248:
demanded that the government should deal with the crisis. Day-to-day operations of agricultural trading firms were also harmed, as the firms could not pay their current debt obligations. In mid-March, people in Yangon started to sell luxury items to meet their due payments to the banks. However, with the crisis ongoing, demand for goods was low and the prices of certain goods had to fall down as much as 50 per cent. According to the newspaper
Irawaddy, the number of robberies in the area also increased due to the crisis. By May 2003, a secondary market of frozen bank accounts started to emerge, where account holders were selling their frozen accounts for about 60% to 80% of their face value, further increasing the financial losses for account owners.
92:, the banking system did not penetrate the lives of the populace. For the majority of the population, keeping wealth in form tangibles (such as gold or other precious metals) and borrowing from private moneylenders were still the norm. Also, though entrance to the market was available after 1990, the banks still had to work under wide-ranging regulations; including ceilings on interest rates. The fact that these ceilings were below the inflation rate of Myanmar led to “schemes (especially in real estate) whose principle promise was to act as an inflation hedge,” which ultimately resulted in real estate price bubbles and financial instability even before the 2003 crises.
240:
market-related activities such as factories, fisheries and construction faced severe cuts in payments. There are reports that suggest many workers went unpaid for weeks or got laid off due to the crises. Similarly, contractors, transport providers for goods, suppliers and distributors were all affected by the crisis. On
February 28, some traders were saying they were unable to make due payments to other merchants since their money remained tied in bank accounts. Even though some business account holders were allowed to make larger withdrawals to pay salaries in late February, small accounts and personal investments were still disrupted.
129:
Color also ran a report in its
February edition that private banks are also giving out loans well beyond their existing capital. Article specifically alleged that Asia Wealth Bank, the largest private bank in the country, has 50 times more outstanding loans than its capital while Yoma Bank has about 30 times more than its revenues. Similarly, a rumor indicating that Asia Wealth Bank lost a significant amount of its investments in deals with a Chinese company also started circulating. All these issues led to rumors that major banks are on the verge of collapse and created the ground for the crises.
176:
172:
per week by
February 21. In response to the limits, large crowds began gathering in front banks demanding withdrawals. After a bank in Yangon's Thingangyun area was stoned by account holders, riot police was called upon to guard banks, while the traffic police tried to disperse the huge crowds outside of the Olympic Tower branch of Asia Wealth Bank. Soon, Asia Wealth Bank posted signs saying their branches are working in normal conditions, even though the restrictions were still in place.
101:“shareholders.” They promised investors considerably higher interest rates than what private banks were offering (usually around 10% per year.). While these high rates, regularly reaching 3-4% per month, seemed hardly possible to return on a sustainable basis, large amount of investors used these entities nevertheless. More often than not, the enterprises depended on either highly speculative investments for the promised rate of return or even sometimes turned out to be not much more than
192:, on March 29 said in a press conference that he “would like to urge those who have taken loans from the banks to strive to repay their debts speedily in consideration of those who have deposited money in the banks, and to ensure the long term interest of the banks and strengthen the national economy". However, the deadline later got pushed back to May 2003 as a lot of the recalled debt was not paid back. Even by the end of May, there were still repayment orders that were not fulfilled.
80:. Though not all private banks grew considerably by international standards, the growth of the private banking sector and the share of the deposits in private banks increased in the 1990s and early 2000s. While private banks accounted for only about 10% of savings in 1994, by 2003, the amount increased to about 66%. Though state owned Myanmar Economic Bank had the most number of branches, in all other metrics private banks started to overshadow public banks.
200:
Naing, the managing director of
Kanbawza Bank said: “the problem we face can be worked out soon, and it is a temporary problem.” Yet, even by May 2003, the crises did not seem to dwindle and depositors had no greater ability to access their accounts. Three month into the banking crises, all three biggest banks were facing severe cash shortages. Yoma bank was reportedly selling its capital assets in order to raise liquidity.
109:
125:
Myanmar. In fact, the situation got serious enough that the government had to assure the banks that they should not be threatened by the new law. Yet, even though the flight of funds did seem to decrease, rumors of large-scale withdrawals persisted. These rumors furthermore undermined the trust to the financial system and brought about fears regarding liquidity of the banks in the face of withdrawn funds.
214:
151:
184:
purchasing homes were asked to return 25% of their loans back. Though there is no exact data on what followed, there is contemporary reporting that suggests people had to "sell assets or downgrade their business and lifestyles” in order to meet these loan calls. By
February 25, some banks revised their earlier demands for 25% of the outstanding loans repayments to 50%. The
105:. Nevertheless, the collapse of the informal finance companies is considered one of the early triggers of the crises. Not only were some of the authorized banks experienced direct financial loss because of exposure to these enterprises through lending and share investments, it also brought about distrust in the still newly liberalized financial sector.
