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samsung motors 5 billion venture was dissolved due to the crisis and eventually daewoo motors was sold to the american company general motors gm the international monetary fund imf provided us 58 4 billion as a bailout package 56 in return korea was required to take restructuring measures 57 the ceiling on foreign investment in korean companies was raised from 26 percent to 100 percent 58 in addition the korean government started financial sector reform program under the program 787 insolvent financial institutions were closed or merged by june 2003 59 the number of financial institutions in which foreign investors invested has increased rapidly examples include new bridge capital s takeover of korea first bank the south korean won meanwhile weakened to more than 1 700 per u s dollar from around 800 but later managed to recover however like the chaebol south korea s government did not escape unscathed its national debt to gdp ratio more than doubled approximately 13 to 30 as a result of the crisis philippines edit further information economy of the philippines in may 1997 the bangko sentral ng pilipinas the country s central bank raised interest rates by 1 75 percentage points and again by 2 points on 19 june thailand triggered the crisis on 2 july and on 3 july the bangko sentral intervened to defend the peso raising the overnight rate from 15 to 32 at the onset of the asian crisis in mid july 1997 the peso dropped from 26 pesos per dollar at the start of the crisis to 46 50 pesos in early 1998 to 53 pesos as in july 2001 60 the philippine gdp contracted by 0 6 during the worst part of the crisis but grew by 3 by 2001 despite scandals of the administration of joseph estrada in 2001 most notably the jueteng scandal causing the pse composite index the main index of the philippine stock exchange to fall to 1 000 points from a high of 3 448 points in 1997 the peso s value declined to around 55 75 pesos to the u s dollar later that year estrada was on the verge of impeachment but his allies in the senate voted against continuing the proceedings this led to popular protests culminating in the edsa ii revolution which effected his resignation and elevated gloria macapagal arroyo to the presidency during her presidency the crisis in the country lessened the philippine peso rose to about 50 pesos by the year s end and traded at around 41 pesos to a dollar in late 2007 the stock market also reached an all time high in 2007 surpassed by february 2018 and the economy was growing by more than 7 percent its highest in nearly two decades china edit further information economic history of china 1949 present economy of china and xiagang usd cny exchange rate 1981 2022 china s nonconvertible capital account and its foreign exchange control were decisive in limiting the impact of the crisis 61 the chinese currency the renminbi rmb had been pegged in 1994 to the u s dollar at a ratio of 8 3 rmb to the dollar having largely kept itself above the fray throughout 1997 1998 there was heavy speculation in the western press that china would soon be forced to devalue its currency to protect the competitiveness of its exports vis a vis those of the asean nations whose exports became cheaper relative to china s however the rmb s non convertibility protected its value from currency speculators and the decision was made to maintain the peg of the currency thereby improving the country s standing within asia 62 unlike investments of many of the southeast asian nations almost all of china s foreign investment took the form of factories on the ground rather than securities which insulated the country from rapid capital flight while china was unaffected by the crisis compared to southeast asia and south korea gdp growth slowed sharply in 1998 and 1999 calling attention to structural problems within its economy in particular the asian financial crisis convinced the chinese government of the need to resolve the issues of its enormous financial weaknesses such as having too many non performing loans within its banking system heavy reliance on trade with the united states 63 and inefficiencies in state owned enterprises soes contributing to the acceleration of soe restructuring and large scale layoffs during the period known as xiagang 下岗 step down from the post other asian countries harshly affected by the crisis sought the united states or japan to bail them out of the difficult economic conditions 64 as the united states and japan moved slowly china made a highly regarded symbolic gesture by refusing to devalue its own currency which presumably would have touched off a series of competitive devaluations with serious consequences for the region 64 instead china contributed 4 billion to neighboring countries via a combination of bilateral bailouts and contributing to imf bailout packages 64 in 1999 as a result of these actions the world bank described china as a source of stability for the region in one of its reports 64 the asian financial crisis helped solidify chinese policymakers views that china should not move towards a liberal market economy and that its reform and opening up should focus on tightening financial regulations and resisting foreign pressures to open the country s financial markets prematurely 65 53 policymakers became more resistant to market oriented reforms and concluded that the asian financial crisis highlighted the dangers of market forces operating without sufficient state supervision 66 34 lessons learned by policymakers following the financial crisis also became an important factor in china s evolving approach to managing state owned assets particularly its foreign exchange reserves and its creation of sovereign funds beginning with central huijin 65 11 12 hong kong edit further information economy of hong kong in october 1997 the hong kong dollar which had been pegged at 7 8 to the u s dollar since 1983 came under speculative pressure because hong kong s inflation rate had been significantly higher than the united states for years monetary authorities spent more than 1 billion to defend the local currency since hong kong had more than 80 billion in foreign reserves which is equivalent to 700 of its m1 money supply and 45 of its m3 money supply the hong kong monetary authority hkma effectively the region s central bank managed to maintain the peg 67 page needed stock markets became more and more volatile between 20 and 23 october the hang seng index dropped 23 the hkma then promised to protect the currency on 23 october 1997 it raised overnight interest rates from 8 to 23 and at one point to 280 the hkma had recognized that speculators were taking advantage of the city s unique currency board system in which overnight rates hibor automatically increase in proportion to large net sales of the local currency the rate hike however increased downward pressure on the stock market allowing speculators to profit by short selling shares the hkma started buying component shares of the hang seng index in mid august 1998 68 the hkma and donald tsang the then financial secretary declared war on speculators the government ended up buying approximately hk 120 billion us 15 billion worth of shares in various companies 69 and became the largest shareholder of some of those companies e g the government owned 10 of hsbc at the end of august when hostilities ended with the closing of the august hang seng index futures contract 68 in 1999 the