Contagion: Chain Reactions and the CoCo Powder Keg
Many Happy Returns
The Common Creditor Effect in the 1997-98 Asia Crisis
Common creditor effect was part of the contagion in 1997-98 Asia crisis. European and Japanese banks were common creditors for many Asian countries. It led to a recession in Japan, a collapse in the Hong Kong dollar,. And ultimately it could have spilled over into the Russian collapse.
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