The Importance of Asian Financial Cooperation
Since the 2008 global financial crisis, economic and financial integration among East Asian economies has been losing momentum. But, with engagement and cooperation vital to the region’s long-term prosperity, it is in governments’ own interest to revive it.
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BEIJING – On July 2, 1997, the Thai baht collapsed. After waves of speculative attacks, the government had run out of foreign currency and become unable to support its exchange-rate peg to the US dollar. So, it floated the baht, which went into freefall. A wave of financial and non-financial Thai corporates that had borrowed heavily in dollars filed for bankruptcy. The Asian financial crisis had begun.