The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. The crisis started in Thailand on July 2nd, with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U. S. dollar. Capital flight ensued immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country bankrupt before the collapse of its currency; as the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, a precipitous rise in private debt. Indonesia, South Korea, Thailand were the countries most affected by the crisis. Hong Kong, Laos and the Philippines were hurt by the slump. Brunei, mainland China, Singapore and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.
Japan was affected, though less significantly. Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations economies in 1993–96 shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13% to 21% and as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did. Although most of the governments of Asia had sound fiscal policies, the International Monetary Fund stepped in to initiate a $40 billion program to stabilize the currencies of South Korea and Indonesia, economies hard hit by the crisis; the efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, Indonesian President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah; the effects of the crisis lingered through 1998.
In 1998, growth in the Philippines dropped to zero. Only Singapore and Taiwan proved insulated from the shock, but both suffered serious hits in passing, the former due to its size and geographical location between Malaysia and Indonesia. By 1999, analysts saw signs that the economies of Asia were beginning to recover. After the crisis, economies in the region worked toward financial stability and better financial supervision; until 1999, Asia attracted half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return; as a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Indonesia and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s; this achievement was acclaimed by financial institutions including IMF and World Bank, was known as part of the "Asian economic miracle".
The cause of the debacle are many and disputed. Thailand's economy developed into an economic bubble fueled by hot money. More and more was required as the size of the bubble grew; the same type of situation happened in Malaysia and Indonesia, which had the added complication of what was called "crony capitalism". The short-term capital flow was expensive and highly conditioned for quick profit. Development money went in a uncontrolled manner to certain people only - not the best suited or most efficient, but those closest to the centers of power. In the mid-1990s, Thailand and South Korea had large private current account deficits, the maintenance of fixed exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, a series of external shocks began to change the economic environment; the devaluation of the Chinese renminbi, the Japanese yen due to the Plaza Accord of 1985, the raising of U. S. interest rates which led to a strong U.
S. dollar, the sharp decline in semiconductor prices, all adversely affected their growth. As the U. S. economy recovered from a recession in the early 1990s, the U. S. Federal Reserve Bank under Alan Greenspan began to raise U. S. interest rates to head off inflation. This made the United States a more attractive investment destination relative to Southeast Asia, attracting hot money flows through high short-term interest rates, raised the value of the U. S. dollar. For the Southeast Asian nations which had currencies pegged to the U. S. dollar, the higher U. S. dollar caused their own exports to become more expensive and less competitive in the global markets. At the same time, Southeast Asia's export growth slowed in the spring of 1996, deteriorating their current account position; some economists have advanced the growing exports of China as a factor contributing to ASEAN nations' export growth slowdown, though these economists maintain the main cause of their crises was excessive real estate speculation.
China had begun to compete with other Asian exporters in the 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s. Many economists believe that the Asian crisis was created not by market p
Alex García is a Cuban American chef who helped popularize a version of Cuban food at several New York City restaurants and on the Food Network. Born in Havana, García attended Northeastern University in Massachusetts where he earned a degree in hotel and restaurant management. García attended the Culinary Institute of America, Florida International University, he worked alongside chef Douglas Rodriguez for four years at Yuca restaurant in Miami. García's work in New York has included stints on the Food Network in Soho, Babalu and Calle Ocho. García's first cookbook, In a Cuban Kitchen, was published in September 2004 in the United States and in England, his career suffered a setback in 2003 when he was indicted in federal district court in Brooklyn and charged with conspiracy and money laundering. García served no time. In 2007 García was the consulting chef at a new restaurant called Carniceria on Smith Street, Brooklyn, as well as the Gaucho Steak Company, a themed South American fast food outlet in Hells Kitchen.
Chef Alex Garcia is the Director of Culinary Operations for Barrio Foods and leads the Barrio Foods catering business, MAMBO catering. Chef Garcia not only created the culinary programs but oversees the kitchens at a number of his properties throughout New York City including Calle Ocho, the Copacabana Supper Club, the VIP food service at the Copacabana Nightclub, Havana Café, Havana Room, Open Book Café at the Brooklyn Public Library, Cabana Bar and Rooftop 760. In 2011, became the executive chef of Babalu Restaurant and Lounge in the Throgs Neck section of the Bronx. Chef Garcia launched a range of authentic Spanish cookware products called Culinary Habana, as founder of The Spice Company, he develops spice blends available for wholesale and retail purchase throughout New York City and the Caribbean. Alex García at the Chef and Restaurant Database
Marcus Derrickson is an American professional basketball player for the College Park Skyhawks of the NBA G League. He played college basketball for Georgetown. Derrickson played three years of high school basketball for Paul VI Catholic High School in Virginia, leading the Panthers to two Washington Catholic Athletic Conference titles; as a junior, he was named to the All-Met Team. Derrickson transferred to Brewster Academy in New Hampshire for his final high school year, he was the No. 81 overall prospect in his class according to Rivals.com and committed to Georgetown in October 2013. As a freshman at Georgetown, Derrickson posted 4.5 rebounds per game. Derrickson averaged 4.4 rebounds per game was a sophomore. As a junior, he was named to the Second Team All-Big East. On January 20, 2018, Derrickson scored a career-high 27 points in a win over St. John's in double overtime. In the final game of the season, a loss to Villanova, Derrickson sat out due to an injured right ankle. Derrickson averaged 15.9 points and 8.1 rebounds per game, second on the team in both categories to Jessie Govan, was the top three-point shooter, making 46.5 percent of his attempts.
After his junior season, Derrickson signed with an agent and entered the NBA draft, thus forgoing his senior season at Georgetown. After going undrafted in the 2018 NBA Draft, Derrickson signed with the Golden State Warriors for NBA Summer League play. Derrickson signed a training camp contract with the Warriors on September 20, 2018. On October 13, the Warriors converted the deal to a two-way contract with their NBA G League affiliate, the Santa Cruz Warriors. In his G League debut, Derrickson contributed 20 points on 7-of-10 shooting, three rebounds and three assists as the Warriors defeated the Northern Arizona Suns 118-108. Derrickson made his NBA debut on November 10, 2018, recording 2 points and 1 rebound, in 6 minutes, in a 116-100 win against the Brooklyn Nets; the Warriors were defeated in 6 games by the Toronto Raptors. On August 23, 2019, Derrickson signed an Exhibit 10 contract with the Atlanta Hawks. On October 18, 2019 the Hawks waived Derrickson, he was added to the roster of the Hawks’ G League affiliate, the College Park Skyhawks.
Career statistics and player information from NBA.com, or Basketball-Reference.com Georgetown Hoyas bio