The speculators would gain either way.On August 13, 1998, the HSI fell by more than 60 percent to 6,660 points. The real estate market was booming, and the HSI peaked at 16,673 points in August. Beijing ICP prepared NO.16065310-3Copyright © 2018 CGTN. 3. /VCG PhotoForbes magazine published a piece on June 26, 1995, titled "The death of Hong Kong," predicting that the city's days as a vibrant international financial center were coming to an end after the 1997 handover.Speculators saw the perfect opportunity to make a killing.By then Soros was unstoppable, having amassed many billions of profits wreaking havoc around Asia. Sydney and Hong Kong - both vibrant international cities with spectacular ports - have much in common. 2 0 obj << /Length 3717 /Filter /FlateDecode >> stream That’s exactly what our increasingly authoritarian government wants. The dynamics of the situation were similar to that of the The reasoning was that by stimulating the economy and staving off recession, governments could restore confidence while preventing Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down the path of "fast-track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows), maintenance of high domestic interest rates to attract The conventional high-interest-rate economic wisdom is normally employed by monetary authorities to attain the chain objectives of tightened In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows:

The handover marked a complete change in the western perceptions toward China and Asia. Foreign Capital Entry in the Domestic Banking Market of Korea: Bitter Medicine or Poison. Bear market from 1997 to 1998 (Asian financial crisis) 2000s. 8RyN�Hqf�xI��@���Kc�e �w�0��4y{�]d�ϋYB�)��NF�r�X��w����on�q��,��G@��3�������v�t����Dj(�/�;�\Ǥ9� Crony Capitalism and the East Asian Currency Financial 'Crises'. {����A��{�lj4�мm6�PzQ֮���������>�a�‹}�3�}r�����z)�`�1JR02�G�-�fV��3tг��50�0��t�䧎�����v��m��J�p�4����OJ�#3����V�[� ]���u�ـ���"��!^a���DԹ�����>�i[���{�F`G@���^�k��f%V� �$�m�[�NY=��iZcP�%T١�ݏw+�&��7��IE[K{��7ϵ���r�1 ���{���(�^�ym��{��+�����~)W�~4Ь�G0G������.,��[[�JB$�ladV#M��a|z�LNlŪ��f���>i44;�3�1�h� The speculators were betting on the HKMA to give up the HK dollar's linked exchange rate with U.S. dollar.The U.S. dollar peg, which had been in place since 1983, was a pillar for Hong Kong's externally oriented economy. As a result, Hong Kong's real economy suffered.The interest defense was powerless against the speculators' double attacks on both the Hong Kong dollar and the Hang Seng equity market, which were impacted by the hikes. Asian Financial Crisis : Causes and Development ... Hong Kong had survived the crisis well, but has lagged other economies in recovering ... By 1998, all of the affected countries, including Singapore and Hong Kong, whose financial and corporate sectors were relatively sound, had entered a … Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In March 1998, the former premier Zhu Rongji promised that the central government would protect Hong Kong from the financial crisis "at all costs" if needed. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar.As a result of the financial crisis that hit the country, many factors arising from all aspects including sports broadcasts broadcast on Indonesian television include: Perhaps more interesting to economists was the speed with which it ended, leaving most of the developed economies unharmed. China’s debt has reached 260 percent of GDP, while governments worldwide have been relying on the ultra-low interest rate environment. Thailand's economy developed into an In the mid-1990s, Thailand, Indonesia and South Korea had large private In the mid-1990s, a series of external shocks began to change the economic environment. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. dollars). the Hong Kong dollar peg was targeted in August 1998, and although the government defended the peg, it came with a serious dip in the economy, which did not bottom out until 2003.The West has a rather simple interpretation of the crisis, claiming that corrupt governments and over-spending by enterprises were to blame. This year not only marks the 20th anniversary of Hong Kong’s handover from Britain to China, it is also the 20th year since the Asian financial crisis in 1997. Back then, the Hong Kong dollar peg was severely attacked, leading to a six-year recession and a sharp deflation of asset prices. Nevertheless, its stability was vital to public confidence in Hong Kong.A trader holds his head at the Hong Kong Stock Exchange as stock prices plunge, Hong Kong, January 7, 1998. The This made the United States a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. Less happily, our economies have both taken a hammering from the financial crisis that has recently rocked the region.

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