_in_China" title="Television in China">digital</a></li></ul></li> <li><a href="/wiki/Tourism_in_China" title="Tourism in China">Tourism</a></li> <li><a href="/wiki/Textile_industry_in_China" title="Textile industry in China">Textiles</a></li> <li><a href="/wiki/Video_gaming_in_China" class="mw-redirect" title="Video gaming in China">Video gaming</a></li> <li><a href="/wiki/Wine_in_China" title="Wine in China">Wine</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/National_Economic_and_Technological_Development_Zones" title="National Economic and Technological Development Zones">Development Zones</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dalian_Software_Park" title="Dalian Software Park">Dalian Software Park</a></li> <li><a href="/wiki/Megalopolises_in_China" title="Megalopolises in China">Megalopolises in China </a></li> <li><a href="/wiki/Special_economic_zones_of_China" title="Special economic zones of China">Special Economic Zones</a></li> <li><a href="/wiki/Suzhou_Industrial_Park" title="Suzhou Industrial Park">Suzhou Industrial Park</a></li> <li><a href="/wiki/Zhangjiang_Hi-Tech_Park" title="Zhangjiang Hi-Tech Park">Zhangjiang Hi-Tech Park</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Energy_in_China" title="Category:Energy in China">Energy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Energy_policy_of_China" title="Energy policy of China">Energy policy</a></li> <li><a href="/wiki/Coal_in_China" title="Coal in China">Coal</a></li> <li><a href="/wiki/Petroleum_industry_in_China" title="Petroleum industry in China">Oil</a> <ul><li><a href="/wiki/Oil_shale_in_China" title="Oil shale in China">Oil shale</a></li> <li><a href="/wiki/Oil_refineries_in_China" class="mw-redirect" title="Oil refineries in China">Oil refineries</a></li></ul></li> <li><a href="/wiki/Nuclear_power_in_China" title="Nuclear power in China">Nuclear</a></li> <li><a href="/wiki/Renewable_energy_in_China" title="Renewable energy in China">Renewable</a> <ul><li><a href="/wiki/Wind_power_in_China" title="Wind power in China">Wind</a></li> <li><a href="/wiki/Solar_power_in_China" title="Solar power in China">Solar</a></li> <li><a href="/wiki/Geothermal_power_in_China" title="Geothermal power in China">Geothermal</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Trade_in_China" title="Category:Trade in China">Trade</a> and <a href="/wiki/Category:Infrastructure_in_China" title="Category:Infrastructure in China">infrastructure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/History_of_trade_for_the_People%27s_Republic_of_China" class="mw-redirect" title="History of trade for the People's Republic of China">Trade history</a></li> <li><a href="/wiki/The_China_World_Trade_Center" class="mw-redirect" title="The China World Trade Center">World Trade Center</a></li> <li><a href="/wiki/Transport_in_China" title="Transport in China">Transport</a></li> <li><a href="/wiki/Telecommunications_in_China" title="Telecommunications in China">Communications</a></li> <li><a href="/wiki/Postage_stamps_and_postal_history_of_China" title="Postage stamps and postal history of China">Postal history</a></li> <li><a href="/wiki/Tourism_in_China" title="Tourism in China">Tourism</a></li> <li><a href="/wiki/Chinese_shipping" class="mw-redirect" title="Chinese shipping">Shipping</a></li> <li><a href="/wiki/Illegal_drug_trade_in_China" title="Illegal drug trade in China">Illegal drug trade</a></li> <li><a href="/wiki/Hong_Kong_Trade_Development_Council" title="Hong Kong Trade Development Council">Hong Kong Trade Development Council</a></li> <li><a href="/wiki/Ports_of_China" class="mw-redirect" title="Ports of China">Ports</a></li> <li><a href="/wiki/Water_supply_and_sanitation_in_China" title="Water supply and sanitation in China">Water supply and sanitation</a></li> <li><a href="/wiki/List_of_exports_of_China" title="List of exports of China">Exports</a></li> <li><a href="/wiki/List_of_the_largest_trading_partners_of_China" title="List of the largest trading partners of China">Trading partners</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;">Law and regulations</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Taxation_in_China" title="Taxation in China">Tax system</a></li> <li><a href="/wiki/Labour_Contract_Law_of_the_People%27s_Republic_of_China" title="Labour Contract Law of the People's Republic of China">Labor contract law</a></li> <li><a href="/wiki/Labor_relations_in_China" title="Labor relations in China">Labor