The Asian financial crisis
Capital that came in fast left faster
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The crisis showed how fast short-term capital can turn, and the severe austerity conditions attached to the rescue packages remain contested. The consequence was lasting: Asian countries built up large currency reserves as insurance against ever having to ask again — one of the underlying causes of the global imbalances that followed in the 2000s.
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The Thai currency collapsed in the summer of 1997, and the crisis spread to Indonesia, South Korea and beyond. Millions lost their jobs, and in Indonesia it brought down a government that had lasted thirty years.
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