Thai Meltdown and Transmission of Recession within the ASEAN4 and NIE4
The Asian crisis caught every one off guard. Some were stunned by disbelief. “Whither the Asian cats?” was the response of others. At first glance, the crisis that started with the collapse of the Thai baht on July 2, 1997 sounded a beacon ending the Asian miracle. The currency crisis gave way to a much bigger economic and socio-political crisis.
KeywordsReal Exchange Rate Unit Labor Cost Negative Shock Export Share Asian Crisis
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