Following a year in which repeated political turmoil sapped investor confidence in Mexico, putting pressure on the peso and draining the country's foreign exchange reserves, on December 22, 1994 the Mexican government sparked a financial crisis by unexpectedly abandoning its policy of anchoring...

For more than a decade before the great crisis of 1997-98, East Asian countries pegged softly to the U.S. dollar. In the period of currency chaos from mid 1997 through 1998 with exchange depreciations in eight East Asian countries, massive deflationary pressure in dollar terms which was...