Case | HBS Case Collection | February 2008 (Revised April 2009)

Chronology of the Asian Financial Crisis

by Laura Alfaro, Rafael Di Tella and Renee Kim


In July 1997, Thailand became the first Asian "tiger" economy to abandon its fixed exchange rate system in response to speculative attacks on its currency. Investors started to flee Asia, and the crisis rapidly spread to other countries. Central banks spent billions of dollars to try and defend their currencies, only to seek emergency bailouts from the International Monetary Fund. This case presents a chronology of events that unraveled during the Asian financial crisis from 1997 to the end of 1998.

Keywords: Financial Crisis; Currency Exchange Rate; Central Banking; Policy; Crisis Management; Asia; Thailand;


Alfaro, Laura, Rafael Di Tella, and Renee Kim. "Chronology of the Asian Financial Crisis." Harvard Business School Case 708-001, February 2008. (Revised April 2009.)