Asian Crisis: Between 1997-98, several of the East Asian tiger economies suffered a severe economic and financial crisis. it had big consequences in the global financial markets, that had made increasingly exposed to the promise which Asian had seemed to offer. This crisis destroyed wealth on a massive scale & sent absolute poverty shooting up. The banking system alone or by corporate loans equivalent to around half of one year''s GDP went bad a destruction of savings on a scale more generally related with a full-scale war. The precise cause of the crisis ruins a matter of debate. The fingers have been pointed to currency peg accepted by some countries & a decrease of capital controls in the years before the crisis. Some blamed economic contagion. The crisis brought an end to a then widespread belief which there was a distinct "Asian way" of capitalism that might prove just as successful as capitalism in America or Europe. Instead, critics turned their fire on Asian cronyism, ill-disciplined banking & lack of transparency. In the years following the crisis the most of the countries included have introduced reforms designed to increase transparency & get better the health of the banking system & although some went much further than others like as Indonesia.
Asian Crisis, Can you Explain me more about Asian Crisis