Twenty years ago this week, a momentous event more than a century in the making finally occurred: Hong Kong's handover to China. Turns out, that wasn't even close to the biggest story that year. What really did transfix the world in 1997 was the financial crisis that exploded a day after the handover -- in, of all places, Bangkok. Today on Benchmark, Dan, a former Malaysia bureau chief, and Hong Kong-based Malcolm Scott look back at the crisis and the wrenching economic and political changes it wrought. They're joined by Alec McCabe, who covered the drama from Hong Kong, and Lee Miller, then Bangkok bureau chief and now a professor at Tsinghua University in Beijing. One conclusion: Asia's convulsions were the first modern global financial crisis and a harbinger of a much greater shakeout in the U.S. a decade later. 

<p>Twenty years ago this week, a momentous event more than a century in the making finally occurred: Hong Kong's handover to China. Turns out, that wasn't even close to the biggest story that year. What really did transfix the world in 1997 was the financial crisis that exploded a day after the handover -- in, of all places, Bangkok. Today on Benchmark, Dan, a former Malaysia bureau chief, and Hong Kong-based Malcolm Scott look back at the crisis and the wrenching economic and political changes it wrought. They're joined by Alec McCabe, who covered the drama from Hong Kong, and Lee Miller, then Bangkok bureau chief and now a professor at Tsinghua University in Beijing. One conclusion: Asia's convulsions were the first modern global financial crisis and a harbinger of a much greater shakeout in the U.S. a decade later. </p>

How will countries around the world cope with persistent inflation and high borrowing costs? Are central bankers helping to abate the cost-of-living crisis or are they moving us all closer to recession? On Stephanomics, a podcast hosted by Bloomberg Economics head Stephanie Flanders—the former BBC economics editor and chief market strategist for Europe at JPMorgan Asset Management—we combine reports from Bloomberg journalists around the world and conversations with internationally respected experts on these and other issues to bring the global economy to life. 

<p>How will countries around the world cope with persistent inflation and high borrowing costs? Are central bankers helping to abate the cost-of-living crisis or are they moving us all closer to recession? On Stephanomics, a podcast hosted by Bloomberg Economics head Stephanie Flanders—the former BBC economics editor and chief market strategist for Europe at JPMorgan Asset Management—we combine reports from Bloomberg journalists around the world and conversations with internationally respected experts on these and other issues to bring the global economy to life. </p>

Who will win the trade war, and how? If the job market is so strong, why does your paycheck seem so meager? What will drive the economy of the future? Stephanomics, a podcast hosted by Bloomberg Economics head Stephanie Flanders, will take listeners on location each week to answer questions like these and bring the global economy to life.

Stephanomics

The World's First Modern Financial Crisis: 1997 Edition

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7bc9e059-4ad3-486c-a64e-ae2b0025a90f/transcript

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