1997 Asian financial crisis

The End of the Free Market: Who Wins the War Between States and Corporations?

by Ian Bremmer  · 12 May 2010  · 247pp  · 68,918 words

-connected businessmen use close personal ties with powerful political officials to block the market reforms that would burden them with genuine competition. In addition, the 1997 Asian financial crisis forced even greater state intervention after the government had to bail out most of the country’s largest banks. A decade later, the state still

The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy

by Stephanie Kelton  · 8 Jun 2020  · 338pp  · 104,684 words

Wray, “Twin Deficits and Sustainability,” Policy Note, Levy Economics Institute of Bard College, March 2006, www.levyinstitute.org/pubs/pn_3_06.pdf. 22. The 1997 Asian financial crisis, in particular, taught the world that pegging exchange rates is unwise if countries cannot maintain a stockpile of reserves, especially without capital controls. See Wray

Barometer of Fear: An Insider's Account of Rogue Trading and the Greatest Banking Scandal in History

by Alexis Stenfors  · 14 May 2017  · 312pp  · 93,836 words

taking risk. Banks, therefore, need to hire professionals who are willing to actively take risk. These people are called traders. Around the time of the 1997 Asian financial crisis, there was one chaotic Friday I will never forget. People were panicking and as a result were trading frenetically. As soon as I had traded

The Divide: A Brief Guide to Global Inequality and Its Solutions

by Jason Hickel  · 3 May 2017  · 332pp  · 106,197 words

: where do their riches come from in the first place? Much of Soros’ wealth comes from currency speculation, which played a direct role in the 1997 Asian financial crisis that pushed millions of people into poverty. The Rockefeller Foundation won its riches from monopolies in the fossil fuel industry. In almost every case we

Heads I Win, Tails I Win

by Spencer Jakab  · 21 Jun 2016  · 303pp  · 84,023 words

fund manager in the world by an industry newsletter after making returns of 35 percent compounded over many years. Then he blew up in the 1997 Asian financial crisis following a disastrous bet on Thai banks. “Blew up” is an imprecise term, but Niederhoffer’s first downfall was a thermonuclear blast, wiping out the

The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds

by Maneet Ahuja, Myron Scholes and Mohamed El-Erian  · 29 May 2012  · 302pp  · 86,614 words

that he loved, where there were essentially no veterans let alone experts. Interesting things began to happen. Just before Weinstein joined Deutsche, there was the 1997 Asian financial crisis, where Korean banks verged on collapse. Then Thailand couldn’t pay its debts. Then a few months later, Russia defaulted on its debt, indirectly leading

Super Continent: The Logic of Eurasian Integration

by Kent E. Calder  · 28 Apr 2019

proliferation of financial instruments such as derivatives and options, has sharply increased the speed and intensity with which markets respond to unsettling phenomena. As the 1997 Asian financial crisis, the 1998 Russian financial crisis, and the 2008 global financial crisis all demonstrated, turbulence in one market can easily spread to others through contagion, thus

Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition

by Kindleberger, Charles P. and Robert Z., Aliber  · 9 Aug 2011

banks in Thailand and Malaysia and South Korea and several of the other Asian countries – except for Hong Kong and Singapore – tanked after the mid-1997 Asian Financial Crisis. The sharp declines in prices of residential real estate in the United States, Britain, Ireland, and several other countries that began toward the end of

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, 178, 183, 187–8, 229, 285 1985–89 (Japan) see Japan 1985–89 (Nordic countries) 1, 5, 27, 157 1990s (United States) see United States 1997 Asian Financial Crisis see Asian Financial Crisis international contagion of 154ff in NASDAQ stocks see United States, 1990s asset price bubble see also bubbles asset prices 2, 13

Commodity Trading Advisors: Risk, Performance Analysis, and Selection

by Greg N. Gregoriou, Vassilios Karavas, François-Serge Lhabitant and Fabrice Douglas Rouah  · 23 Sep 2004

