Historical Year Data · 1997
US Credit-to-GDP Gap in 1997
US Credit-to-GDP Gap opened 1997 at -4.2 and closed at -2.6, a +38.10% move for the year. The high of -2.6 was reached on December 31, and the low of -4.2 on March 31.
Open
-4.2
1997-01
Close
-2.6
4 data points
High
-2.6
Dec 31
Low
-4.2
Mar 31
Full Year Change
+38.10%
1996 Change
+4.88%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Mar | -4.2 | -4.2 | -4.2 | -4.2 | +0.00% |
| Jun | -3.7 | -3.7 | -3.7 | -3.7 | +0.00% |
| Sep | -3 | -3 | -3 | -3 | +0.00% |
| Dec | -2.6 | -2.6 | -2.6 | -2.6 | +0.00% |
Events During 1997
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%.
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