Global Currency Crises 1998-99

After a number of years of relative global economic tranquility, 1998 & 1999 were racked by a series of currency crises, which shook all emerging markets. The devaluation of the Mexican peso in December 1994 serves as a harbinger of crises to come. The Asian crisis of July 1997, the Russian rubble's collapse in August of 1998, and most recently the fall of the Brazilian real in January 1999, provide a spectrum of emerging market economic failures, each with its own complex causes.