relations</a></li> <li><a href="/wiki/Food_safety_in_China" title="Food safety in China">Food safety</a></li> <li><a href="/wiki/Intellectual_property_in_China" title="Intellectual property in China">Intellectual property</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Finance_in_China" title="Category:Finance in China">Finance</a> and <a href="/wiki/Category:Banking_in_China" title="Category:Banking in China">banking</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Accounting_in_China" title="Category:Accounting in China">Accounting</a></li> <li><a href="/wiki/Banking_in_China" title="Banking in China">Banking</a> <ul><li><a href="/wiki/History_of_banking_in_China" title="History of banking in China">History</a></li> <li><a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">Central bank</a></li> <li><a href="/wiki/List_of_banks_in_China" title="List of banks in China">Other banks</a></li></ul></li> <li><a href="/wiki/Beijing_Financial_Street" title="Beijing Financial Street">Beijing Financial Street</a></li> <li><a href="/wiki/Chinese_financial_system" class="mw-redirect" title="Chinese financial system">Financial system</a></li> <li><a href="/wiki/China_Banknote_Printing_and_Minting_Corporation" title="China Banknote Printing and Minting Corporation">China Banknote Printing and Minting Corporation</a></li> <li><a href="/wiki/China_Chengtong_Holdings_Group" title="China Chengtong Holdings Group">China Chengtong Holdings Group</a></li> <li><a href="/wiki/China_Government_Guidance_Fund" title="China Government Guidance Fund">China Government Guidance Fund</a> <ul><li><a href="/wiki/China-Africa_Development_Fund" title="China-Africa Development Fund">China-Africa Development Fund</a></li> <li><a href="/wiki/China_Integrated_Circuit_Industry_Investment_Fund" title="China Integrated Circuit Industry Investment Fund">China Integrated Circuit Industry Investment Fund</a></li> <li><a href="/wiki/China_Internet_Investment_Fund" title="China Internet Investment Fund">China Internet Investment Fund</a></li> <li><a href="/wiki/China_Reform_Holdings_Corporation" title="China Reform Holdings Corporation">China Reform Holdings Corporation</a></li> <li><a href="/wiki/National_Fund_for_Technology_Transfer_and_Commercialisation" title="National Fund for Technology Transfer and Commercialisation">National Fund for Technology Transfer and Commercialisation</a></li></ul></li> <li><a href="/wiki/China_Investment_Corporation" title="China Investment Corporation">China Investment Corporation</a></li> <li><a href="/wiki/CITIC_Group" title="CITIC Group">CITIC Group</a></li> <li><a href="/wiki/Financial_services_in_China" title="Financial services in China">Financial services</a></li> <li><a href="/wiki/Renminbi" title="Renminbi">Renminbi</a></li> <li><a href="/wiki/Foreign_exchange_reserves_of_China" class="mw-redirect" title="Foreign exchange reserves of China">Foreign exchange reserve</a></li> <li><a href="/wiki/Hedge_fund_industry_in_China" title="Hedge fund industry in China">Hedge fund industry</a></li> <li>Stock Exchanges <ul><li><a href="/wiki/Dalian_Commodity_Exchange" title="Dalian Commodity Exchange">Dalian Commodity Exchange</a></li> <li><a href="/wiki/National_Equities_Exchange_and_Quotations" title="National Equities Exchange and Quotations">National Equities Exchange and Quotations</a> <ul><li><a href="/wiki/Beijing_Stock_Exchange" title="Beijing Stock Exchange">Beijing Stock Exchange</a></li></ul></li> <li><a href="/wiki/Shanghai_Stock_Exchange" title="Shanghai Stock Exchange">Shanghai Stock Exchange</a> <ul><li><a href="/wiki/SSE_Composite_Index" title="SSE Composite Index">SSE Composite Index</a></li></ul></li> <li><a href="/wiki/Shanghai_Metal_Exchange" class="mw-redirect" title="Shanghai Metal Exchange">Shanghai Metal Exchange</a></li> <li><a href="/wiki/Stock_Exchange_Executive_Council" title="Stock Exchange Executive Council">Stock Exchange Executive Council</a></li> <li><a href="/wiki/Shenzhen_Stock_Exchange" title="Shenzhen Stock Exchange">Shenzhen Stock Exchange</a> <ul><li><a href="/wiki/SZSE_Component_Index" title="SZSE Component Index">SZSE Component Index</a></li></ul></li> <li><a href="/wiki/Zhengzhou_Commodity_Exchange" title="Zhengzhou Commodity Exchange">Zhengzhou Commodity Exchange</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Economy_of_China" title="Category:Economy of China">Government institutions</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/All-China_Federation_of_Industry_and_Commerce" title="All-China