Figure 2. Imports of Goods and Services [Billion US$] SOURCE: UNCTADstat Database (Search date: Nov. 11, 2013) Figure 3. Nominal GDP [Billion US$] SOURCE: UNCTADstat Database (Search date: Nov. 11, 2013) NOTE: In Figure to 3, right after the 1997 crisis, in 1998 ASEAN and Plus Three countries recorded decreases in exports, imports and nominal GDP. Foreign Reserves Accumulation It was obvious that the financial crisis resulted from various reasons including liquidity issues, structural problems, or large current deficits. Among them, according to some studies, if the countries—South Korea, Thailand and Indonesia—suffering from liquidity crises were guaranteed to be aided prior to sudden shocks, a series of bankruptcies in 1997-98 might have been avoided. Those countries in liquidity crises were forced to be under later bailout packages with IMF bailout and its conditionality: in South Korea $57 billion, in Thailand $20.1 billion, and in Indonesia $40.1 billion. One of primary indicators showing the liquidity crisis was a high
Figure 2. Imports of Goods and Services [Billion US$] SOURCE: UNCTADstat Database (Search date: Nov. 11, 2013) Figure 3. Nominal GDP [Billion US$] SOURCE: UNCTADstat Database (Search date: Nov. 11, 2013) NOTE: In Figure to 3, right after the 1997 crisis, in 1998 ASEAN and Plus Three countries recorded decreases in exports, imports and nominal GDP. Foreign Reserves Accumulation It was obvious that the financial crisis resulted from various reasons including liquidity issues, structural problems, or large current deficits. Among them, according to some studies, if the countries—South Korea, Thailand and Indonesia—suffering from liquidity crises were guaranteed to be aided prior to sudden shocks, a series of bankruptcies in 1997-98 might have been avoided. Those countries in liquidity crises were forced to be under later bailout packages with IMF bailout and its conditionality: in South Korea $57 billion, in Thailand $20.1 billion, and in Indonesia $40.1 billion. One of primary indicators showing the liquidity crisis was a high