“Harnessing Market Mechanisms for Development: International Best Practice Standards” via CIPE Development Blog
In the second half of 1997, four East Asian countries – Thailand, Malaysia, the Republic of Korea, and Indonesia – experienced a massive reversal of the large foreign capital inflows they enjoyed through much of the 1990s. The outward swing amounted to more than $100 billion and exceeded 11 percent of their collective GDP. This capital flight precipitated large currency devaluations, severe financial asset and output declines, and impairment of financial institutions, rivaling Latin America’s debt crisis in the 1980s. In a matter of months, countries that experienced unprecedented growth and prosperity over the previous three decades were suddenly and deeply troubled.
In this Feature Service article, George J. Vojta and Damon C. Morris from Financial Standards...