Federation of Industry and Commerce">All-China Federation of Industry and Commerce</a></li> <li><a href="/wiki/All-China_Federation_of_Trade_Unions" title="All-China Federation of Trade Unions">All-China Federation of Trade Unions</a></li> <li><a href="/wiki/China_Council_for_the_Promotion_of_International_Trade" title="China Council for the Promotion of International Trade">China Council for the Promotion of International Trade</a></li> <li><a href="/wiki/China_Securities_Regulatory_Commission" title="China Securities Regulatory Commission">China Securities Regulatory Commission</a></li> <li><a href="/wiki/General_Administration_of_Customs" title="General Administration of Customs">General Administration of Customs</a></li> <li><a href="/wiki/Ministry_of_Commerce_of_the_People%27s_Republic_of_China" class="mw-redirect" title="Ministry of Commerce of the People's Republic of China">Ministry of Commerce</a></li> <li><a href="/wiki/Ministry_of_Finance_of_the_People%27s_Republic_of_China" class="mw-redirect" title="Ministry of Finance of the People's Republic of China">Ministry of Finance</a></li> <li><a href="/wiki/Ministry_of_Industry_and_Information_Technology" title="Ministry of Industry and Information Technology">Ministry of Industry and Information Technology</a></li> <li><a href="/wiki/National_Financial_Regulatory_Administration_(China)" class="mw-redirect" title="National Financial Regulatory Administration (China)">National Financial Regulatory Administration</a></li> <li><a href="/wiki/National_Bureau_of_Statistics_of_China" title="National Bureau of Statistics of China">National Bureau of Statistics of China</a></li> <li><a href="/wiki/National_Development_and_Reform_Commission" title="National Development and Reform Commission">National Development and Reform Commission</a></li> <li><a href="/wiki/National_Energy_Commission" title="National Energy Commission">National Energy Commission</a></li> <li><a href="/wiki/State-owned_Assets_Supervision_and_Administration_Commission" class="mw-redirect" title="State-owned Assets Supervision and Administration Commission">State-owned Assets Supervision and Administration Commission</a></li> <li><a href="/wiki/State_Administration_for_Market_Regulation" title="State Administration for Market Regulation">State Administration for Market Regulation</a></li> <li><a href="/wiki/State_Administration_of_Foreign_Exchange" title="State Administration of Foreign Exchange">State Administration of Foreign Exchange</a></li> <li><a href="/wiki/State_Administration_of_Taxation" class="mw-redirect" title="State Administration of Taxation">State Administration of Taxation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Economic_development_in_China" title="Category:Economic development in China">Development</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_rankings_of_China" title="International rankings of China">International rankings</a></li> <li><a href="/wiki/Social_welfare_in_China" class="mw-redirect" title="Social welfare in China">Social welfare</a></li> <li><a href="/wiki/Poverty_in_China" title="Poverty in China">Poverty</a></li> <li><a href="/wiki/Corruption_in_China" title="Corruption in China">Corruption</a></li> <li><a href="/wiki/Income_inequality_in_China" title="Income inequality in China">Income inequality</a></li> <li><a href="/wiki/Standard_of_living_in_China" title="Standard of living in China">Standard of living</a></li> <li><a href="/wiki/Foreign_aid_to_China" title="Foreign aid to China">Foreign aid</a></li> <li><a href="/wiki/Urbanization_in_China" title="Urbanization in China">Urbanization</a></li> <li><a href="/wiki/Migration_in_China" title="Migration in China">Internal migration</a></li> <li><a href="/wiki/Chinese_emigration" title="Chinese emigration">Emigration</a></li> <li><a href="/wiki/Rural_credit_cooperative" title="Rural credit cooperative">Rural credit cooperative</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;">National economic initiatives</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beijing_Consensus" title="Beijing Consensus">Beijing Consensus</a></li> <li><a href="/wiki/Belt_and_Road_Initiative" title="Belt and Road Initiative">Belt and Road Initiative</a></li> <li><a href="/wiki/Common_prosperity" title="Common prosperity">Common prosperity</a></li> <li><a href="/wiki/Dual_circulation" title="Dual circulation">Dual circulation</a></li> <li><a