Another possible cause of the sudden risk shock may also be attributable to the handover of Hong Kong sovereignty on 1 July The reasoning was that by stimulating the economy and staving off recession, governments could restore confidence while preventing economic loss. New regulations weakened the influence of the bamboo network , a network of overseas Chinese family-owned businesses that dominate the private sector of Southeast Asia. Quah 21 July Indonesia, South Korea and Thailand were the countries most affected by the crisis. Florida land boom of the s Roaring Twenties stock-market bubble Poseidon bubble Japanese asset price bubble Asian financial crisis Dot-com bubble. Economy of the People's Republic of China. In , growth in the Philippines dropped to virtually zero.
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1997 Asian financial crisis
The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. The increasing tax revenues allowed the country to balance its budget and repay its debts to the IMF in , four years ahead of schedule. Economy of Macau Economy of Asia. Archived from the original PDF on 24 September Railway Mania Encilhamento "Mounting". Why not operate with lower interest rates and a greater devaluation? Rampaging inflation weakened the authority of the Suharto regime and led to its toppling in , as well as accelerating East Timor 's independence. 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…. Retrieved 23 Jul
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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 , foreign workers being sent back to their home countries. Tax system Labor contract law Labor relations Food safety Intellectual property. Retrieved 19 November Thus, the first order of business was Policies, Practices, and Consequences. In August and September , the economy suffered from a temporary Russian ban on exports of oil and oil products. Prime Ministers of Thailand. Finance One, the largest Thai finance company until then, collapsed.
Description:The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis. Retrieved 11 June 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. Archived from the original PDF on 18 October Indonesia, South Korea and Thailand were the countries most affected by the crisis.
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