Historical Year Data · 1998

Spain Credit-to-GDP Gap in 1998

Spain Credit-to-GDP Gap opened 1998 at 1.6 and closed at 6.3, a +293.75% move for the year. The high of 6.3 was reached on December 31, and the low of 1.6 on March 31.

Open

1.6

1998-01

6.3

4 data points

High

6.3

Dec 31

Low

1.6

Mar 31

Full Year Change

+293.75%

1997 Change

+140.91%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Mar	1.6	1.6	1.6	1.6	+0.00%
Jun	4.2	4.2	4.2	4.2	+0.00%
Sep	4.2	4.2	4.2	4.2	+0.00%
Dec	6.3	6.3	6.3	6.3	+0.00%

Events During 1998

1990 Japanese Bubble Collapse

Deflation

January 1990 – 2003

The Nikkei 225 peaked at 38,957 on December 29, 1989, then fell 82% over 13 years. Japan entered its "lost decades" of deflation, zero rates, and structural stagnation that still shapes global markets today.

1997 Asian Financial Crisis

Deflation

July 1997 – 1998

Thailand's forced devaluation of the baht on July 2, 1997 triggered contagion across Southeast Asia. Indonesia, Korea, and Malaysia saw currency collapses, sovereign debt crises, and economic contractions of 10-15%.

1998 LTCM Collapse & Russia Default

Deflation

August – October 1998

Russia's default on August 17, 1998 blew up Long-Term Capital Management, which had $125 billion of assets on $4.7 billion of equity. The Fed orchestrated a private bailout to prevent systemic contagion.

1998 Euro Launch & 1999 Introduction

Goldilocks

May 1998 – January 2002

Eleven European Union members locked exchange rates on January 1, 1999, creating the euro as a virtual currency. Physical notes and coins circulated from January 1, 2002. The euro became the largest monetary experiment since Bretton Woods.

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