Mmt-81I group Ibodullayeva Mohira Describe the main signs and causes of the crisis of 1997

MMT-81I group Ibodullayeva Mohira
Describe the main signs and causes of the crisis of 1997 (Asian crisis)
The 1997–98 Asian financial crisis began in Thailand and then swept over East and Southeast Asia. As a result of the financial crisis, currency values, stock markets, and other asset values in many Southeast Asian countries collapsed.. It began as a currency crisis when Bangkok unpegged the Thai baht from the U.S. dollar, setting off a series of currency devaluations and massive flights of capital.
The International Monetary Fund (IMF) provided US$58.4 billion as a bailout package. In return, Korea was required to take restructuring measures. The ceiling on foreign investment in Korean companies was raised from 26 percent to 100 percent. In addition, the Korean government started financial sector reform program.
The way to overcome the crisis was not only through International Monetary Fund (IMF) for Malaysia at that time. The result is Malaysia successful being as the fastest country which could be free from the Asian financial crisis 1997-1998.To contain the economic damage caused by the crisis, the affected countries introduced corrective measures. In the latter part of 1997 and early 1998, the IMF provided $36 billion to support reform programs in the three worst-hit countries—Indonesia, Korea, and Thailand.