That was the year after emerging markets plunged when
Thailand’s sudden devaluation of its currency, the baht, triggered
the worst sell-off ever in these markets. In the summer and fall of
1998 things got worse as Russia defaulted on some of its debt
and devalued its own currency, the ruble. And the American stock
and bond markets were roiled by the near-failure of the giant
hedge fund, Long-Term Capital Management.
Thailand’s sudden devaluation of its currency, the baht, triggered
the worst sell-off ever in these markets. In the summer and fall of
1998 things got worse as Russia defaulted on some of its debt
and devalued its own currency, the ruble. And the American stock
and bond markets were roiled by the near-failure of the giant
hedge fund, Long-Term Capital Management.
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