HistorySee also: 1997 Asian Financial Crisis See also: Subprime mortgage crisis See also: Greek Bond Crisis See also: European sovereign debt crisis
While there was a period of systemic crisis in emerging countries in the early 1980s, both academia and policy circles did not analyze the crisis from a systematic point of view. Even when Latin American countries fell like dominoes into an abyss of successive devaluations, banking crises and deep recessions, much of the blame was placed on poor domestic policies and high real interest rates in the United States, with little attention focusing on the possibility that financial crises could be spreading and contagious.
A Lexis-Nexis search for contagion before 1997 finds hundreds of examples in major newspapers, almost none of which refer to turmoil in international financial markets. The term “contagion” was first introduced in July 1997, when the currency crisis in Thailand quickly spread throughout East Asia and then on to Russia and Brazil. Even developed markets in North America and Europe were affected, as the relative prices of financial instruments shifted and caused the collapse of Long-Term Capital Management (LTCM), a large U.S. hedge fund. The financial crisis beginning from Thailand with the collapse of the Thai baht spread to Indonesia, the Philippines, Malaysia, South Korea and Hong Kong in less than 2 months. After that, economists realized the importance of financial contagion and produced a large volume of researches on it.
Read more about this topic: Financial Contagion
Other articles related to "history":
... History of Charles XII, King of Sweden (1731) The Age of Louis XIV (1751) The Age of Louis XV (1746–1752) Annals of the Empire – Charlemagne, A.D ... Essay on the Manners of Nations (or 'Universal History') (1756) History of the Russian Empire Under Peter the Great (Vol ... II 1763) History of the Parliament of Paris (1769) ...
... The breakup of Al-Andalus into the competing taifa kingdoms helped the long embattled Iberian Christian kingdoms gain the initiative ... The capture of the strategically central city of Toledo in 1085 marked a significant shift in the balance of power in favour of the Christian kingdoms ...
... The Skeptical School of early Chinese history, started by Gu Jiegang in the 1920s, was the first group of scholars within China to seriously question the traditional story of its early history "the later the time, the ... early Chinese history is a tale told and retold for generations, during which new elements were added to the front end" ...
... generally believed that gambling in some form or another has been seen in almost every society in history ... France and Elizabethan England, much of history is filled with stories of entertainment based on games of chance ... In American history, early gambling establishments were known as saloons ...
... The history of computing is longer than the history of computing hardware and modern computing technology and includes the history of methods intended ...
Famous quotes containing the word history:
“Humankind has understood history as a series of battles because, to this day, it regards conflict as the central facet of life.”
—Anton Pavlovich Chekhov (18601904)
“[Men say:] Dont you know that we are your natural protectors? But what is a woman afraid of on a lonely road after dark? The bears and wolves are all gone; there is nothing to be afraid of now but our natural protectors.”
—Frances A. Griffin, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 19, by Susan B. Anthony and Ida Husted Harper (1902)
“The myth of independence from the mother is abandoned in mid- life as women learn new routes around the motherboth the mother without and the mother within. A mid-life daughter may reengage with a mother or put new controls on care and set limits to love. But whatever she does, her childs history is never finished.”
—Terri Apter (20th century)