142:, held a press conference assuring that all 20 banks are in firm financial standing and have the backing of the Central Bank. However, this attempt was not enough to quell the consumer unrest. Different banks started to begin denying withdrawal requests and asked account holders to return after February 18. By February 12, reserves of
225:
As the kyat was indispensable for everyday transactions for the people in
Myanmar, there was a steady demand for it even before the crisis. With the crisis making kyat-denominated bank deposits overly risky and virtually worthless (due to frozen accounts and illiquidity of the banks), demand for kyat
199:
Though the reports on the crises have been limited outside of the country due to the media blackout, by the end of
February, a Singapore-based business magazine wrote that they are watching the crises with concern and one firm has already closed down operations in Yangon. Yet, on February 24, Zaw Win
128:
Finally, on 1 February 2003, Finance and
Revenue Minister Khin Maung Thein was permitted to retire without any additional explanation from the government. This incident coincided with the peak of fears regarding the independent finance companies’ instability. The Yangon-based business magazine Living
171:
By
February 17, all private banks started to impose a withdrawal limit of 500,000 kyat ($ 500) per customer per week in order to tackle the liquidity problem. Within a week, this limit got further tightened to 200,000 and 100,00 kyat for some banks. Universal Bank decreased this limit to 50,000 kyat
195:
On February 21, the Central Bank pledged to assist private banks with a 25 billion kyat ($ 25 million) bailout, at 4% interest rate. The money was going to be shared between the three largest private banks: Asia Wealth Bank, Kanbawza Bank and Yoma Bank. This liquidity support represented about 3.5%
124:
on the United States, the issue of money laundering gained prominence. In response to this, in May 2002, Myanmar adopted the Law to Control Money and Property Obtained by Illegal Means. This law addressed many concerns of the US State Department and initially lead to a flight of funds from banks in
221:
Though in many instances banking and currency crises coincide, the value of the kyat appreciated during the banking crisis. With the currency losing value against the dollar before the crisis, reaching a low of 1100 kyat to $ 1, by February 20 the value of the kyat increased to 900 kyat per dollar
100:
In the second half of 2002, many informal finance enterprises in the country started to go under. These enterprises were not authorized deposit taking institutions under the Financial Institutions of Myanmar Law, but nevertheless accepted deposits by using the loophole of naming the depositors
247:
reported on March 2 that bank closures in Tamu, close to the India-Burma border, had resulted in losses for the traders and the failure of payments in the area. This led to a meeting by border traders on March 13 in Tamu, discussing solutions to the ongoing problem. Burmese traders with India
239:
ordered all banks to cease any account transfers, further exacerbating the issue. Though the majority of people in Myanmar did not have bank accounts, almost all businesses had and used these funds to pay their employees. From the outset of the crisis, many workers and employers in Myanmar in
183:
On February 20, several banks ordered their investors to repay about 20% to 25% of their loans to the bank within a few days. By some accounts, this was asked by the Central Bank of Myanmar. This led to further hardship for customers, where, in one geographic division, people who borrowed for
137:
On February 6, fears about the private banks collapsing led to bank runs by customers to withdraw their funds. Starting with Asia Wealth Bank, the runs quickly spread to other private banks. As early as February 10, the situation got dire enough that Kyaw Kyaw Maung, the governor of
146:
dwindled to a point where the bank asked the Central Bank a security bond of 30 billion kyats (US$ 30 million.) Finally, on 15 February, Yoma Bank, one of the three banks in the country that have credit card services, suspended such services in the face of the crises.
234:
With the withdrawal limits in place, and the other means of exchange used by banks such as cheques, remittance facilities, credit cards and electronic transfers of funds severely disrupted, the crisis had harmful effects on the real economy. On February 26,
35:(Burma) in February 2003. It started with a decline in the trust for private financial institutions following the collapse of small financial enterprises and proliferating rumors about the liquidity of major private banks. Leading to a bank run on the
226:
increased and supply of kyat decreased. The kyat increased in price as it became scarcer. Economist Elliot Turner also notes that this scarcity of kyat was indicative of systemic illiquidity in the entire system due to the banking crisis.
83:
However, while the importance of private banks in Myanmar did increase in this period, there were multiple indicators that suggested the private banks did not truly perform optimally. For example, outside of certain urban centres such as
59:
in 1990 were private banks allowed to form and operate in the country. By early 2003, there were 20 private banks in the country. However, many of these banks were relatively small. Five private banks dominated the field:
1279:
396:
Tumell, S. R. "Reforming the Banking System in Myanmar: A Survey of the Problems and Possibilities". Technical Advisory Network of Burma, Working Papers 7. Washington, D.C.: The Burma Fund, 2002.
