IMF’s contemporary account attributes the crisis to interacting domestic and external causes and mentions commercial and investment banks among investors. It does not identify BlackRock, Vanguard, or State Street betting against the Thai baht or rupiah.
International investors, mainly commercial and investment banks, may, in some cases, have contributed, along with domestic investors and residents seeking to hedge their foreign currency exposures, to the downward pressure on currencies.
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IMF’s contemporary account attributes the crisis to interacting domestic and external causes and mentions commercial and investment banks among investors. It does not identify BlackRock, Vanguard, or State Street betting against the Thai baht or rupiah.