ABSTRACT
The Asian financial crisis erupted in May 1997 in Thailand and quickly spread to Malaysia, Indonesia, the Philippines, South Korea, and eventually Brazil and Russia. The crisis has proven to be far more disruptive and less tractable than the Mexican financial crisis of 1994–95. While Mexico ultimately required $50 billion in financial assistance to weather its crisis, the International Monetary Fund (IMF) ultimately doled out $184 billion through 1998 to stanch the Asian crisis.
