What factors led to an economic crisis in 1997?

Following are the factors that led to an economic crisis in 1997:

Higher interest rates on deposits in the United States Foreign indebtedness of the East Asian countries Fall in the value of Asian currencies against the US dollar.

Explanation:

The East Asian financial crisis of 1997 was majorly a setback of the economic reformation that conventionally took place in USThe increase in the interest rates in US resulted in the diversion of global investments towards itself paving way for an 'economic crisis' in East Asia.

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