The 1997 Asian Financial Crisis and Recovery Policies in East Asia (1997-2005)

1. Thailand abandons baht peg, crisis begins

   Jul 2, 1997Labels: Thailand, Baht, Currency Crisis

   • FRBSF
   • Goldman History

2. IMF approves Thailand’s Stand-By Arrangement

   Aug 20, 1997Labels: IMF, Thailand, Stand-By Arrangement

   • IMF LOI
   • US Treasury

3. IMF approves Indonesia stand-by credit

   Nov 5, 1997Labels: IMF, Indonesia, Stand-By Credit

   • IMF PR97 50

4. IMF approves South Korea rescue program

   Dec 4, 1997Labels: IMF, South Korea, Rescue Program

   • IMF LOI
   • Japan MOF

5. Indonesia’s political crisis culminates in Suharto’s resignation

   May 21, 1998Labels: Indonesia, Suharto, Political Transition

   • Britannica
   • WIRED

6. Hong Kong intervenes to defend currency and markets

   Aug 28, 1998Labels: Hong Kong, Exchange Fund, Market Intervention

   • HKMA
   • HKMA 2008

7. Malaysia imposes capital controls and pegs ringgit

   Sep 1, 1998Labels: Malaysia, Ringgit, Capital Controls

   • IMF 1999
   • US Treasury

8. Regional economies show stronger-than-expected recovery

   Jan 1, 1999Labels: East Asia, Recovery, Export Growth

   • Britannica
   • AMRO

9. ASEAN+3 launches Chiang Mai Initiative framework

   May 6, 2000Labels: ASEAN 3, Chiang Mai, Regional Cooperation

   • AMRO
   • Britannica

10. South Korea completes early repayment to the IMF

    Aug 23, 2001Labels: South Korea, IMF Repayment, Foreign Reserves

    • DongA
    • People cn

11. Thailand repays IMF stand-by obligations ahead of schedule

    Jul 31, 2003Labels: Thailand, IMF Repayment, Stand-By Arrangement

    • IMF PR03 131
    • IMF PIN

12. Malaysia ends ringgit peg, shifts to managed float

    Jul 21, 2005Labels: Malaysia, Ringgit, Managed Float

    • The Star
    • IMF Malaysia