73:
77:
1514:
51:
Myanmar's banking system had been in a process of transition in the period leading up to the crisis. From the 1962 overthrow of the government by General
158:
With the financial situation getting worse, there were reports that the ruling party got increasingly sensitive about business reporting in the country,
2049:
2034:
55:
until 1990, state institutions dominated the financial sector in Myanmar. Only with the adoption of the Financial Institutions of Myanmar law by the
2011:
39:, the crisis quickly spread to all major private banks in the country. It led to severe liquidity problems for private banks and scarcity of the
2114:
1996:
1935:
1898:
1732:
2056:
1595:
1980:
1840:
1739:
660:
196:
of all deposits in these banks. However, according to the Irrawaddy Newspaper, this money have never actually arrived to these banks.
1847:
1690:
1323:
627:
306:
Zaw Oo. "Throwing Good Money After Bad: Banking Crisis in Burma". Burma Fund Policy Brief 3. Washington, D.C.: The Burma Fund, 2003.
2004:
1921:
1891:
1774:
1767:
1711:
1704:
1572:
1261:
2078:
1697:
950:
871:
1884:
1788:
1753:
1610:
1448:
943:
611:
Kyaw Zwa Moe. "Crisis Forces Businesses to Close, Crime to Rise", The Irrawaddy, 17 March 2003, online edition. Available at:
1565:
1478:
1227:
1219:
2156:
1913:
1182:
222:(the black market rate). On March 18, moneychangers in Yangon reported that trading was happening at as low as 850 kyat
56:
43:. Though exact data is not available, it is believed that the crisis caused major economic hardship for many in Myanmar.
1942:
2141:
2071:
1877:
1529:
1396:
1146:
444:
Min Zin. “No End to the Mess? Financial Panic in Myanmar”. The Irrawaddy online edition, October 2002. Available at:
1316:
928:
414:
Economist Intelligence Unit. Myanmar (Burma), Country Profile 2002. London: Economist Intelligence Unit, 2002, p.32
623:
Mizzima News. “Bank Crisis Takes Tolls on Traders in India and Burma”, Mizzima News, 13 March 2003. Available at:
463:
Turnell, S and Vicary A. “Burma’s Banking Crisis: A Commentary” Burma Economic Watch, 6 March 2003. Available at:
384:
Backman, M. "Myanmar's Banking Meltdown Goes Unnoticed Beyond its Borders". The Age, 20 March 2003. Available at:
1718:
1492:
979:
341:
May Kaung, "Bank Crisis Reeks of a Ponzi Scheme", The Irrawaddy, 26 February 2003, online edition. Available at:
353:
Union of Myanmar. Financial Institutions of Myanmar Law. Rangoon: State Law and Order Restoration Council, 1990.
1906:
1870:
1781:
1683:
653:
405:
Economic Intelligence Unit. Myanmar (Burma), Country Report May 2003. London: Economist Intelligence Unit, 2003
188:’s timetable initially required that all required repayments were to be paid by the end of March 2003. General
168:
newspaper ran a story that blamed the destructive elements abroad, such as the exiles, for the banking crises.
2107:
2042:
1746:
1617:
1558:
1411:
1809:
1653:
1646:
1603:
1551:
1485:
1083:
2151:
1965:
1957:
1624:
1544:
1471:
1463:
1455:
1433:
832:
1949:
1854:
1660:
1338:
1101:
116:
Another source of rumors and distrust that laid at the origins of the 2003 crises were allegations of
2064:
1988:
1760:
1243:
646:
1235:
2136:
1725:
1388:
1360:
1197:
570:
Naw Seng. "Yoma Selling Capital Assets", The Irrawaddy, 13 May 2003, online edition. Available at:
385:
2146:
2100:
2018:
1522:
1425:
1026:
236:
185:
139:
2093:
1795:
1190:
1041:
1034:
986:
972:
688:
506:
445:
262:
365:
Tumell, S. R. “Myanmar’s Banking Crises”. ASEAN Economic Bulletin, Vol 20 (3), December 2003.
