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  • February 2008 (Revised April 2009)
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Chronology of the Asian Financial Crisis

By: Laura Alfaro, Rafael Di Tella and Renee Kim
  • Format:Print
  • | Pages:15
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Abstract

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

Citation

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.)
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About The Authors

Laura Alfaro

General Management
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Rafael M. Di Tella

Business, Government and the International Economy
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    Urgent: The IMF Must Reform

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More from the Authors
  • Global Supply Chains: The Looming 'Great Reallocation' By: Laura Alfaro and Davin Chor
  • Keep Your Enemies Closer: Strategic Platform Adjustments during U.S. and French Elections By: Rafael Di Tella, Randy Kotti, Caroline Le Pennec and Vincent Pons
  • Urgent: The IMF Must Reform By: Laura Alfaro, Guillermo Calvo, José de Gregorio, Augusto de la Torre, Roque Fernandez, Pablo Guidotti, Enrique Mendoza, Ernesto Talvi, Liliana Rojas-Suarez and Andrés Velasco
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