oussama94
05-28-2017, 23:17
Following mass short speculation and attempted intervention, the aforementioned
Asian economies were left ruined and momentarily incapacitated.
The Thailand baht, once a prized possession, was devalued by as
much as 48 percent, even slumping closer to a 100 percent fall at the turn
of the New Year. The most adversely affected was the Indonesian rupiah.
Relatively stable prior to the onset of a “crawling peg” with the Thai baht,
the rupiah fell a whopping 228 percent from its previous high of 12,950 to
the fixed U.S. dollar. These particularly volatile price actions are reflected
in Figure 2.4. Among the majors, the Japanese yen fell approximately
23 percent from its high to its low against the U.S. dollar in 1997 and 1998,
as shown in Figure 2.5.
Asian economies were left ruined and momentarily incapacitated.
The Thailand baht, once a prized possession, was devalued by as
much as 48 percent, even slumping closer to a 100 percent fall at the turn
of the New Year. The most adversely affected was the Indonesian rupiah.
Relatively stable prior to the onset of a “crawling peg” with the Thai baht,
the rupiah fell a whopping 228 percent from its previous high of 12,950 to
the fixed U.S. dollar. These particularly volatile price actions are reflected
in Figure 2.4. Among the majors, the Japanese yen fell approximately
23 percent from its high to its low against the U.S. dollar in 1997 and 1998,
as shown in Figure 2.5.