2025:
1418:
1272:
935:
917:
844:
823:
1972:
1802:
1346:
958:
863:
855:
767:
121:
624:
612:
289:
286:
8:
1928:
1638:
1536:
1441:
1301:
1153:
1071:
905:
730:
342:
159:
594:
Min Zin. "Bank Crisis Rolls On". The Irrawaddy online edition,7 May 2003. Available at:
811:
366:
897:
880:
781:
267:
69:
571:
1862:
1377:
1372:
788:
760:
737:
669:
257:
143:
117:
61:
36:
1822:
1672:
1507:
1353:
1309:
1208:
709:
631:
464:
28:
1587:
1499:
1404:
774:
753:
175:
2130:
1250:
1175:
1168:
1161:
1139:
1123:
1115:
1108:
1094:
1064:
1057:
1050:
1008:
1001:
994:
965:
804:
797:
723:
695:
1579:
1330:
1131:
702:
523:
The Economist. “Kyatastrophe”, The Economist, 20 March 2003. Available at:
244:
162:
in an effort to stop the spread of panic among the public. The state-owned
102:
1833:
1290:
889:
746:
716:
524:
370:
317:
189:
154:
Yoma Bank, one of the three banks that had credit card services in 2003
65:
595:
681:
638:
89:
24:
32:
108:
386:
http://www.theage.com.au/articles/2003/03/19/1047749824134.html
164:
85:
52:
285:"The World Factbook". Retrieved 10 March 2015. Available at:
213:
446:
http://www2.irrawaddy.org/article.php?art_id=2765&page=1
150:
40:
625:
http://burmatoday.net/mizzima/030313_bank_mizzima_e.htm
613:
http://www2.irrawaddy.org/opinion_story.php?art_id=1179
287:
https://www.cia.gov/the-world-factbook/countries/burma/
343:
http://www2.irrawaddy.org/opinion_story.php?art_id=342
987:
Post-Napoleonic Irish grain price and land use shocks
607:
605:
603:
600:
572:http://www2.irrawaddy.org/article.php?art_id=1241
2128:
507:"Burma's Private Banking Crisis – a Chronology"
465:http://www.ibiblio.org/obl/docs/BEW2003-03.htm
2115:List of stock market crashes and bear markets
654:
661:
647:
1936:2015–2016 Chinese stock market turbulence
590:
588:
501:
566:
564:
554:
552:
550:
540:
538:
536:
534:
532:
499:
497:
495:
493:
491:
489:
487:
485:
483:
481:
459:
457:
455:
453:
431:
429:
212:
174:
149:
107:
95:
380:
378:
361:
359:
337:
335:
315:
2129:
1841:Venezuelan banking crisis of 2009–2010
1611:South American economic crisis of 2002
1508:Black Wednesday (1992 Sterling crisis)
585:
302:
300:
298:
296:
1892:2013 Chinese banking liquidity crisis
1848:2010–2014 Portuguese financial crisis
1324:Secondary banking crisis of 1973–1975
642:
561:
547:
529:
525:http://www.economist.com/node/1650080
478:
450:
426:
1922:Russian financial crisis (2014–2016)
1775:2008–2011 Icelandic financial crisis
1768:2008–2009 Ukrainian financial crisis
1733:2000s U.S. housing market correction
1573:1998–2002 Argentine great depression
668:
375:
356:
332:
229:
208:
2079:2023–2024 Egyptian financial crisis
1914:Puerto Rican government-debt crisis
1907:2014–2016 Brazilian economic crisis
1280:1963–1965 Indonesian hyperinflation
1183:Shanghai rubber stock market crisis
872:Dutch Republic stock market crashes
293:
57:State Peace and Development Council
13:
1885:2012–2013 Cypriot financial crisis
1789:2008–2014 Spanish financial crisis
1761:2008–2009 Russian financial crisis
1754:2008–2009 Belgian financial crisis
1449:1988–1992 Norwegian banking crisis
944:British credit crisis of 1772–1773
14:
2168:
2072:2023 United States banking crisis
1878:2011 Bangladesh share market scam
1566:1998–1999 Ecuador economic crisis
1530:Venezuelan banking crisis of 1994
1456:Japanese asset price bubble crash
1397:Souk Al-Manakh stock market crash
1147:Australian banking crisis of 1893
951:Dutch Republic financial collapse
596:http://www.irrawaddy.org/art/2003
929:Amsterdam banking crisis of 1763
122:September 2001 terrorist attacks
120:against Myanmar banks. With the
1654:2007 Chinese stock bubble crash
980:Danish state bankruptcy of 1813
617:
576:
517:
469:
438:
417:
408:
316:Turnell, Sean (December 2003).