1998). Hedge fund trading has been blamed for many financial distresses, including the 1992 European Exchange Rate Mechanism crisis, the 1994 Mexican peso crisis, the 1997 Asian financial crisis, and the 2000 bust in U.S. technology stock prices. A spectacular example of concerns about hedge funds can be found in the collapse and

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril

by Satyajit Das  · 9 Feb 2016  · 327pp  · 90,542 words

stock market crash, the 1990 collapse of the junk bond market, the 1994 great bond market massacre, the 1994 Tequila economic crisis in Mexico, the 1997 Asian financial crisis, the 1998 collapse of the hedge fund Long-Term Capital Management, the 1998 default of Russia, and the 2000 dot-com crash. These one-in

The Billionaire Raj: A Journey Through India's New Gilded Age

by James Crabtree  · 2 Jul 2018  · 442pp  · 130,526 words

other emerging economies, as when tycoons in Malaysia and Thailand gorged on cheap credit and splurged on speculative investments in the run-in to the 1997 Asian financial crisis. But India’s wider story was still global. In America and Britain, two decades of hyper-globalization ultimately overwhelmed the financial system, taking down once

The Long Game: China's Grand Strategy to Displace American Order

by Rush Doshi  · 24 Jun 2021  · 816pp  · 191,889 words

and displaying a willingness to be restrained” and, crucially, that “this idea has led directly to actions such as not devaluing the Renminbi during the 1997 Asian Financial Crisis, joining the TAC-SEA [an ASEAN document], and largely letting ASEAN states dictate the norms regarding the South China Sea dispute.”20 Similarly, a book

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in the past. As past chapters have demonstrated, China’s interest in “peripheral diplomacy” involving its neighborhood increased after the trifecta as well as the 1997 Asian Financial Crisis, which offered China a chance to earn some goodwill with economic concessions.4 That focus remained in the following period, but it was generally motivated

Boom: Bubbles and the End of Stagnation

by Byrne Hobart and Tobias Huber  · 29 Oct 2024  · 292pp  · 106,826 words

depreciation, even when the economy underlying them gets better. The Korean won, for example, has never reached the level at which it traded before the 1997 Asian financial crisis. Many countries that go through a financial crisis have to reboot their monetary system entirely. Brazil’s real, introduced in 1994, was initially valued at

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet

by Klaus Schwab  · 7 Jan 2021  · 460pp  · 107,454 words

East, and more broadly the so-called emerging markets, that period started somewhere in the 1990s, and even then, it was severely threatened during the 1997 Asian financial crisis. In countries such as Indonesia, Ethiopia, and Vietnam it is still ongoing, though the COVID crisis caused more than a hiccup. Taken together, globalization during

A Pelican Introduction Economics: A User's Guide

by Ha-Joon Chang  · 26 May 2014  · 385pp  · 111,807 words

as natural partners in any business. When Volvo, the Swedish vehicle manufacturer, bought the heavy construction equipment arm of Samsung in the aftermath of the 1997 Asian financial crisis, it is said to have asked the workers to set up a trade union (Samsung had – and still has – an infamous ‘no-union’ policy). The

Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover

by Katrina Vanden Heuvel and William Greider  · 9 Jan 2009  · 278pp  · 82,069 words

déjà vu, skepticism and “I-told-you-so.” For many, the Wall Street crisis is a replay, though on a much larger scale, of the 1997 Asian financial crisis, which brought down the red-hot “tiger economies” of the East. The shocking absence of Wall Street regulation brings back awful memories of the elimination

The Death of Money: The Coming Collapse of the International Monetary System

by James Rickards  · 7 Apr 2014  · 466pp  · 127,728 words

others. Unrestricted Warfare spells this out in a chapter called “The War God’s Face Has Become Indistinct.” It was written not long after the 1997 Asian financial crisis, which cascaded into the global financial panic of 1998. Much of the distress in Asia was caused by Western bankers suddenly pulling hot money out

