1997 Asian financial crisis
The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion.[1] However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided.
Originating in Thailand, where it was known as the
The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, Indonesian President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998, where many important stocks fell in Wall Street as a result of a dip in the values of the currencies of Russia and Latin American countries that weakened those countries' "demand for U.S. exports."[6] 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 economies of Asia were beginning to recover.[7] After the crisis, economies in East and Southeast Asia worked together toward financial stability and better financial supervision.[8]
Credit bubbles and fixed currency exchange rates
The causes of the debacle are many and disputed. Thailand's economy developed into an economic bubble fueled by hot money. 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 "crony capitalism".[9] The short-term capital flow was expensive and often highly conditioned for quick profit. 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.[10] Weak corporate governance also led to inefficient investment and declining profitability.[11][12]
Until 1999, Asia attracted almost half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. 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 World Bank, and was known as part of the "Asian economic miracle".
In the mid-1990s,
In the mid-1990s, a series of external shocks began to change the economic environment. The
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.
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.[14] 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.[15]
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
Panic among lenders and withdrawal of credit
The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a
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
Other economists, including
Another possible cause of the sudden risk shock may also be attributable to the
Several case studies on the topic of the application of
The foreign ministers[
At the 30th ASEAN Ministerial Meeting held in
IMF role
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
Economic reforms
The IMF's support was conditional on a series of economic reforms, the "structural adjustment package" (SAP). The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency, 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.[34]
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.[35]
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
The reasoning was that by stimulating the economy and staving off recession, governments could restore confidence while preventing economic loss. 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.
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 portfolio investment and bank capital, and pegging of the national currency to the dollar to reassure foreign investors against currency risk.[36]
IMF and high interest rates
The conventional high-interest-rate economic strategy is normally employed by monetary authorities to attain the chain objectives of tightened
In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows:
From then IMF First Deputy managing director, Stanley Fischer in 1998:[37]
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....
From the then IMF managing director Michel Camdessus:[38]
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.
Countries/Regions affected
Thailand
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%.[39] The baht was pegged at 25 to the U.S. dollar.
On 14 and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudh 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.[40]
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.[41] 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.[42]
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.
Poverty and inequality increased while employment, wages and social welfare all declined as a result of the crisis.[43]
Following the 1997 Asian financial crisis, income in the northeast, the poorest part of the country, rose by 46 percent from 1998 to 2006.
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.
Indonesia
In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a
In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah
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.[48] 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.[49] Indonesia lost 13.5% of its GDP that year.
In February 1998, President Suharto sacked the incumbent Bank Indonesia governor, J. Soedradjad Djiwandono, but this proved insufficient. Amidst widespread rioting in May 1998, Suharto resigned under public pressure and Vice President B. J. Habibie replaced him.
As a result of the financial crisis that hit the country, many factors arising from all aspects, including sports broadcasting on Indonesian television, including:
- ANTV lost their television rights to broadcast the 1998 Formula One World Championship despite their Formula One broadcasting rights contract in Indonesia lasting until 1999; as a result, the 1998 season was not aired on Indonesian television. RCTI finally re-secured the broadcast rights for the 1999 to 2001 season.
- ANTV also stopped the coverage of 1997–98 Serie A, 1997–98 Bundesliga, and the 1997–98 La Liga, before the end of their respective seasons. However, it did not affect the 1997–98 FA Premier League, as they had already broadcast it up to the end of the season.
- All television stations had limited broadcast schedules, with an average closedown at 11:30 pm or 12:00 am.
Additionally, the
South Korea
The banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. During that time, there was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The chaebol, South Korean conglomerates, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers.
Amongst other stimuli, the crisis resulted in the bankruptcy of major Korean companies, provoking not only corporations, but also government officials towards corruption. The
In the wake of the Asian market downturn,
The International Monetary Fund (IMF) provided US$58.4 billion as a bailout package.[54] In return, Korea was required to take restructuring measures.[55] The ceiling on foreign investment in Korean companies was raised from 26 percent to 100 percent.[56] In addition, the Korean government started financial sector reform program. Under the program, 787 insolvent financial institutions were closed or merged by June 2003.[57] The number of financial institutions in which foreign investors invested has increased rapidly. Examples include New Bridge Capital's takeover of Korea First Bank.