href="/wiki/Go_Out_policy" title="Go Out policy">Go Out policy</a></li> <li><a href="/wiki/Made_in_China_2025" title="Made in China 2025">Made in China 2025</a></li> <li><a href="/wiki/Youth_Business_China" title="Youth Business China">Youth Business China</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/List_of_regions_of_China" title="List of regions of China">Regional economic initiatives</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asian_Infrastructure_Investment_Bank" title="Asian Infrastructure Investment Bank">Asian Infrastructure Investment Bank</a></li> <li><a href="/wiki/Beibu_Gulf_Economic_Rim" title="Beibu Gulf Economic Rim">Beibu Gulf Economic Rim</a></li> <li><a href="/wiki/Bohai_Economic_Rim" title="Bohai Economic Rim">Bohai Economic Rim</a></li> <li><a href="/wiki/China_Western_Development" title="China Western Development">China Western Development</a></li> <li><a href="/wiki/Guangdong%E2%80%93Hong_Kong%E2%80%93Macau_Greater_Bay_Area" class="mw-redirect" title="Guangdong–Hong Kong–Macau Greater Bay Area">Guangdong–Hong Kong–Macau Greater Bay Area</a></li> <li><a href="/wiki/Mainland_and_Hong_Kong_Closer_Economic_Partnership_Arrangement" title="Mainland and Hong Kong Closer Economic Partnership Arrangement">Mainland and Hong Kong Closer Economic Partnership Arrangement</a></li> <li><a href="/wiki/Mainland_and_Macau_Closer_Economic_Partnership_Arrangement" title="Mainland and Macau Closer Economic Partnership Arrangement">Mainland and Macau Closer Economic Partnership Arrangement</a></li> <li><a href="/wiki/Northeast_China_Revitalization" class="mw-redirect" title="Northeast China Revitalization">Northeast China Revitalization</a></li> <li><a href="/wiki/Pearl_River_Delta_Economic_Zone" title="Pearl River Delta Economic Zone">Pearl River Delta Economic Zone</a></li> <li><a href="/wiki/Regional_Comprehensive_Economic_Partnership" title="Regional Comprehensive Economic Partnership">Regional Comprehensive Economic Partnership</a></li> <li><a href="/wiki/Rise_of_Central_China_Plan" title="Rise of Central China Plan">Rise of Central China Plan</a></li> <li><a href="/wiki/Western_Taiwan_Straits_Economic_Zone" title="Western Taiwan Straits Economic Zone">Western Taiwan Straits Economic Zone</a></li> <li><a href="/wiki/Yangtze_River_Delta_Economic_Zone" class="mw-redirect" title="Yangtze River Delta Economic Zone">Yangtze River Delta Economic Zone</a></li> <li><a href="/wiki/Zhongyuan_Economic_Zone" title="Zhongyuan Economic Zone">Zhongyuan Economic Zone</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:Economic_history_of_the_People%27s_Republic_of_China" title="Category:Economic history of the People's Republic of China">Events</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">2005–2011 property bubble</a></li> <li><a href="/wiki/2007_Chinese_export_recalls" title="2007 Chinese export recalls">2007 export</a> / <a href="/wiki/2007_pet_food_recalls" title="2007 pet food recalls">pet food recalls</a></li> <li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 stock bubble</a></li> <li><a href="/wiki/2007_Chinese_slave_scandal" title="2007 Chinese slave scandal">2007 slave scandal</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">2008–2009 economic stimulus plan</a></li> <li><a href="/wiki/Expo_2010" title="Expo 2010">2010 Expo</a></li> <li><a href="/wiki/2015%E2%80%9316_Chinese_stock_market_turbulence" class="mw-redirect" title="2015–16 Chinese stock market turbulence">2015–16 stock market turbulence</a></li> <li><a href="/wiki/Chinese_protein_export_contamination" class="mw-redirect" title="Chinese protein export contamination">Protein export contamination</a></li> <li><a href="/wiki/China%E2%80%93United_States_trade_war" title="China–United States trade war">China–United States trade war</a></li> <li><a href="/wiki/2020%E2%80%932021_Xi_Jinping_Administration_reform_spree" title="2020–2021 Xi Jinping Administration reform spree">2020–2021 reform spree</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background:linen;"><a href="/wiki/Category:China" title="Category:China">Related topics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agriculture_in_China" title="Agriculture in China">Agriculture</a></li> <li><a href="/wiki/Bankruptcy_in_China" title="Bankruptcy in China">Bankruptcy</a></li> <li><a href="/wiki/List_of_companies_of_China" title="List of companies of China">Companies</a> <ul><li><a href="/wiki/List_of_largest_Chinese_companies" title="List of largest