UCLA Center East Asian Studies 

Asian Financial Crisis

 
Nation
1996 Current Account Balance
(as percent of GDP)
1997 Current Account Balance
(as percent of GDP)
Currency Decline
7/1/97-2/2/98
(relative to US dollar)
Indonesia   
-3.4%
-4.5%
-76 %
Malyasia
-6.3%
-9.9%
39%
Philippines
-4.5%
-2.9%
-36%
Singapore
15.2%
16.2%
-16%
South Korea
-4.9%
-4.2%
-43%
Taiwan
4.0%
1.8%
-17%
Thailand
-7.9%
-4.2%
-49%
 
 
Nation
Total Debt 
($ US billions)
Short-term Debt
($ US billions)
Reserves
($ US billions)
China
152
42
141
Hong Kong
75
Indonesia
131
27
28
Malyasia
39
14
24
Philippines
58
15
9
Singapore
88
South Korea
155
60
17
Taiwan
46
29
81
Thailand
102
32
20
 
Source: J. P. Morgan, World Financial Markets, First Quarter 1998.
 
 
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