What caused the Asian financial crisis?!

There have been six large-scale financial crises that have affected the world, namely:

to 1939: Great Depression;

to 1975: an economic crisis triggered by the oil crisis;

80s: Latin American debt crisis;

90s: Japan's bubble economy collapsed;

to 1998: Asian financial crisis;

2011: U.S. subprime mortgage crisis and global financial crisis.

In June 1997, a financial crisis erupted in Asia, and the development of the crisis was very complicated. By the end of 1998, it could be broadly divided into three phases: from June to December 1997; January 1998 to July 1998; July 1998 to the end of the year.

The first stage: On July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement a floating exchange rate system, triggering a financial turmoil throughout Southeast Asia. In August, Malaysia abandoned efforts to defend the ringgit.

The Singapore dollar, which has always been strong, has also taken a hit.

In late October, international speculators moved to Hong Kong, an international financial center, and the spearhead was directly aimed at Hong Kong's linked exchange rate system. The Taiwan authorities suddenly abandoned the exchange rate of the new Taiwan dollar, depreciating in one day, and increasing the pressure on the Hong Kong dollar and Hong Kong**.

On October 23, Hong Kong's Hang Seng Index fell sharply; On the 28th, ** point, fell below the 9,000-point mark.

In mid-November, South Korea in East Asia also broke out in a financial turmoil, and on the 17th, the exchange rate of the Korean won against the US dollar fell to a record 1008, and South Korea had to ask the International Monetary Organization for help and temporarily controlled the crisis.

But on December 13, the South Korean won fell to the US dollar. The won crisis has also hit Japan's financial sector, which has a large amount of investment in South Korea. In the second half of 1997, a series of banks and ** companies in Japan went bankrupt one after another.

As a result, the financial turmoil in Southeast Asia evolved into the Asian financial crisis.

Summary. Causes of the outbreak: 1. The economic form of Asian countries is caused by themselves.

2. U.S. economic interests and related policy implications. 3. The invasion of capital predators such as George Soros. The collective effect of these factors eventually led to the formation of the Asian financial crisis.

At that time, Singapore, Malaysia, Thailand, South Korea and other countries were all export-oriented economies, and the above was mine.

Can you elaborate on that a little bit more?

Finger 3, George Soros and other capital predators intruded. The collective effect of these factors eventually led to the formation of the Asian financial crisis. At that time, Singapore, Malaysia, Thailand, South Korea and other countries were all export-oriented economies, and the above was mine.