2035:Chinese property sector crisis
1943:2015–2016 stock market selloff
1871:August 2011 stock markets fall
1782:2008–2011 Irish banking crisis
1479:1990s Swedish financial crisis
1228:Weimar Republic hyperinflation
399:
390:
347:
309:
279:
21:2003 banking crisis of Myanmar
1:
2108:List of sovereign debt crises
2050:2022 Russian financial crisis
1747:2008 Latvian financial crisis
1740:U.S. bear market of 2007–2009
1618:Stock market downturn of 2002
1559:1998 Russian financial crisis
1412:1983 Israel bank stock crisis
273:
46:
1810:Greek government-debt crisis
1647:2004 Argentine energy crisis
1604:2001 Turkish economic crisis
1493:1990s Armenian energy crisis
1486:1990s Finnish banking crisis
1347:1976 British currency crisis
1317:1973–1974 stock market crash
179:Central Bank of Myanmar seal
7:
2157:Economic history of Myanmar
1966:2017 Sri Lankan fuel crisis
1632:2003 Myanmar banking crisis
1625:2002 Uruguay banking crisis
1545:1997 Asian financial crisis
1472:1991 Indian economic crisis
1464:Rhode Island banking crisis
1434:Cameroonian economic crisis
1220:Early Soviet hyperinflation
833:Crisis of the Third Century
251:
203:
132:
10:
2173:
1997:Sri Lankan economic crisis
1855:Energy crisis in Venezuela
1834:2009 Dubai debt standstill
1684:2007–2008 financial crisis
1339:Latin American debt crisis
1102:Paris Bourse crash of 1882
318:"Myanmar's Banking Crises"
2088:
2065:2022 stock market decline
2057:Pakistani economic crisis
2043:2021–2023 inflation surge
1989:Lebanese liquidity crisis
1958:Venezuelan hyperinflation
1950:Brexit stock market crash
1899:Venezuela economic crisis
1821:
1671:
1661:Zimbabwean hyperinflation
1371:
1289:
1260:
1244:Wall Street Crash of 1929
1207:
1084:2nd Industrial Revolution
1082:
1018:
918:1st Industrial Revolution
916:
843:
821:
676:
2142:2003 in economic history
1726:Subprime mortgage crisis
1389:Brazilian hyperinflation
1361:Brazilian hyperinflation
1198:Financial crisis of 1914
906:Mississippi bubble crash
160:imposing a news blackout
16:Burmese financial crisis
2101:List of economic crises
2019:2020 stock market crash
2012:Financial market impact
1981:Turkish economic crisis
1596:9/11 stock market crash
1552:October 1997 mini-crash
1523:1994 bond market crisis
1515:Yugoslav hyperinflation
1426:Savings and loan crisis
1027:European potato failure
322:ASEAN Economic Bulletin
186:Central Bank of Myanmar
2094:List of banking crises
1863:Syrian economic crisis
1796:Blue Monday Crash 2009
1405:Chilean crisis of 1982
1236:ShĹŤwa financial crisis
1042:Highland Potato Famine
898:South Sea bubble crash
689:Commodity price shocks
582:Turnell (2003), p. 275
435:Turnell (2003), p. 274
423:Turnell (2003), p. 273
263:List of banking crises
218:
180:
155:
140:Myanmar's Central Bank
113:
74:Myanmar Mayflower Bank
1419:Black Saturday (1983)
1273:Kennedy Slide of 1962
845:Commercial revolution
558:Turnell (2003), p.276
544:Turnell (2003), p.275
475:Turnell (2003), p.274
216:
178:
153:
111:
96:Origins of the crisis
78:Myanmar Oriental Bank
1973:Ghana banking crisis
1803:European debt crisis
1588:Dot-com bubble crash
1500:Cuban Special Period
959:Copper Panic of 1789
864:The Great Debasement
856:Great Bullion Famine
245:Mizzima News Service
1929:2015 Nepal blockade
1639:2000s energy crisis
1537:Mexican peso crisis
1442:Black Monday (1987)
1302:1970s energy crisis
1262:Post–WWII expansion
936:Bengal bubble crash
731:Financial contagion
2152:Finance in Myanmar
1191:Panic of 1910–1911
1035:Great Irish Famine
973:Panic of 1796–1797
812:Stock market crash
630:2015-04-02 at the
219:
181:
156:
114:
2124:
2123:
2005:COVID-19 pandemic
890:Tulip mania crash
881:Kipper und Wipper
858:(c. 1400–c. 1500)
268:List of bank runs
230:Economic hardship
209:Value of the kyat
2164:
2117:
2110:
2103:
2096:
2081:
2074:
2067:
2060:
2052:
2045:
2038:
2028:
2021:
2014:
2007:
2000:
1992:
1984:
1976:
1968:
1961:
1953:
1945:
1938:
1931:
1924:
1917:
1909:
1902:
1894:
1887:
1880:
1873:
1866:
1858:
1850:
1843:
1836:
1812:
1805:
1798:
1791:
1784:
1777:
1770:
1763:
1756:
1749:
1742:
1735:
1728:
1721:
1714:
1707:
1700:
1693:
1686:
1664:
1656:
1649:
1642:
1634:
1627:
1620:
1613:
1606:
1599:
1591:
1583:
1575:
1568:
1561:
1554:
1547:
1540:
1532:
1525:
1518:
1510:
1503:
1495:
1488:
1481:
1474:
1467:
1459:
1451:
1444:
1437:
1429:
1421:
1414:
1407:
1400:
1392:
1378:Great Regression
1373:Great Moderation
1364:
1356:
1349:
1342:
1334:
1326:
1319:
1312:
1305:
1282:
1275:
1253:
1246:
1239:
1231:
1223:
1200:
1193:
1186:
1178:
1171:
1164:
1157:
1149:
1142:
1135:
1127:
1119:
1111:
1104:
1097:
1075:
1067:
1060:
1053:
1044:
1037:
1030:
1011:
1004:
997:
990:
982:
975:
968:
961:
954:
946:
939:
931:
909:
901:
893:
885:
875:
867:
859:
836:
814:
807:
800:
791:
784:
777:
770:
763:
761:Liquidity crisis
756:
749:
740:
738:Social contagion
733:
726:
719:
712:
705:
698:
691:
684:
670:Financial crises
663:
656:
649:
640:
639:
634:
621:
615:
609:
598:
592:
583:
580:
574:
568:
559:
556:
545:
542:
527:
521:
515:
514:
513:. December 2003.
