The Asian financial crisis was a series of currency devaluations and other Currency declines spread rapidly throughout East Asia, in turn.
The Asian Financial Crisis of affected many Asian countries, including South Korea, Thailand, Malaysia, Indonesia, Singapore, and the Philippines. The Asian financial crisis, like many other financial crises before and after it, began with a series of asset bubbles.
The economic crisis focused much attention on the role of the developmental state in East Asian development. Proponents of neoliberalism, who saw the crisis .