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Shaking the Tigers: Reinvestigation of the 1997 Asian Financial Crisis and Its Global Reverberation

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By Economix I n July 1997, a decision to float Thailand’s baht triggered a financial tsunami that would engulf much of East and Southeast Asia. Known as the Asian Financial Crisis , it was more than a currency collapse—it was an unmasking of systemic fragilities and a harsh lesson in global interconnectivity. From shuttered finance companies in Bangkok to soaring unemployment in Jakarta and international bailouts negotiated under pressure, the crisis forced a reckoning in both policy and practice. This investigation explores not only the causes and course of the crisis but also the reforms it catalyzed—and how those reforms continue to shape the global financial order. The Origins of the Crisis: Thailand as Ground Zero The origins of the crisis lay in Thailand’s overheated economy . Throughout the early 1990s, the country enjoyed rapid growth fueled by foreign capital inflows , much of it speculative and short-term. Real estate and equity markets ballooned, as banks provided unchecked...
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Economic Brief for 2024: Uncertainty Is The Boss

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  Last year has been a year of continued economic recalibration. 2024 has unfolded as a year of intricate economic maneuvering, demanding a delicate balance between competing priorities. The global economy, still reeling from the seismic shifts of the pandemic era, has faced a confluence of persistent challenges. This year has been defined by a complex interplay of factors, including the stubborn persistence of inflationary pressures, the escalating uncertainties stemming from geopolitical conflicts, and the rapid, transformative impact of technological advancements. The lingering effects of unprecedented fiscal and monetary policies, implemented to mitigate the pandemic's economic fallout, have continued to shape market dynamics, creating a landscape where traditional economic models are being rigorously tested. The year has been marked by a palpable sense of unease, as businesses and policymakers grapple with the dual imperatives of fostering sustainable growth and ensuring fina...
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Happened on 26th of June

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  1900 – Japan Mobilizes Troops During Boxer Rebellion. Japan sent 20,000 troops to China, asserting its regional influence. This military-economic move foreshadowed Japan’s rise as a dominant power in East Asia. 1945 – United Nations Charter Signed. In San Francisco, 50 nations signed the UN Charter, laying the foundation for post-WWII international cooperation. Economically, this marked a shift toward global governance and multilateralism, influencing trade, development, and aid for decades. 2018 – Iranian Currency Crisis Protests. On June 26, protests erupted in Tehran over the collapsing rial. Citizens blamed government mismanagement and U.S. sanctions. It was the largest economic protest since 2012, highlighting Iran’s vulnerability to external pressure. 2025 – Asia Economic Summit in Jakarta Held on June 26, this summit brought together ASEAN leaders, investors, and tech innovators to discuss AI, digital infrastructure, and regulatory shifts. It reflected Southeast Asia’s...
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