503:
476:
473:
467:
461:
448:
442:
436:
433:
424:
421:
415:
412:
406:
403:
397:
394:
388:
382:
373:
363:
354:
351:
345:
339:
330:
329:
313:
307:
304:
291:
283:
258:Economy of Burma
237:the Central Bank
144:Asia Wealth Bank
118:money laundering
62:Asia Wealth Bank
37:Asia Wealth Bank
2172:
2171:
2167:
2166:
2165:
2163:
2162:
2161:
2137:2003 in Myanmar
2127:
2126:
2125:
2120:
2113:
2106:
2099:
2092:
2084:
2077:
2070:
2063:
2055:
2048:
2041:
2033:
2024:
2017:
2010:
2003:
1995:
1987:
1979:
1971:
1964:
1956:
1948:
1941:
1934:
1927:
1920:
1912:
1905:
1897:
1890:
1883:
1876:
1869:
1861:
1853:
1846:
1839:
1832:
1825:
1823:Information Age
1817:
1808:
1801:
1794:
1787:
1780:
1773:
1766:
1759:
1752:
1745:
1738:
1731:
1724:
1717:
1710:
1703:
1696:
1689:
1682:
1675:
1673:Great Recession
1667:
1659:
1652:
1645:
1637:
1630:
1623:
1616:
1609:
1602:
1594:
1586:
1578:
1571:
1564:
1557:
1550:
1543:
1535:
1528:
1521:
1513:
1506:
1498:
1491:
1484:
1477:
1470:
1462:
1454:
1447:
1440:
1432:
1424:
1417:
1410:
1403:
1395:
1387:
1380:
1376:
1367:
1359:
1354:1979 oil crisis
1352:
1345:
1337:
1329:
1322:
1315:
1310:1973 oil crisis
1308:
1300:
1293:
1291:Great Inflation
1285:
1278:
1271:
1264:
1256:
1249:
1242:
1234:
1226:
1218:
1211:
1209:Interwar period
1203:
1196:
1189:
1181:
1174:
1167:
1160:
1152:
1145:
1138:
1130:
1122:
1114:
1107:
1100:
1093:
1086:
1078:
1070:
1063:
1056:
1049:
1040:
1033:
1025:
1014:
1007:
1000:
993:
985:
978:
971:
964:
957:
949:
942:
934:
927:
920:
912:
904:
896:
888:
878:
870:
862:
854:
847:
839:
831:
817:
810:
803:
796:
787:
780:
773:
766:
759:
752:
745:
736:
729:
722:
715:
710:Currency crisis
708:
701:
694:
687:
680:
672:
667:
637:
632:Wayback Machine
622:
618:
610:
601:
593:
586:
581:
577:
569:
562:
557:
548:
543:
530:
522:
518:
505:
504:
479:
474:
470:
462:
451:
443:
439:
434:
427:
422:
418:
413:
409:
404:
400:
395:
391:
383:
376:
364:
357:
352:
348:
340:
333:
314:
310:
305:
294:
284:
280:
276:
254:
232:
211:
206:
135:
98:
49:
29:private banking
17:
12:
11:
5:
2170:
2160:
2159:
2154:
2149:
2147:Banking crises
2144:
2139:
2122:
2121:
2119:
2118:
2111:
2104:
2097:
2089:
2086:
2085:
2083:
2082:
2075:
2068:
2061:
2059:(2022–present)
2053:
2046:
2039:
2037:(2020–present)
2031:
2030:
2029:
2022:
2015:
2001:
1999:(2019–present)
1993:
1991:(2019–present)
1985:
1983:(2018–present)
1977:
1969:
1962:
1954:
1946:
1939:
1932:
1925:
1918:
1910:
1903:
1901:(2013–present)
1895:
1888:
1881:
1874:
1867:
1865:(2011–present)
1859:
1857:(2010–present)
1851:
1844:
1837:
1829:
1827:
1826:(2009–present)
1819:
1818:
1816:
1815:
1814:
1813:
1806:
1799:
1792:
1785:
1778:
1771:
1764:
1757:
1750:
1743:
1736:
1729:
1722:
1715:
1708:
1701:
1694:
1691:September 2008
1679:
1677:
1669:
1668:
1666:
1665:
1663:(2007–present)
1657:
1650:
1643:
1635:
1628:
1621:
1614:
1607:
1600:
1592:
1584:
1576:
1569:
1562:
1555:
1548:
1541:
1533:
1526:
1519:
1511:
1504:
1496:
1489:
1482:
1475:
1468:
1460:
1452:
1445:
1438:
1430:
1422:
1415:
1408:
1401:
1393:
1384:
1382:
1369:
1368:
1366:
1365:
1357:
1350:
1343:
1335:
1327:
1320:
1313:
1306:
1297:
1295:
1287:
1286:
1284:
