1997 Asian financial crisis
financial crisis in many East/Southeast Asian countries (mainly Thailand, Indonesia, South Korea, Philippines, Singapore) starting in june 1997, during which the IMF lent 40 billion USD to stabilize the South Korean, Thai, and Indonesian currencies
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
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- The interesting thing is that, on the whole, the economics profession didn't learn the lessons of the East Asian crisis. I wrote about it a great deal, and I continued to do some research on the subject. But because we didn't learn the lessons of that crisis, we've had the crisis that began in 2007.
- Joseph E. Stiglitz, Trinity's Nobel Economists Lecture, September 2009, published in Lives of the Laureates: Twenty-three Nobel Economists (2014) edited by Roger W. Spencer, David A. Macpherson