Chinese companies">Largest</a></li> <li><a href="/wiki/Top_500_Enterprises_of_China" title="Top 500 Enterprises of China">Top 500</a></li> <li><a href="/wiki/List_of_State-owned_enterprises_in_China" class="mw-redirect" title="List of State-owned enterprises in China">Largest SOEs</a></li></ul></li> <li><i><a href="/wiki/The_Hongs" class="mw-redirect" title="The Hongs">The Hongs</a></i></li> <li><a href="/wiki/Demographics_of_China" title="Demographics of China">Demographics</a></li> <li><a href="/wiki/Globalization_in_China" title="Globalization in China">Globalization</a> <ul><li><a href="/wiki/Globalization_and_women_in_China" title="Globalization and women in China">Globalization and women</a></li></ul></li> <li><a href="/wiki/National_Standards_of_the_People%27s_Republic_of_China" title="National Standards of the People's Republic of China">National Standards</a></li> <li><a href="/wiki/China_Compulsory_Certificate" title="China Compulsory Certificate">China Compulsory Certificate</a></li> <li><i><a href="/wiki/Made_in_China" title="Made in China">Made in China</a></i></li> <li><a href="/wiki/Mingong" title="Mingong">Mingong</a></li> <li><a href="/wiki/List_of_Chinese_by_net_worth" title="List of Chinese by net worth">List of Chinese by net worth</a></li> <li><a href="/wiki/Category:Chinese_economists" title="Category:Chinese economists">Chinese economists</a></li> <li><a href="/wiki/Science_and_technology_in_China" title="Science and technology in China">Science and technology</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><i><b>See also:</b></i> <span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Economy_of_China" title="Category:Economy of China">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_China" title="Outline of China">Outline of China</a></li> <li><a href="/wiki/Economy_of_East_Asia" title="Economy of East Asia">Economy of East Asia</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_South_Korea" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economy_of_South_Korea" title="Template:Economy of South Korea"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economy_of_South_Korea" title="Template talk:Economy of South Korea"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economy_of_South_Korea" title="Special:EditPage/Template:Economy of South Korea"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economy_of_South_Korea" style="font-size:114%;margin:0 4em"><a href="/wiki/Economy_of_South_Korea" title="Economy of South Korea">Economy of South Korea</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_history_of_South_Korea" class="mw-redirect" title="Economic history of South Korea">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Five-Year_Plans_of_South_Korea" title="Five-Year Plans of South Korea">Five-Year Plans of South Korea</a></li> <li><a href="/wiki/Heavy-Chemical_Industry_Drive" title="Heavy-Chemical Industry Drive">Heavy-Chemical Industry Drive</a></li> <li><a href="/wiki/Miracle_on_the_Han_River" title="Miracle on the Han River">Miracle on the Han River</a></li> <li><a href="/wiki/Four_Asian_Tigers" title="Four Asian Tigers">Four Asian Tigers</a></li> <li><a class="mw-selflink selflink">1997 Asian financial crisis</a></li> <li><a href="/wiki/2019%E2%80%932020_Japan%E2%80%93South_Korea_trade_dispute" class="mw-redirect" title="2019–2020 Japan–South Korea trade dispute">South Korea–Japan trade dispute</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/South_Korean_won_(1945%E2%80%931953)" title="South Korean won (1945–1953)">Won (1945–1953)</a></li> <li><a href="/wiki/South_Korean_hwan" title="South Korean hwan">Hwan (1953–1962)</a></li> <li><a href="/wiki/South_Korean_won" title="South Korean won">Won (1962–)</a></li> <li><a href="/wiki/Korea_Minting_and_Security_Printing_Corporation" title="Korea Minting and Security Printing Corporation">Korea Minting and Security Printing Corporation</a></li> <li><a href="/wiki/Bank_of_Korea" title="Bank of Korea">Bank of Korea</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Industry</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agriculture_in_South_Korea" title="Agriculture in South Korea">Agriculture</a> <ul><li><a href="/wiki/Rice_production_in_South_Korea" title="Rice production in South Korea">Rice production</a></li></ul></li> <li><a href="/wiki/Automotive_industry_in_South_Korea" title="Automotive industry in South Korea">Automotive</a></li> <li><a href="/wiki/Cinema_of_South_Korea" title="Cinema