This resulted in a “currency mismatch” between dollar liabilities and revenues that were often denominated in local currencies. When the cost of dollars doubled in terms of pesos or rupiah, otherwise-solvent local banks and manufacturers could no longer service their dollar debts.
以美元和其他外币计价的债务也构成了不那么明显的威胁。二十世纪八九十年代的危机具有毁灭性，因为身负美元债务的经济体往往特别容易受到贬值冲击。这导致美元债务和往往以当地货币计价的收入形成“货币错配”。当美元兑比索或印尼盾的汇价翻番，原本有偿付能力的银行和企业再也无力偿还其美元负债。由于不良资产负债表影响，贬值的结果带来紧缩，并由此导致严重的经济衰退。