1283:
1276:
1268:
1266:
1258:
1257:
1255:
1254:
1247:
1240:
1232:
1224:
1215:
1213:
1205:
1204:
1202:
1201:
1194:
1187:
1179:
1172:
1165:
1158:
1150:
1143:
1136:
1128:
1120:
1112:
1105:
1098:
1090:
1088:
1080:
1079:
1077:
1076:
1068:
1061:
1054:
1047:
1046:
1045:
1038:
1022:
1020:
1016:
1015:
1013:
1012:
1005:
998:
991:
983:
976:
969:
962:
955:
953:(c. 1780–1795)
947:
940:
932:
924:
922:
914:
913:
911:
910:
902:
894:
886:
876:
874:(c. 1600–1760)
868:
860:
851:
849:
841:
840:
838:
837:
828:
826:
819:
818:
816:
815:
808:
801:
794:
793:
792:
785:
778:
771:
757:
754:Hyperinflation
750:
743:
742:
741:
727:
720:
713:
706:
699:
692:
685:
677:
674:
673:
666:
665:
658:
651:
643:
636:
635:
616:
599:
584:
575:
560:
546:
528:
516:
477:
468:
449:
437:
425:
416:
407:
398:
389:
374:
355:
346:
331:
308:
292:
277:
275:
272:
271:
270:
265:
260:
253:
250:
231:
228:
217:1000 kyat bill
210:
207:
205:
202:
134:
131:
97:
94:
48:
45:
15:
9:
6:
4:
3:
2:
2169:
2158:
2155:
2153:
2150:
2148:
2145:
2143:
2140:
2138:
2135:
2134:
2132:
2116:
2112:
2109:
2105:
2102:
2098:
2095:
2091:
2090:
2087:
2080:
2076:
2073:
2069:
2066:
2062:
2058:
2054:
2051:
2047:
2044:
2040:
2036:
2032:
2027:
2023:
2020:
2016:
2013:
2009:
2008:
2006:
2002:
1998:
1994:
1990:
1986:
1982:
1978:
1974:
1970:
1967:
1963:
1959:
1955:
1951:
1947:
1944:
1940:
1937:
1933:
1930:
1926:
1923:
1919:
1915:
1911:
1908:
1904:
1900:
1896:
1893:
1889:
1886:
1882:
1879:
1875:
1872:
1868:
1864:
1860:
1856:
1852:
1849:
1845:
1842:
1838:
1835:
1831:
1830:
1828:
1824:
1820:
1811:
1807:
1804:
1800:
1797:
1793:
1790:
1786:
1783:
1779:
1776:
1772:
1769:
1765:
1762:
1758:
1755:
1751:
1748:
1744:
1741:
1737:
1734:
1730:
1727:
1723:
1720:
1716:
1713:
1712:December 2008
1709:
1706:
1705:November 2008
1702:
1699:
1695:
1692:
1688:
1687:
1685:
1681:
1680:
1678:
1674:
1670:
1662:
1658:
1655:
1651:
1648:
1644:
1640:
1636:
1633:
1629:
1626:
1622:
1619:
1615:
1612:
1608:
1605:
1601:
1597:
1593:
1589:
1585:
1581:
1577:
1574:
1570:
1567:
1563:
1560:
1556:
1553:
1549:
1546:
1542:
1538:
1534:
1531:
1527:
1524:
1520:
1516:
1512:
1509:
1505:
1501:
1497:
1494:
1490:
1487:
1483:
1480:
1476:
1473:
1469:
1465:
1461:
1457:
1453:
1450:
1446:
1443:
1439:
1435:
1431:
1427:
1423:
1420:
1416:
1413:
1409:
1406:
1402:
1398:
1394:
1390:
1386:
1385:
1383:
1379:
1374:
1370:
1362:
1358:
1355:
1351:
1348:
1344:
1340:
1336:
1332:
1328:
1325:
1321:
1318:
1314:
1311:
1307:
1303:
1299:
1298:
1296:
1292:
1288:
1281:
1277:
1274:
1270:
1269:
1267:
1263:
1259:
1252:
1251:Panic of 1930
1248:
1245:
1241:
1237:
1233:
1229:
1225:
1221:
1217:
1216:
1214:
1210:
1206:
1199:
1195:
1192:
1188:
1184:
1180:
1177:
1176:Panic of 1907
1173:
1170:
1169:Panic of 1901
1166:
1163:
1162:Panic of 1896
1159:
1155:
1151:
1148:
1144:
1141:
1140:Panic of 1893
1137:
1133:
1129:
1125:
1124:Baring crisis
1121:
1117:
1116:Arendal crash
1113:
1110:
1109:Panic of 1884
1106:
1103:
1099:
1096:
1095:Panic of 1873
1092:
1091:
1089:
1085:
1081:
1073:
1069:
1066:
1065:Panic of 1866
1062:
1059:
1058:Panic of 1857
1055:
1052:
1051:Panic of 1847
1048:
1043:
1039:
1036:
1032:
1031:
