Macroeconomic Adjustments and the Real Economy in Korea and Malaysia Since 1997

Zainal-Abidin Mahani, Kwanho Shin and Yunjong Wang

Chapter 5 in Seeking Growth Under Financial Volatility, 2006, pp 139-183 from Palgrave Macmillan

Abstract: Abstract The financial crisis that broke out in Thailand in July 1997 and then spread to other parts of East Asia brought about a deep recession, causing a sharp decline in living standards, rising unemployment, industrial breakdown, and social dislocation in the region (Park and Wang, 2002). In 1997–98, five East Asian countries — Indonesia, Korea, Malaysia, the Philippines, and Thailand — experienced deep currency and banking crises. Although a few other East Asian countries were affected to a limited extent, the Asian financial crisis was region-wide.1

Keywords: Exchange Rate; Monetary Policy; Real Economy; Foreign Exchange Market; External Debt (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1057/9780230523036_5

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