of South Korea">Film</a></li> <li><a href="/wiki/Defense_industry_of_South_Korea" title="Defense industry of South Korea">Defense</a></li> <li><a href="/wiki/Financial_services_in_South_Korea" title="Financial services in South Korea">Financial services</a></li> <li><a href="/wiki/Fishing_industry_in_South_Korea" title="Fishing industry in South Korea">Fishing</a></li> <li><a href="/wiki/List_of_markets_in_South_Korea" title="List of markets in South Korea">Markets</a></li> <li><a href="/wiki/Retailing_in_South_Korea" title="Retailing in South Korea">Retailing</a></li> <li><a href="/wiki/Science_and_technology_in_South_Korea" title="Science and technology in South Korea">Science and technology</a></li> <li><a href="/wiki/Semiconductor_industry_in_South_Korea" title="Semiconductor industry in South Korea">Semiconductor</a></li> <li><a href="/wiki/Tourism_in_South_Korea" title="Tourism in South Korea">Tourism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Labor</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_inequality_in_South_Korea" title="Economic inequality in South Korea">Inequality</a></li> <li><a href="/wiki/Labor_movement_of_South_Korea" title="Labor movement of South Korea">Labor movement</a></li> <li><a href="/wiki/Poverty_in_South_Korea" title="Poverty in South Korea">Poverty</a></li> <li><a href="/wiki/Trade_unions_in_South_Korea" title="Trade unions in South Korea">Trade unions</a></li> <li><a href="/wiki/Unemployment_in_South_Korea" title="Unemployment in South Korea">Unemployment</a> <ul><li><a href="/wiki/Youth_unemployment_in_South_Korea" title="Youth unemployment in South Korea">Youth unemployment</a></li></ul></li> <li><a href="/wiki/Work%E2%80%93life_balance_in_South_Korea" title="Work–life balance in South Korea">Work-life balance</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Energy</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Energy_in_South_Korea" title="Energy in South Korea">Energy</a></li> <li><a href="/wiki/Nuclear_power_in_South_Korea" title="Nuclear power in South Korea">Nuclear power</a></li> <li><a href="/wiki/Trans-Korea_Pipeline" title="Trans-Korea Pipeline">Trans-Korea Pipeline</a></li> <li><a href="/wiki/South%E2%80%93North_Pipeline_Korea" title="South–North Pipeline Korea">South–North Pipeline Korea</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Finance</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Korea_Exchange" title="Korea Exchange">Korea Exchange</a> <ul><li><a href="/wiki/KOSPI" title="KOSPI">KOSPI</a></li> <li><a href="/wiki/KOSDAQ" title="KOSDAQ">KOSDAQ</a></li></ul></li> <li><a href="/wiki/List_of_banks_in_South_Korea" title="List of banks in South Korea">Banks</a></li> <li><a href="/wiki/Korea_Deposit_Insurance_Corporation" title="Korea Deposit Insurance Corporation">Korea Deposit Insurance Corporation</a></li> <li><a href="/wiki/Korea_Financial_Investment_Association" title="Korea Financial Investment Association">Korea Financial Investment Association</a></li> <li><a href="/wiki/Kimchi_bond" title="Kimchi bond">Kimchi bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Free Trade Agreements</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/ASEAN_Free_Trade_Area#Membership" title="ASEAN Free Trade Area">ASEAN</a></li> <li><a href="/wiki/European_Free_Trade_Association#Free_trade_agreements" title="European Free Trade Association">EFTA</a></li> <li><a href="/wiki/Comprehensive_Economic_Partnership_Agreement_between_India_and_South_Korea" title="Comprehensive Economic Partnership Agreement between India and South Korea">India</a></li> <li><a href="/wiki/Indonesia%E2%80%93Korea_Comprehensive_Economic_Partnership_Agreement" title="Indonesia–Korea Comprehensive Economic Partnership Agreement">Indonesia</a></li> <li><a href="/wiki/South_Korea%E2%80%93Peru_Free_Trade_Agreement" title="South Korea–Peru Free Trade Agreement">Peru</a></li> <li><a href="/wiki/European_Union%E2%80%93South_Korea_Free_Trade_Agreement" title="European Union–South Korea Free Trade Agreement">European Union</a></li> <li><a href="/wiki/United_States%E2%80%93Korea_Free_Trade_Agreement" title="United States–Korea Free Trade Agreement">United States</a></li> <li><a href="/wiki/Australia%E2%80%93Korea_Free_Trade_Agreement" title="Australia–Korea Free Trade Agreement">Australia</a></li> <li><a href="/wiki/Canada%E2%80%93Korea_Free_Trade_Agreement" title="Canada–Korea Free Trade Agreement">Canada</a></li> <li><a