20 years of Asian Financial Crisis: How rising tiger economies went awry

A look at the evolution of Indian economy and the East Asian tiger economies over the years

As the world marks 20 years of the 1997 Asian financial crisis, it is pertinent to look back at the time when several rising East Asian Tiger Economies were thrown into disarray due to a host of reasons. Till date, economists and observers have been cautious about blaming the crisis, triggered by the devaluation of the Thai baht, on any single economic factor. 

Economists have blamed underlying macroeconomic weaknesses in these economies, hot money flows with no corresponding appreciation of domestic currencies, and large external debts, among other things for the panic. 

The International Monetary Fund, in a working paper