The Establishment: And How They Get Away With It

by Owen Jones  · 3 Sep 2014  · 388pp  · 125,472 words

to 6 per cent, and was hailed by its government as a success because it prevented its exchange rate jumping too quickly. Malaysia survived the 1997 Asian financial crisis better than competitor economies precisely because it had capital controls. Capital controls monitor the flow of money in and out of a given economy, guarding

Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor

by John Kay  · 24 May 2004  · 436pp  · 76 words

of the German economy was applauded, and then as that country struggled with the burden of reunification, attention turned to the Asian tigers. After the 1997 Asian financial crisis, the United States assumed the role of the most admired economy for economic commentary and business gurus. But, as I shall describe in chapter 4

10% Less Democracy: Why You Should Trust Elites a Little More and the Masses a Little Less

by Garett Jones  · 4 Feb 2020  · 303pp  · 75,192 words

enough free cash flow to start repaying the Greek government’s massive debts. Lenders became reformers. Sovereign bondholders similarly became de facto reformers during the 1997 Asian financial crisis and even earlier in the 1980s during the Latin American debt crisis. The pattern is now almost routine: a financial crisis hits, the economy weakens

Smart Cities, Digital Nations

by Caspar Herzberg  · 13 Apr 2017

, a tidal basin where commerce extended barely beyond fishing. Incheon was a large, growing city, but it was not a budding international presence. When the 1997 Asian financial crisis hit, influential analysis described South Korea’s situation as akin to a nut in the nutcracker, competing as it did with a savvier technological power

Big Debt Crises

by Ray Dalio  · 9 Sep 2018  · 782pp  · 187,875 words

payments/currency crisis, which ran from 1997 to 1998. High debt levels left Indonesia vulnerable to a shock—which came in the form of the 1997 Asian financial crisis. Indonesia suffered a fall in foreign funding (with capital inflows falling by 13% of GDP), leading to a tightening (policy makers hiked short rates by

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1998. At its pre-crisis peak, debt service reached 42% of GDP, making Korea vulnerable to a shock—which came in the form of the 1997 Asian financial crisis. Korea suffered a fall in foreign funding (with capital inflows falling by 9% of GDP), leading to a tightening (policy makers hiked short rates by

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1998. At its pre-crisis peak, debt service reached 45% of GDP, making Malaysia vulnerable to a shock—which came in the form of the 1997 Asian financial crisis. Malaysia suffered a fall in foreign funding (with capital inflows falling by 5% of GDP), leading to a tightening (policy makers hiked short rates by

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. At its pre-crisis peak, debt service reached 25% of GDP, making the Philippines vulnerable to a shock—which came in the form of the 1997 Asian financial crisis. The Philippines suffered a fall in foreign funding (with capital inflows falling by 19% of GDP), leading to a tightening (policy makers hiked short rates

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its pre-crisis peak, debt service reached 90% of GDP, making Russia vulnerable to a shock—which came in the form of ripples from the 1997 Asian financial crisis and falling oil prices. Russia suffered a fall in foreign funding (with capital inflows falling by 5% of GDP), leading to a tightening (policy makers

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, which ran from 1998 to 2003. High debt levels left Colombia vulnerable to a shock—which came in the form of the effects of the 1997 Asian financial crisis. Colombia suffered a fall in foreign funding (with capital inflows falling by 8% of GDP), leading to a tightening (policy makers hiked short rates by

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crisis, which ran from 1998 to 2000. High debt levels left Ecuador vulnerable to a shock—which came in the form of contagion from the 1997 Asian financial crisis. Ecuador suffered a fall in foreign funding (with capital inflows falling by 11% of GDP), leading to a meaningful decline in the currency (real FX

