The East Asian Crisis of 1997-98: Implications for India

The erstwhile East/Southeast Asian miracle economies were hit by a sudden crisis in 1997. What started as a currency depreciation in Thailand in July of that year developed into an all-out financial and economic crisis enveloping all the major economies in the region. They were adversely affected in the second half of 1997 and the whole of 1998. This article traces the evolution of the East Asian crisis and, based on the overall review, draws a few lessons for the Indian economy and society.