href="/wiki/China%E2%80%93South_Korea_Free_Trade_Agreement" title="China–South Korea Free Trade Agreement">China</a></li> <li><a href="/wiki/Free_trade_agreements_of_South_Korea" title="Free trade agreements of South Korea">Other FTAs</a></li> <li><a href="/wiki/List_of_exports_of_South_Korea" title="List of exports of South Korea">Exports</a></li> <li><a href="/wiki/Trade_policy_of_South_Korea" title="Trade policy of South Korea">Trade policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government agencies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ministry_of_Economy_and_Finance_(South_Korea)" title="Ministry of Economy and Finance (South Korea)">Ministry of Economy and Finance</a></li> <li><a href="/wiki/Ministry_of_Employment_and_Labor" title="Ministry of Employment and Labor">Ministry of Employment and Labor</a></li> <li><a href="/wiki/Ministry_of_SMEs_and_Startups" title="Ministry of SMEs and Startups">Ministry of SMEs and Startups</a></li> <li><a href="/wiki/Ministry_of_Trade,_Industry_and_Energy" title="Ministry of Trade, Industry and Energy">Ministry of Trade, Industry and Energy</a></li> <li><a href="/wiki/Fair_Trade_Commission_(South_Korea)" title="Fair Trade Commission (South Korea)">Fair Trade Commission</a></li> <li><a href="/wiki/Financial_Services_Commission_(South_Korea)" title="Financial Services Commission (South Korea)">Financial Services Commission</a></li> <li><a href="/wiki/Financial_Supervisory_Service" title="Financial Supervisory Service">Financial Supervisory Service</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Organizations</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federation_of_Korean_Industries" title="Federation of Korean Industries">Federation of Korean Industries</a></li> <li><a href="/wiki/Korea_International_Trade_Association" title="Korea International Trade Association">Korea International Trade Association</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_South_Korean_billionaires_by_net_worth" title="List of South Korean billionaires by net worth">Billionaires</a> <ul><li><a href="/wiki/Chaebol" title="Chaebol">Chaebol</a></li></ul></li> <li><a href="/wiki/List_of_companies_of_South_Korea" title="List of companies of South Korea">Companies</a> <ul><li><a href="/wiki/List_of_largest_companies_of_South_Korea" title="List of largest companies of South Korea">Largest companies</a></li></ul></li> <li><a href="/wiki/International_rankings_of_South_Korea" title="International rankings of South Korea">International rankings</a></li> <li><a href="/wiki/List_of_South_Korean_regions_by_GDP" title="List of South Korean regions by GDP">Regions by GDP</a> <ul><li><a href="/wiki/Economy_of_Seoul" title="Economy of Seoul">Seoul</a></li></ul></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><i>See also:</i> <a href="/wiki/Economy_of_North_Korea" title="Economy of North Korea">Economy of North Korea</a></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="History_of_Thailand_(1973–2001)" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background:#CCDDCC;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:History_of_Thailand_(1973%E2%80%932001)" title="Template:History of Thailand (1973–2001)"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:History_of_Thailand_(1973%E2%80%932001)" title="Template talk:History of Thailand (1973–2001)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:History_of_Thailand_(1973%E2%80%932001)" title="Special:EditPage/Template:History of Thailand (1973–2001)"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="History_of_Thailand_(1973–2001)" style="font-size:114%;margin:0 4em"><a href="/wiki/History_of_Thailand_(1973%E2%80%932001)" title="History of Thailand (1973–2001)">History of Thailand (1973–2001)</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0;background:transparent;color:inherit;"><div style="padding:0px"><table class="navbox-columns-table" style="border-spacing: 0px; text-align:left;width:100%;"><tbody><tr><td class="navbox-abovebelow" style="font-weight:bold;background:#CCCCFF;">Politics</td><td class="navbox-abovebelow" style="border-left:2px solid #fdfdfd;font-weight:bold;background:#CCCCFF;">Military and institutions</td><td class="navbox-abovebelow" style="border-left:2px solid #fdfdfd;font-weight:bold;background:#CCCCFF;">Key events</td></tr><tr style="vertical-align:top"><td class="navbox-list" style="padding:0px;width:33.3%;"><div> <p><b><a href="/wiki/Monarchy_of_Thailand" title="Monarchy