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet

by Klaus Schwab and Peter Vanham  · 27 Jan 2021  · 460pp  · 107,454 words

East, and more broadly the so-called emerging markets, that period started somewhere in the 1990s, and even then, it was severely threatened during the 1997 Asian financial crisis. In countries such as Indonesia, Ethiopia, and Vietnam it is still ongoing, though the COVID crisis caused more than a hiccup. Taken together, globalization during

Age of Discovery: Navigating the Risks and Rewards of Our New Renaissance

by Ian Goldin and Chris Kutarna  · 23 May 2016  · 437pp  · 113,173 words

integration of emerging economies into global capital markets amplified the risk: China was generating lots of cash, saw few investment opportunities in Asia after the 1997 Asian financial crisis, and so plowed it into the US economy by buying US government debt. The foreign cash infusion helped dampen domestic interest rates and kept the

Reinventing the Bazaar: A Natural History of Markets

by John McMillan  · 1 Jan 2002  · 350pp  · 103,988 words

him. Suharto resigned in 1998 after riots in which over a thousand people died. The end came partly because of the external shock of the 1997 Asian financial crisis, which was beyond the ability of Indonesia’s stunted political, legal, and regulatory institutions to cushion, and partly because of the people’s disgust at

The Uninhabitable Earth: Life After Warming

by David Wallace-Wells  · 19 Feb 2019  · 343pp  · 101,563 words

may offer the best conceptual model for the punishments of climate change. “For Puerto Rico,” they write, “Maria could be as economically costly as the 1997 Asian financial crisis was to Indonesia and Thailand and more than twice as damaging as the 1994 Peso Crisis was to Mexico.” * * * — How well will the shock doctrine

Nonzero: The Logic of Human Destiny

by Robert Wright  · 28 Dec 2010

, they would be better off if somehow they could magically become less plugged in—temporarily, at least. Modern China survived the early ravages of the 1997 Asian financial crisis in good shape partly because its currency was not easily converted into other currencies. Even so, China stuck to its plans for convertibility, because in

The Hidden History of Burma

by Thant Myint-U

no one could be entirely free). Often, they tried to rely on new foreign investment and sectors like tourism. There were ups and downs. The 1997 Asian financial crisis and American sanctions wiped out many companies. Sanctions in particular made it almost impossible for the more independent businessmen to survive, leaving the field clear

The Innovation Paradox: Developing-Country Capabilities and the Unrealized Promise of Technological Catch-Up

by Xavier Cirera and William Francis Maloney  · 14 Jun 2017  · 373pp  · 109,964 words

prosperity are giving way for political freedoms previously unthinkable in the country. * * * The growth and development of these countries stunned so many that, during the 1997 Asian financial crisis, the once-celebrated “East Asian Miracle” was said to be “no more than a mirage,” with suggestions that the chickens had finally come home to

Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant

by W. Chan Kim and Renée A. Mauborgne  · 20 Jan 2014  · 287pp  · 80,180 words

the Value Innovation Program (VIP) Center all the way back in 1998. Samsung was at a crossroads at the time. With the aftermath of the 1997 Asian financial crisis still being felt, the company, under the direction of its leader, Jong Yong Yun, saw the dire need to break out of commodity-type competition

The Moral Animal: Evolutionary Psychology and Everyday Life

by Robert Wright  · 1 Jan 1994  · 604pp  · 161,455 words

, they would be better off if somehow they could magically become less plugged in—temporarily, at least. Modern China survived the early ravages of the 1997 Asian financial crisis in good shape partly because its currency was not easily converted into other currencies. Even so, China stuck to its plans for convertibility, because in

Poisoned Wells: The Dirty Politics of African Oil

by Nicholas Shaxson  · 20 Mar 2007

a multilateral institution. Peter Eigen, chairman of Transparency International, calls the World Bank “the most powerful force against corruption in the world nowadays.”6 The 1997 Asian financial crisis had rammed home the idea that economic liberalization is not enough if it is not accompanied by good governance. Government does not need sweeping away