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1997 ASIAN FINANCIAL CRISIS

The Asian financial crisis of 1997 developed unexpectedly, in countries where the economic
and financial parameters didn´t seem to be vulnerable. The macroeconomic stability of Asia in the
years before the crisis, as well as the evolution of a solid fiscal environment with a high saving
capacity allowed the advent of this financial collapse to be completely unpredictable. This
demonstrates the predictive ability of economists at that time.
The outbreak of the Asian financial crisis began in Thailand in July 1997 with the devaluation
of the Thai currency, the baht, which was ev...