of Thailand">Monarchy of Thailand</a></b> </p> <ul><li><a href="/wiki/Bhumibol_Adulyadej" title="Bhumibol Adulyadej">Bhumibol Adulyadej</a> (Rama IX)</li></ul> <p><b><a href="/wiki/Prime_Minister_of_Thailand" title="Prime Minister of Thailand">Prime Ministers of Thailand</a></b> </p> <ul><li>Field Marshal <a href="/wiki/Thanom_Kittikachorn" title="Thanom Kittikachorn">Thanom Kittikachorn</a></li> <li><a href="/wiki/Sanya_Dharmasakti" title="Sanya Dharmasakti">Sanya Dharmasakti</a></li> <li><a href="/wiki/Seni_Pramoj" title="Seni Pramoj">Seni Pramoj</a></li> <li><a href="/wiki/Kukrit_Pramoj" title="Kukrit Pramoj">Kukrit Pramoj</a></li> <li><a href="/wiki/Thanin_Kraivichien" title="Thanin Kraivichien">Thanin Kraivichien</a></li> <li>General <a href="/wiki/Kriangsak_Chamanan" title="Kriangsak Chamanan">Kriangsak Chamanan</a></li> <li>General <a href="/wiki/Prem_Tinsulanonda" title="Prem Tinsulanonda">Prem Tinsulanonda</a></li> <li>General <a href="/wiki/Chatichai_Choonhavan" title="Chatichai Choonhavan">Chatichai Choonhavan</a></li> <li><a href="/wiki/Anand_Panyarachun" title="Anand Panyarachun">Anand Panyarachun</a></li> <li>General <a href="/wiki/Suchinda_Kraprayoon" title="Suchinda Kraprayoon">Suchinda Kraprayoon</a></li> <li><a href="/wiki/Chuan_Leekpai" title="Chuan Leekpai">Chuan Leekpai</a></li> <li><a href="/wiki/Banharn_Silpa-archa" title="Banharn Silpa-archa">Banharn Silpa-archa</a></li> <li>General <a href="/wiki/Chavalit_Yongchaiyudh" title="Chavalit Yongchaiyudh">Chavalit Yongchaiyudh</a></li></ul> </div></td><td class="navbox-list" style="border-left:2px solid #fdfdfd;padding:0px;width:33.3%;"><div> <p><b>Military dictators</b> </p> <ul><li>Admiral <a href="/wiki/Sangad_Chaloryu" title="Sangad Chaloryu">Sangad Chaloryu</a></li> <li>General <a href="/wiki/Kriangsak_Chamanan" title="Kriangsak Chamanan">Kriangsak Chamanan</a></li> <li>General <a href="/wiki/Sunthorn_Kongsompong" title="Sunthorn Kongsompong">Sunthorn Kongsompong</a></li> <li>General <a href="/wiki/Suchinda_Kraprayoon" title="Suchinda Kraprayoon">Suchinda Kraprayoon</a></li></ul> <p><b>Institutions</b> </p> <ul><li><a href="/wiki/Constitution_of_Thailand" title="Constitution of Thailand">Constitutions of Thailand</a></li> <li><a href="/wiki/Monarchy_of_Thailand" title="Monarchy of Thailand">Monarchy of Thailand</a></li></ul> </div></td><td class="navbox-list" style="border-left:2px solid #fdfdfd;padding:0px;width:33.3%;"><div> <p><b>Key events</b> </p> <ul><li><a href="/wiki/1973_Thai_popular_uprising" title="1973 Thai popular uprising">1973 Thai popular uprising</a></li> <li><a href="/wiki/6_October_1976_massacre" title="6 October 1976 massacre">6 October 1976 massacre</a></li> <li><a href="/wiki/1976_Thai_coup_d%27%C3%A9tat" class="mw-redirect" title="1976 Thai coup d'état">1976 Thai coup d'état</a></li> <li><a href="/wiki/March_1977_Thai_coup_d%27%C3%A9tat_attempt" class="mw-redirect" title="March 1977 Thai coup d'état attempt">March 1977 Thai coup d'état attempt</a></li> <li><a href="/wiki/October_1977_Thai_coup_d%27%C3%A9tat" title="October 1977 Thai coup d'état">October 1977 Thai coup d'état</a></li> <li><a href="/wiki/Vietnamese_border_raids_in_Thailand" title="Vietnamese border raids in Thailand">Vietnamese border raids in Thailand</a></li> <li><a href="/wiki/1981_Thai_military_rebellion" title="1981 Thai military rebellion">1981 Thai military rebellion</a></li> <li><a href="/wiki/1985_Thai_coup_attempt" title="1985 Thai coup attempt">1985 Thai coup attempt</a></li> <li><a href="/wiki/1991_Thai_coup_d%27%C3%A9tat" title="1991 Thai coup d'état">1991 Thai coup d'état</a></li> <li><a href="/wiki/National_Peace_Keeping_Council" title="National Peace Keeping Council">National Peace Keeping Council</a></li> <li><a href="/wiki/Black_May_(1992)" title="Black May (1992)">Black May (1992)</a></li> <li><a class="mw-selflink selflink">1997 Asian financial crisis</a></li></ul> </div></td></tr></tbody></table></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>← <a href="/wiki/History_of_Thailand_(1932%E2%80%931973)" title="History of Thailand (1932–1973)">History of Thailand (1932–1973)</a> • <a href="/wiki/History_of_Thailand_(2001%E2%80%93present)" title="History of Thailand (2001–present)">History of Thailand since 2001</a> →</div></td></tr></tbody></table></div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q80880#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" 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