2.1On July 2, 997, some capitalist groups headed by Soros Quantum Fund and Tiger Fund supported him with hot money and attacked the Thai baht crazily; The Asian financial turmoil swept through Thailand and the Thai baht depreciated. Soon, the storm swept through Malaysia, Singapore, Japan, South Korea, China and Hongkong. Break the scene of rapid economic development in Asia. The economies of some Asian economic powers began to slump and the political situation in some countries began to be chaotic. 1997 a series of Japanese banks and securities companies went bankrupt in the second half of the year. The Southeast Asian financial crisis evolved into the Asian financial crisis.
At this time, the Japanese government tried to intervene from a political perspective. The Japanese government first proposed the establishment of an "Asian Monetary Fund" of up to 654.38 billion US dollars. This proposal was supported by Asian countries, but at the last minute, the IMF and the United States came forward to prevent Japan from challenging the IMF's hegemony. The Clinton administration combined with western European countries to exert influence on southeast Asian countries, thus making Japan's plan completely bankrupt. Since then, the United States and western European countries have actively promoted loan agreements between Indonesia, South Korea and the IMF to counter the threat of Japan. In order to meet the requirements of OECD member countries, South Korea began to implement financial liberalization in the early 1990s, but it lacked effective financial supervision.
1997165438+10, the financial crisis broke out in Korea. From 6th to17th, the Korean government began to defend the won. 165438+1October 1 1 On the same day, South Korea's foreign exchange reserves were only 3.84 billion US dollars, and the foreign debts to be repaid after two weeks reached 6544. At that time, South Korea imported food necessary for life from foreign countries, and it also needed $654.38+0.2 billion a year. 17, the exchange rate of Korean won against the US dollar fell to a record 1008: 1. The Korean government closed the foreign exchange market for three days from 17. 165438+1On October 20th, South Korea requested the Japanese government to persuade Japanese banks to grant short-term loans to South Korea, but at this time, Japanese financial institutions were already deeply mired in this crisis, and Machi Asia, one of Japan's four largest securities companies, went bankrupt four days later. The United States rejected South Korea's request for financial assistance. On June 2 1, the South Korean government announced that it would seek assistance from the IMF. /kloc-On February 4th, 2000, South Korea reached an agreement with the IMF with a total value of 57 billion US dollars. However, on 65438+February 13, the exchange rate of Korean won against the US dollar fell to 1737.60: 1. 2 1, the Korean won crisis also hit the Japanese financial industry, which has invested heavily in South Korea. The hot money of capital made South Korea return to its original shape almost overnight. Daewoo, Venus and other large enterprises have closed down one after another, and South Korea's two major commercial banks, the First Bank of Korea and Seoul Bank, have gone bankrupt one after another. After that, bankruptcy, unemployment, suicide and other haze accompanied for a long time.
In 2009, the financial crisis was played by Europe and America, and the Korean people gradually woke up from the beautiful dream of the four little dragons. At that time, the Korean people were immersed in the bubble economy, borrowing money to buy a house, buying a car and spending money by credit card. They are keen on Yu Haibin Villa, Swiss Omega, French XO and German Benz. Like Americans, they also arrange trips to Europe smartly every year; Children are sent to private schools ... the bubble blown out by real estate is in exchange for non-performing loans from banks; Because it is too easy for large enterprises to obtain funds from banks, once the business conditions of enterprises are poor, non-performing assets will immediately expand and exist in large quantities, and only bankruptcy will be considered as self-harm.
On the one hand, the credit market in many countries in East Asia is developing abnormally, and the proportion of domestic credit in GDP in Japan, South Korea, Thailand and Malaysia is as high as115%-200%; On the other hand, its capital market is immature or underdeveloped, which leads enterprises to rely too much on the indirect financing of commercial banks, while banks rely too much on the "leading" and guarantee of the government, which leads to excessive expansion of bank credit and excessive bad debts of banks. For example, the non-performing assets of banks in South Korea and Thailand account for 34%-40% of their GDP. At the same time, the immaturity of the banking system in East Asia is also manifested in poor financial supervision and imperfect laws and regulations. The central banks of many ASEAN countries have not increased their loan loss reserves with the increase of non-performing loans. In the Philippines, bank loans increased by 38% in the three years before the outbreak of the financial crisis, while the ratio of loan loss reserve to total loans decreased from 3.5% to 1.5%, with Malaysia having the highest ratio of only 2%. Such a fragile financial system.
Because of this, international hot money saw its weakness and defeated Japan and South Korea with the acquiescence of the United States.