25 years of evolving Asian capital markets - Part 1

We look at key events that shaped the region from 1996 to 2000.

1996
FINANCEASIA BEGINS PUBLISHING

Founded to cover corporate finance across the Asia-Pacific region, it was later acquired by privately-held publisher Haymarket Media in 2005. FA continues to cover the most important regional capital market transactions for its audience.

1997
ASIAN FINANCIAL CRISIS

Triggered by the collapse of the Thai baht after it was targeted by speculators and floated, the currency contagion quickly spreads to other Southeast Asian regions, affecting the Malaysian ringgit, Philippine peso and Indonesian rupiah. By the end of the year, South Korea and Hong Kong are also affected and the IMF steps in with a series of bailouts.

1998
IMF BAILOUT REFORMS IN TH, ID, KR

In exchange for tens of billions of dollars’ worth of bailout packages to pay back loans, countries like Thailand, Indonesia and South Korea agree to financial reforms and austerity measures triggering strikes, mass protests and occasional food shortages. Korean citizens are even called on to donate their gold to help pay back the loan – and they do.

1999
INTERNET BUBBLE FORMS

‘Irrational exuberance’ in early Internet-related companies, primarily in the US, forms an enormous stock market bubble whereby growth and potential are valued over profit.

2000
INTERNET BUBBLE POPS

The collapse of the dot-com bubble combines with news of Japanese recession to trigger a global sell-off, especially in technology stocks.

Click below to read what happened in other years:
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