Macroeconomic Adjustments and the Real Economy in Korea and Malaysia Since 1997

  • Zainal-Abidin Mahani
  • Kwanho Shin
  • Yunjong Wang


The financial crisis that broke out in Thailand in July 1997 and then spread to other parts of East Asia brought about a deep recession, causing a sharp decline in living standards, rising unemployment, industrial breakdown, and social dislocation in the region (Park and Wang, 2002). In 1997–98, five East Asian countries — Indonesia, Korea, Malaysia, the Philippines, and Thailand — experienced deep currency and banking crises. Although a few other East Asian countries were affected to a limited extent, the Asian financial crisis was region-wide.1


Exchange Rate Monetary Policy Real Economy Foreign Exchange Market External Debt 
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Copyright information

© Economic Commission for Latin America and the Caribbean 2006

Authors and Affiliations

  • Zainal-Abidin Mahani
  • Kwanho Shin
  • Yunjong Wang

There are no affiliations available

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