ABSTRACT
The East Asian financial crisis was a period of economic recession that began in Thailand in July 1997 and adversely affected currencies as well as stock markets and other asset prices in several Asian countries. The crisis radically transformed international perceptions and opinion about the East Asian growth experiences. Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines also suffered greatly, whereas mainland China, Taiwan, Singapore and Vietnam were relatively unaffected by the initial wave of the crisis. Although Japan was not significantly affected, it was dragged down by its long-run economic downturn. The aftermath of the crisis is the drastic fall in growth of output in the affected countries.
