Compared with earlier decades, the prevalence of exchange rate crises during the turn of the century (1997-2002) was:

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The prevalence of exchange rate crises during the turn of the century (1997-2002) was much more severe in rapidly developing economies such as in South America and East Asia. These crises had significant repercussions on the global economy, leading to recessions and financial instability. The 1997 Asian financial crisis and the 2001-2002 Argentine economic crisis are two prominent examples.

Compared with Earlier Decades, the Prevalence of Exchange Rate Crises