The Asian financial crisis of 1997 was a period of economic turmoil that began in Thailand and quickly spread to other Asian countries. It was caused by a combination of factors, including high levels of debt, currency speculation, and weaknesses in the banking and financial sectors. The crisis led to significant economic hardship, with high levels of unemployment, bankruptcies, and social unrest. The crisis also had a significant impact on the global economy, highlighting the vulnerabilities of the global financial system and leading to increased calls for international financial regulation.
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