The Asian Financial Crisis and Singapore: Can it Avoid the Contagion?

The events that unfolded and led to the 1997 Asian financial crisis seemed to have escaped the detection of all experts in international finance, so that when the cumulative factors helped to make the final outcome happen it apparently surprised everybody. Since then there has been a voluminous literature presenting competing accounts and analyses of this financial crisis that occurred in Asia towards the second half of 1997, with emphasis on those countries most adversely affected by the consequences of it. This chapter focuses upon an assessment of the economic impact on Singapore both during and in the aftermath of the crisis.