government started selling those shares by launching the tracker fund of hong kong 70 making a profit of about hk 30 billion us 4 billion citation needed malaysia edit further information economy of malaysia see also anwar the untold story in july 1997 within days of the thai baht devaluation the malaysian ringgit was heavily traded by speculators the overnight rate jumped from under 8 to over 40 this led to rating downgrades and a general sell off on the stock and currency markets by end of 1997 ratings had fallen many notches from investment grade to junk the klse had lost more than 50 from above 1 200 to under 600 and the ringgit had lost 50 of its value falling from above 2 50 to under 4 57 on 23 january 1998 to the dollar the then prime minister mahathir mohamad imposed strict capital controls and introduced a 3 80 peg against the u s dollar malaysian moves involved fixing the local currency to the u s dollar stopping the overseas trade in ringgit currency and other ringgit assets therefore making offshore use of the ringgit invalid restricting the amount of currency and investments that residents can take abroad and imposed for foreign portfolio funds a minimum one year stay period which since has been converted to an exit tax the decision to make ringgit held abroad invalid has also dried up sources of ringgit held abroad that speculators borrow from to manipulate the ringgit for example by selling short those who did had to repurchase the limited ringgit at higher prices making it unattractive to them 71 it also fully suspended the trading of clob central limit order book counters indefinitely freezing approximately 4 47 billion worth of shares and affecting 172 000 investors most of them singaporeans 72 73 74 which became a political issue between the two countries 75 in 1998 the output of the real economy declined plunging the country into its first recession for many years the construction sector contracted 23 5 manufacturing shrunk 9 and the agriculture sector 5 9 overall the country s gross domestic product plunged 6 2 in 1998 during that year the ringgit plunged below 4 7 and the klse fell below 270 points in september that year various defensive measures were announced to overcome the crisis the principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime bank negara fixed the ringgit at 3 8 to the dollar capital controls were imposed while aid offered from the imf was refused various task force agencies were formed the corporate debt restructuring committee dealt with corporate loans danaharta discounted and bought bad loans from banks to facilitate orderly asset realization danamodal recapitalized banks growth then settled at a slower but more sustainable pace the massive current account deficit became a fairly substantial surplus banks were better capitalized and npls were realised in an orderly way small banks were bought out by strong ones a large number of plcs were unable to regulate their financial affairs and were delisted compared to the 1997 current account by 2005 malaysia was estimated to have a 14 06 billion surplus 76 asset values however have not returned to their pre crisis highs foreign investor confidence was still low partially due to the lack of transparency shown in how the clob counters had been dealt with 77 78 in 2005 the last of the crisis measures were removed as taken off the fixed exchange system but unlike the pre crisis days it did not appear to be a free float but a managed float like the singapore dollar mongolia edit further information economy of mongolia mongolia was adversely affected by the crisis and suffered a further loss of income as a result of the russian crisis in 1999 economic growth picked up in 1997 99 after stalling in 1996 due to a series of natural disasters and increases in world prices of copper and cashmere public revenues and exports collapsed in 1998 and 1999 due to the repercussions of the asian financial crisis in august and september 1999 the economy suffered from a temporary russian ban on exports of oil and oil products mongolia joined the world trade organization wto in 1997 the international donor community pledged over 300 million per year at the last consultative group meeting held in ulaanbaatar in june 1999 79 singapore edit further information economy of singapore as the financial crisis spread the economy of singapore dipped into a short recession the short duration and milder effect on its economy was credited to the active management by the government for example the monetary authority of singapore allowed for a gradual 20 depreciation of the singapore dollar to cushion and guide the economy to a soft landing the timing of government programs such as the interim upgrading program and other construction related projects were brought forward 80 instead of allowing the labor markets to work the national wage council pre emptively agreed to central provident fund cuts to lower labor costs with limited impact on disposable income and local demand unlike in hong kong no attempt was made to directly intervene in the capital markets and the straits times index was allowed to drop 60 in less than a year the singaporean economy fully recovered and continued on its growth trajectory 80 japan edit further information economy of japan the crisis had also put pressure on japan whose economy is particularly prominent in the region asian countries usually ran a trade deficit with japan the japanese yen fell to 147 as mass selling began but japan was the world s largest holder of currency reserves at the time so it was easily defended and quickly bounced back a run on the banks was narrowly averted on 26 november 1997 when tv networks decided not to report on long queues that had formed outside banks before the central bank had ordered that they be let in the real gdp growth rate slowed dramatically in 1997 from 5 to 1 6 and even sank into recession in 1998 due to intense competition from cheapened rivals also in 1998 the government had to bail out several banks the asian financial crisis also led to more bankruptcies in japan in addition with south korea s devalued currency and china s steady gains many companies complained outright that they could not compete 81 according to van sant et al in august 1997 japan proposed the establishment of an asian monetary fund amf to address the asian currency crisis japan aimed to reduce its dependence on the united states and increase its autonomy in economic security and diplomatic matters however the amf proposal was abandoned due to strong objections from the united states and indifference from china instead japan announced plans for cooperation loans with international organizations such as the international monetary fund the world bank and the asian development bank in october 1998 japan proposed providing 30 billion to support asia and in december 1998 it proposed a total of 600 billion in special yen credits over the next three years 82 a longer term result was the changing relationship between the united states and japan with the united states no longer openly supporting the highly artificial trade environment and exchange rates that governed economic relations between the two countries for almost five decades after world war ii 83 united states edit the u s treasury was deeply involved with the imf in finding solutions the american markets were severely hit on 27 october 1997 the dow jones industrial plunged 554 points or 7 2 amid ongoing worries ...