The
Philippines
In May 1997, the Bangko Sentral ng Pilipinas, 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 peso, 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.[58]
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 Joseph Estrada in 2001, most notably the "jueteng" scandal, causing the PSE Composite Index, 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.
This led to popular protests culminating in the "
China
China's nonconvertible capital account and its foreign exchange control were decisive in limiting the impact of the crisis.[59]
The Chinese currency, the
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
Other Asian countries harshly affected by the crisis sought the United States or Japan to bail them out of the difficult economic conditions.[62] 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).[62] Instead, China contributed $4 billion to neighboring countries via a combination of bilateral bailouts and contributing to IMF bailout packages.[62]
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.[62]
The Asian Financial Crisis helped solidify Chinese policymakers' views that China should not move towards a liberal market economy, and that its
Hong Kong
In October 1997, the
Stock markets became more and more volatile; between 20 and 23 October the
The HKMA and Donald Tsang, 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,[65] and became the largest shareholder of some of those companies (e.g., the government owned 10% of HSBC) 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 Tracker Fund of Hong Kong, making a profit of about HK$30 billion (US$4 billion).[66]
Malaysia
In July 1997, within days of the
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 "
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.
The principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime.
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.[72] 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.[73][74]
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 Singapore dollar.
Mongolia
Mongolia was adversely affected by the Asian financial crisis of 1997–98 and suffered a further loss of income as a result of the Russian crisis in 1999. Economic growth picked up in 1997–99 after stalling in 1996 due to a series of natural disasters and increases in world prices of copper 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 World Trade Organization (WTO) in 1997. The international donor community pledged over $300 million per year at the last Consultative Group Meeting, held in Ulaanbaatar in June 1999.[75]
Singapore
As the financial crisis spread, the economy of Singapore dipped into a short recession. The short duration and milder effect on its economy was credited to the active management by the government. For example, the Monetary Authority of Singapore allowed for a gradual 20% depreciation of the Singapore dollar 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.[76]
Instead of allowing the labor markets to work, the National Wage Council pre-emptively agreed to
Japan
The crisis had also put pressure on Japan, whose economy is particularly prominent in the region. Asian countries usually ran a
According to Van Sant et al., in August 1997, Japan proposed the establishment of an Asian Monetary Fund (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 Asian Development Bank. 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.[78]
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.[79]
United States
The U.S. Treasury was deeply involved with the
Consequences
Asia
The crisis had significant
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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.
The economic crisis also led to a political upheaval, most notably culminating in the resignations of President Suharto in Indonesia and Prime Minister General Chavalit Yongchaiyudh in Thailand. There was a general rise in anti-Western sentiment, with George Soros 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. [citation needed] Islamic and other separatist movements intensified in Southeast Asia as central authorities weakened.[84]
New regulations weakened the influence of the
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.[82] Falls in income per capita with purchasing power parity were much smaller: in Indonesia by 15%, Thailand 12%, Malaysia 10%, South Korea 6%, Philippines 3%.[86] In most countries recovery was fast. Between 1999 and 2005 average per capita annual growth was 8.2%, investment growth nearly 9%, foreign direct investment 17.5%.[87] 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.[86] Within East Asia, the bulk of investment and a significant amount of economic weight shifted from Japan and ASEAN to China and India.[88]
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 financial economics 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 Joseph Stiglitz. Politically there were some benefits. In several countries, particularly South Korea and Indonesia, there was renewed push for improved corporate governance. Rampaging inflation weakened the authority of the Suharto regime and led to its toppling in 1998, as well as accelerating East Timor's independence.[89]
It is believed that 10,400 people committed suicide in Hong Kong, Japan and South Korea as a result of the crisis.[90]
In August 2001, the International Labour Organization 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.[91]
Outside Asia
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
The reduction in oil revenue also contributed to the
The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank, which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in 1999. It was a major cause for the beginning of the current anti-globalism movement[94] and many nationalist movements. Four major rounds of world trade talks since the crisis, in Seattle, Doha, Cancún, 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 free trade agreements (FTAs) as an alternative to global institutions.
Many nations learned from this, and quickly built up
See also
- 1998 Russian financial crisis, partly connected to the 1997 Asian financial crisis
- Samba effect
- Bamboo network
General:
- 1990s Chinese bank restructurings
- Financial contagion
- Liquidity crisis
- Financial crisis of 2007–08
- Stock disasters in Hong Kong
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Further reading
- Allen, Larry (2009). The Encyclopedia of Money (2nd ed.). ISBN 978-1598842517.
