The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997 and raised fears of a worldwide economic meltdown
亚洲金融危机1997年7月开始困扰许亚洲国家金融危机令许担心起全球济崩溃
The crisis started in Thailand with the financial collapse of the Thai baht caused by the decision of the Thai government to float the baht cutting its peg to the USD after exhaustive efforts to support it in the face of a severe financial overextension that was in part real estate driven 场金融危机始泰国泰铢倒塌泰国政府做出泰铢浮动决定切断美元汇率力维持面严重受部分房产驱财政度外延
At the time Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency As the crisis spread most of Southeast Asia and Japan saw slumping currencies devalued stock markets and other asset prices and a precipitous rise in private debt 时泰国已负担沉重外债甚货币崩溃前已该国实际已破产着危机蔓延部分东南亚日货币贬值股市资产价格暴跌突然增加私债务
Though there has been general agreement on the existence of a crisis and its consequences what is less clear is the causes of the crisis as well as its scope and resolution
Indonesia South Korea and Thailand were the countries most affected by the crisis
Hong Kong Malaysia Laos and the Philippines were also hurt by the slump
The People's Republic of China India Taiwan Singapore Brunei and Vietnam were less affected although all suffered from a loss of demand and confidence throughout the region 然出现普遍致法存着危机果什太清楚危机根源范围决议印尼韩国泰国等国家受危机影响严重香港马西亚老挝菲律宾受景气中华民国印度台湾新加坡文莱越南受影响较整区信心遭受损失
Although most of the governments of Asia had seemingly sound fiscal policies the International Monetary Fund (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 The effects of the crisis lingered through 1998 然部分亚洲国政府已似健全财政政策国际货币基金加强发起400亿美元计划稳定货币韩国泰国印度尼西亚济危机然特严重
In the Philippines growth dropped to virtually zero in 1998 Only Singapore and Taiwan proved relatively insulated from the shock but both suffered serious hits in passing the former more so due to its size and geographical location between Malaysia and Indonesia By 1999 however analysts saw signs that the economies of Asia were beginning to recover 危机影响持续1998年1998年菲律宾济增长降零新加坡台湾证明相免受击双方带遭受击前者理位置间马西亚印度尼西亚1999年然分析家认迹象表明亚洲济已开始复苏
Consequences
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 场危机已深入分析济广度速度活力影响十国家产生直接影响民生数百万计发生程中仅仅月阶段危机济学家特国际机构似落步许更趣济学家速度结束留数发达济体伤害奇心促爆炸文学金融济学堆解释什危机发生批评已针行国际货币基金组织次危机中中包括前世界银行济学家约瑟夫施蒂格利茨政治处国家特韩国印尼新推动改善公司治理狂暴通胀削弱权威苏哈托政权导致
1998年推翻加速东帝汶独立
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亚洲金融危机1997年7月开始困扰许亚洲国家金融危机令许担心起全球济崩溃
The crisis started in Thailand with the financial collapse of the Thai baht caused by the decision of the Thai government to float the baht cutting its peg to the USD after exhaustive efforts to support it in the face of a severe financial overextension that was in part real estate driven 场金融危机始泰国泰铢倒塌泰国政府做出泰铢浮动决定切断美元汇率力维持面严重受部分房产驱财政度外延
At the time Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency As the crisis spread most of Southeast Asia and Japan saw slumping currencies devalued stock markets and other asset prices and a precipitous rise in private debt 时泰国已负担沉重外债甚货币崩溃前已该国实际已破产着危机蔓延部分东南亚日货币贬值股市资产价格暴跌突然增加私债务
Though there has been general agreement on the existence of a crisis and its consequences what is less clear is the causes of the crisis as well as its scope and resolution
Indonesia South Korea and Thailand were the countries most affected by the crisis
Hong Kong Malaysia Laos and the Philippines were also hurt by the slump
The People's Republic of China India Taiwan Singapore Brunei and Vietnam were less affected although all suffered from a loss of demand and confidence throughout the region 然出现普遍致法存着危机果什太清楚危机根源范围决议印尼韩国泰国等国家受危机影响严重香港马西亚老挝菲律宾受景气中华民国印度台湾新加坡文莱越南受影响较整区信心遭受损失
Although most of the governments of Asia had seemingly sound fiscal policies the International Monetary Fund (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 The effects of the crisis lingered through 1998 然部分亚洲国政府已似健全财政政策国际货币基金加强发起400亿美元计划稳定货币韩国泰国印度尼西亚济危机然特严重
In the Philippines growth dropped to virtually zero in 1998 Only Singapore and Taiwan proved relatively insulated from the shock but both suffered serious hits in passing the former more so due to its size and geographical location between Malaysia and Indonesia By 1999 however analysts saw signs that the economies of Asia were beginning to recover 危机影响持续1998年1998年菲律宾济增长降零新加坡台湾证明相免受击双方带遭受击前者理位置间马西亚印度尼西亚1999年然分析家认迹象表明亚洲济已开始复苏
Consequences
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 场危机已深入分析济广度速度活力影响十国家产生直接影响民生数百万计发生程中仅仅月阶段危机济学家特国际机构似落步许更趣济学家速度结束留数发达济体伤害奇心促爆炸文学金融济学堆解释什危机发生批评已针行国际货币基金组织次危机中中包括前世界银行济学家约瑟夫施蒂格利茨政治处国家特韩国印尼新推动改善公司治理狂暴通胀削弱权威苏哈托政权导致
1998年推翻加速东帝汶独立
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