No Asian Financial Crisis

What if Thailand didn't floated the baht but retain its peg to the US dollar.

Would Thailand and Malaysia continue its sustainable economic growth?

Would ASEAN countries experience a economic boom similar to Thailand and Malaysia?

What would happen to Indonesia, Philippines, South Korea, Japan since there is no Financial Crisis?
 
It's a complicated issue because a lot stems from further back.

For example, the Russian Financial crisis ended up having a lot of ripple effects in Asia—arguably it pushed an overextended set of economies over the edge.

One could go further back—if Japan had avoided the Bubble and subsequent crash they'd post steady growth throughout the 80s and 90s and drag Asia and Russia up with them… the potential to avoid the Tiger crash entirely is there.


As for effects, a key one is that the centre of gravity finally shifted to China over Japan. It had been trending that way since the Bubble popped, but the Asian Financial Crisis just sped it up and finished it. So a Japan that remains more economically important in Asia is one possible outcome.

As you mentioned no crisis gives other states in the region a more stable environment for their own growth as well.
 
The problems (debts, unbalanced budgets?) that was behind it was still there so it would have been a bigger bang later down the road.
 
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