Explore the Federal Reserve's History
![A South Korean labor union member of Seoulbank, one of South Korea"s most bad-debt burdened commercial banks, looks downcast. Reports say that the IMF is pushing for the opening of South Korea"s financial and banking business as part of the IMF bailout.](/-/media/images/essays/great_moderation/asian_financial_crisis_1.jpg "A South Korean labor union member of Seoulbank, one of South Korea"s most bad-debt burdened commercial banks, looks downcast. Reports say that the IMF is pushing for the opening of South Korea"s financial and banking business as part of the IMF bailout.")
Asian Financial Crisis
A financial crisis started in Thailand in July 1997 and spread across East Asia
Featured Person
William J. McDonough
McDonough headed the New York Fed when it hosted a 1997 meeting of US banks to discuss South Korea.
Learn about the people who helped shape the Federal Reserve.
PeopleThe Fed's Functions
Did you know that the Fed's responsibilities include conducting monetary policy, supervising and regulating and providing services to financial institutions?
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