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What was the Asian Financial Crisis?
The Asian financial crisis began with a series of asset bubbles that were financed with foreign direct investment. When the Federal Reserve began to hike interest rates, foreign investment dried up and high asset valuations were difficult to sustain.
The East Asian Financial Crisis: Causes, - CiteSeerX
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
The Onset of the East Asian Financial Crisis - NBER
The East Asian financial crisis is remarkable in several ways. The crisis hlt the most rapidly growing economies in the world and prompted the largest financial bailouts in history. It is the sharpest financial crisis to hit the developing world since the 1982 debt crisis. It is the least anticipated financial crisis in years.