The seeds of the Asian financial crisis were homegrown. Regional banks had benefited from several strong years of economic growth in countries such as South Korea, Malaysia and Thailand.
The crisis was triggered by pessimistic and deep-pocketed global investors, who started to bet that the local economies – and hence currencies – were overvalued.
The sell-off quickly snowballed and the subsequent currency collapses and recessions exposed the poor financial health of the region's banks.
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