The Great Asian Fire Drill

Connelly, Thomas J.
April 1998
Journal of Financial Planning;Apr98, Vol. 11 Issue 2, p32
Academic Journal
The article reflects on the meaning and lessons of the Asian currency crisis in 1997. According to Financial Times magazine, the Asian crisis started in early February 1997 when the first Thai financial institution missed payments on foreign debt. Other observers claim that the crisis began in Mexico in 1994, or even in the early 1980s when emerging market countries were in varying stages of default. The Asian crisis spread quickly, engulfing stock, bond and currency markets, as confidence in the affected countries' financial systems collapsed.


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