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Article: Thailand's financial crisis: its causes, consequences, and implications.(Report)
- Article from:
- Journal of Economic Issues
- Article date:
- March 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 Association for Evolutionary Economics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Asian financial crisis began in Thailand in 1997 and then spread throughout Asia and around the world. Before the crisis passed, Thailand, South Korea, Indonesia, Brazil, and Russia accepted large loans from the International Monetary Fund (IMF). Some feared that the entire international financial system might collapse. On all corners of the globe, governments now fear facing a similar fate as evidenced by the European Union (EU) recently developing an emergency plan to deal with a possible European financial crisis. In the Financial Times article, "Ministers Plan Simulation of EU Financial Crisis" (May 16, 2005), George Parker explained, "[a]lthough there are no ...