The beginning of the Asian financial crisis can be traced back to 2 July 1997. That was the day the Thai Government announced a managed float of the Baht and called on the International Monetary Fund (IMF) for 'technical assistance'. That day the Baht fell around 20 per cent against the $US. This became the trigger for the Asian currency crisis. Within the week the Philippines and Malaysian Governments were heavily intervening to defend their currencies. While Indonesia
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Economic Review, 20 November 1997, pp. 14-16.
11.Eric Ellis, 'Kim Inspects Mouth of IMF Gift Horse', Australian Financial Review, 24 November 1997, p. 12.
12.Teresa Wyszomierski and Christopher Lingle, "Fortress Japan Under Siege', Australian Financial Review, 19 November 1997, p. 20.
13.Ian MacFarlane, Forbes Magazine Business 1998, pp24-27.
14. Forecasts Lowered', The New Zealand Herald, 20 November 1998, pp. 29-30.
15.Reserve Bank of New Zealand, semi-annual Statement on Monetary Policy, November 1997, pp. 2-13.
16 A New Revolution by Peter Smith As published in NZBUSINESS, August 1998, PP 5-12.