1028:
1024:
1023:
1021:
1017:
1010:
1009:Panic of 1837
1006:
1003:
1002:Panic of 1825
999:
996:
995:Panic of 1819
992:
988:
984:
981:
977:
974:
970:
967:
966:Panic of 1792
963:
960:
956:
952:
948:
945:
941:
937:
933:
930:
926:
925:
923:
919:
915:
907:
903:
899:
895:
891:
887:
883:
882:
877:
873:
869:
865:
861:
857:
853:
852:
850:
846:
842:
834:
830:
829:
827:
825:
820:
813:
809:
806:
805:Social crisis
802:
799:
798:Minsky moment
795:
790:
786:
783:
779:
776:
772:
769:
765:
764:
762:
758:
755:
751:
748:
744:
739:
735:
734:
732:
728:
725:
724:Energy crisis
721:
718:
714:
711:
707:
704:
700:
697:
696:Credit crunch
693:
690:
686:
683:
679:
678:
675:
671:
664:
659:
657:
652:
650:
645:
644:
641:
633:
629:
626:
620:
614:
608:
606:
604:
597:
591:
589:
579:
573:
567:
565:
555:
553:
551:
541:
539:
537:
535:
533:
526:
520:
512:
511:The Irrawaddy
508:
502:
500:
498:
496:
494:
492:
490:
488:
486:
484:
482:
472:
466:
460:
458:
456:
454:
447:
441:
432:
430:
420:
411:
402:
393:
387:
381:
379:
372:
368:
362:
360:
350:
344:
338:
336:
327:
323:
319:
312:
303:
301:
299:
297:
290:
288:
282:
278:
269:
266:
264:
261:
259:
256:
255:
249:
246:
241:
238:
227:
223:
215:
201:
197:
193:
191:
187:
177:
173:
169:
167:
166:
161:
152:
148:
145:
141:
130:
126:
123:
119:
112:Kanbawza Bank
110:
106:
104:
103:ponzi schemes
93:
91:
87:
81:
79:
75:
71:
70:Kanbawza Bank
67:
63:
58:
54:
44:
42:
38:
34:
30:
26:
22:
1698:October 2008
1631:
1580:Samba effect
1436:(1987–2000s)
1331:Steel crisis
1154:Black Monday
1132:Encilhamento
1072:Black Friday
879:
835:(235–284 CE)
703:Credit cycle
619:
578:
519:
510:
471:
440:
419:
410:
401:
392:
349:
325:
321:
311:
281:
242:
233:
224:
220:
198:
194:
182:
170:
163:
157:
136:
127:
115:
99:
82:
50:
23:was a major
20:
18:
1975:(2017–2018)
1960:(2016–2022)
1916:(2014–2022)
1676:(2007–2009)
1641:(2003–2008)
1590:(2000–2004)
1539:(1994–1996)
1517:(1992–1994)
1502:(1991–2000)
1466:(1990–1992)
1458:(1990–1992)
1428:(1986–1995)
1391:(1982–1994)
1381:(1982–2007)
1363:(1980–1982)
1341:(1975–1982)
1333:(1973–1982)
1304:(1973–1980)
1294:(1973–1982)
1265:(1945–1973)
1230:(1921–1923)
1222:(1917–1924)
1212:(1918–1939)
1134:(1890–1893)
1087:(1870–1914)
1029:(1845–1856)
989:(1815–1816)
938:(1769–1784)
921:(1760–1840)
884:(1621–1623)
866:(1544–1551)
848:(1000–1760)
747:Flash crash
717:Debt crisis
328:(3). ISEAS.
2131:Categories
768:Accounting
274:References
190:Khin Nyunt
47:Background
2026:Recession
1019:1840–1870
66:Yoma Bank
31:that hit
682:Bank run
628:Archived
371:25773787
252:See also
204:Outcomes
133:Timeline
90:Mandalay
76:and the
25:bank run
782:Funding
775:Capital
33:Myanmar
1952:(2016)
1598:(2001)
1582:(1999)
1399:(1982)
1238:(1927)
1185:(1910)
1156:(1894)
1126:(1890)
1118:(1886)
1074:(1869)
908:(1720)
900:(1720)
892:(1637)
789:Market
369:
165:Kyemon
86:Yangon
53:Ne Win
367:JSTOR
1719:2009
824:1000
822:Pre-
243:The
88:and
41:kyat
19:The
27:in
2133::
602:^
587:^
563:^
549:^
531:^
509:.
480:^
452:^
428:^
377:^
358:^
334:^
326:20
324:.
320:.
295:^
72:,
68:,
64:,
1375:/
662:e
655:t
648:v
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
