Political and economic uncertainty in Indonesia became extreme in the first half of 1998, and the rupiah lost 85 per cent of its value. Even today, the rupiah trades at a 75 per cent discount to its pre-crisis level.
BIS Review 82/2007  3  In recent years, we have lived in an environment of unusually subdued volatility in international financial markets, so we tend to forget just how discontinuous price movements can sometimes be. But the uncertainty and financial skittishness that encompassed the global economy in 1998 were pervasive. It was not confined to emerging markets either.