As the region moved from hard exchange-rate pegs to floating rates, Asian currencies plunged – with drops against the dollar ranging from 28% in South Korea and roughly 37% in Thailand, Malaysia, and the Philippines to almost 80% in Indonesia.
Deuxièmement, les devises monétaires ont joué un rôle important de soupape de sécurité à l’entame du processus d’ajustement d’après-crise en Asie.