Asian cause crisis financial

Also, interest rates were used to maintain the value of a currency. Although the rupiah crisis began in July and August , it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. The Hanbo scandal of early exposed South Koreas economic weaknesses and corruption problems to the international financial community. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. PBS Frontline. The United States. Overall, the country's gross domestic product plunged 6.