currency. Since the Asian countries were all interconnected due to globalization, the crisis spread. Most of Southeast Asia including Japan saw slumping currencies, devalued stock markets and other asset prices, and a steep rise in private debt as a result of this crisis. Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines were also hurt by the slump. China, Taiwan, Singapore, Brunei and Vietnam were less affected, although…
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