The floating of the Thai baht on 2 July 1997 marked the onset of the ‘Asian Crisis’, which had serious repercussions for the ‘miracle’ economies of East Asia, for developing countries in general, and for financial markets worldwide. The Crisis — and subsequent crises in Russia and Brazil — did not result in global financial meltdown, but did generate a heated debate on fundamental issues of economics, finance and policy-making in general.
KeywordsMoral Hazard Market Failure Fund Manager Capital Account Asian Crisis
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