7. Asian Pacific Crisis. The Asian financial crisis that began in July 1997 wreaked havoc throughout the cur- rency markets of East Asia. a. Which of the following currencies had the largest depreciations or devaluations during the July to November period? b. Which seemingly survived the first five months of the crisis with the least impact on their currencies? July 1997 (per US$) (per US$) Nov 1997 Country and Currency China yuan 8.40 8.40 Hong Kong dollar Indonesia rupiah 7.75 7.73 2,400 3,600 Korea won 900 1,100 Malaysia ringgit 2.50 3.50 Philippines peso 27 34 Singapore dollar 1.43 1.60 Taiwan dollar 27.80 32.70 Thailand baht 25.0 40.0

7. Asian Pacific Crisis. The Asian financial crisis that began in July 1997 wreaked havoc throughout the cur- rency markets of East Asia. a. Which of the following currencies had the largest depreciations or devaluations during the July to November period? b. Which seemingly survived the first five months of the crisis with the least impact on their currencies? July 1997 (per US$) (per US$) Nov 1997 Country and Currency China yuan 8.40 8.40 Hong Kong dollar Indonesia rupiah 7.75 7.73 2,400 3,600 Korea won 900 1,100 Malaysia ringgit 2.50 3.50 Philippines peso 27 34 Singapore dollar 1.43 1.60 Taiwan dollar 27.80 32.70 Thailand baht 25.0 40.0

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Open-economy Macroeconomics: Basic Concepts

Section: Chapter Questions

Problem 9PA

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