Hong Kong’s Financial Crisis–1997-98

Case Solution

John Whitman, Maria J. Cascales
University of Hong Kong ()

The Asian miracle turned into a nightmare in 1997. Thailand brought the region into freefall when the baht split from the US dollar in July. This brought down other Asian currencies as speculators took advantage of the opportunities to win. Hong Kong was not immune to regional troubles. The first attack on the Hong Kong dollar began in earnest in October 1997. As the Asian crisis deepened, the impact in the Hong Kong Special Administrative Region worsened. The Hong Kong stock market was affected when speculators launched three more attacks in 1998. Faced with this scenario and the prospect of a deteriorating economy, on August 14, 1998 the government went from being a passive regulator to an active participant. from the market by taking large positions in top local stocks.

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