- Blustein, Paul (2001). The Chastening: Inside the Crisis that Rocked the Global Financial System and Humbled the IMF. ISBN 978-1-891620-81-2.
- Delhaise Philippe F. (1998) Asia in Crisis : The Implosion of the Banking and Finance Systems. John Wiley & Sons. ISBN 0-471-83193-X
- Enkhtungalug, G. and South, David.(1998) Mongolia Update 1998, UNDP Mongolia Communications Office.
- Goldstein, Morris. The Asian financial crisis: Causes, cures, and systemic implications (Institute For International Economics, 1998). online
- Haggard Stephan: The Political Economy of the Asian Financial Crisis (2000)
- 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. (ISBN 0739119818, 9780739119815)
- Kaufman, GG., Krueger, TH., Hunter, WC. (1999) The Asian Financial Crisis: Origins, Implications and Solutions. Springer. ISBN 0-7923-8472-5
- Khan, Saleheen, Faridul Islam, and Syed Ahmed. (2005) "The Asian crisis: an economic analysis of the causes." Journal of Developing Areas (2005): 169–190. online
- Muchhala, Bhumika, ed. (2007) Ten Years After: Revisiting the Asian Financial Crisis. Archived 29 November 2007 at the Wayback Machine. Washington, DC: Woodrow Wilson International Center for Scholars Asia Program.
- Noland, Markus, Li-gang Liu, Sherman Robinson, and Zhi Wang. (1998) Global Economic Effects of the Asian Currency Devaluations. Policy Analyses in International Economics, no. 56. Washington, DC: Institute for International Economics.
- Pempel, T. J. (1999) The Politics of the Asian Economic Crisis. Ithaca, NY: Cornell University Press.
- Pettis, Michael (2001). The Volatility Machine: Emerging Economies and the Threat of Financial Collapse. ISBN 978-0-19-514330-0.
- Radelet, Steven; Sachs, Jeffrey D.; Cooper, Richard N.; Bosworth, Barry P. (1998). "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects". JSTOR 2534670.
- Ries, Philippe. (2000) The Asian Storm: Asia's Economic Crisis Examined. (2000)
- Sharma, Shalendra. (2003): The Asian Financial Crisis: New International Financial Architecture: Crisis, Reform and Recovery (Manchester University Press, 2003)
- Tecson, Marcelo L. (2005) Puzzlers: Economic Sting (The Case Against IMF, Central Banks, and IMF-Prescribed High Interest Rates) Makati City, Philippines: Raiders of the Lost Gold Publication
- Ito, Takatoshi; Andrew K. Rose (2006). financial sector development in the Pacific Rim. University of Chicago Press. ISBN 978-0-226-38684-3.
- Fengbo Zhang: Opinion on Financial Crisis, 6. Defeating the World Financial Storm China Youth Publishing House (2000).
Papers
- Ngian Kee Jin (March 2000). Coping with the Asian Financial Crisis: The Singapore Experience. Institute of Southeast Asian Studies. ISSN 0219-3582
- Tiwari, Rajnish (2003). Post-crisis Exchange Rate Regimes in Southeast Asia, Archived 29 October 2008 at the Wayback Machine, Seminar Paper, University of Hamburg.
- Kilgour, Andrea (1999). The changing economic situation in Vietnam: A product of the Asian crisis? Archived 17 August 2008 at the Wayback Machine
- Stiglitz, Joseph (1996). Some Lessons From The East Asian Miracle. The World Bank Research Observer.
- Weisbrot, Mark (August 2007). Ten Years After: The Lasting Impact of the Asian Financial Crisis. Archived 25 September 2007 at the Wayback Machine. Center for Economic and Policy Research.
- Tecson, Marcelo L. (2009), "IMF Must Renounce Its Weapon of Mass Destruction: High Interest Rates" (4-part paper on high-interest-rate fallacies and alternatives, emailed to IMF and others on 27 January 2009)
External links
- Is Thailand on the road to recovery, article by Australian photo-journalist John Le Fevre that looks at the effects of the Asian Economic Crisis on Thailand's construction industry
- Women bear brunt of crisis, article by Australian photo-journalist John Le Fevre examining the effects of the Asian Economic Crisis on Asia's female workforce
- The Crash (transcript only), from the PBS series Frontline