The East Asian financial crisis is remarkable in several ways. The crisis hlt the most rapidly growing economies in the world and prompted the largest financial bailouts in history. It is the sharpest financial crisis to hit the developing world since the debt crisis. It is the least anticipated financial crisis . The Asian Financial Crisis of Stephan Haggard Introduction The Asian economic crisis of was a singular event in the region's postwar economic history. Since the period of high growth began—a period dating to the s for Japan and the s for Korea, Taiwan, Hong Kong and Singapore—East Asia had not. –, by the East Asian crisis beginning in , and more recently by the crises in Brazil and the Russian Federation. 2 With few exceptions, the recent financial crises in emerging markets have combined currency Causes and Sources of the Asian Financial Crisis.
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