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Of the 30 largest chaebol, 11 collapsed between July 1997 and June 1999. Initially, the crisis was caused by sharp drop in the value of the currency and aside from immediate cash flow concerns for paying foreign debts, the lower cost ultimately helped the stronger chaebol expand their brands to Western markets, but the simultaneous decline of nearby export markets in Southeast Asia, which had been fueling growth made the large debts incurred, for what was...