Factual QA
Factual QA #5

What were the primary causes and lasting economic consequences of the 1997 Asian Financial Crisis? Cover at least Thailand, South Korea, and Indonesia. Explain the role of the IMF's response and the controversy around its conditions.

14 models responded

high10.0

Judge: Comprehensive and accurate: covers all three countries with what-happened and lasting-consequence detail, broader regional effects, the IMF's goals and conditions, and an explicitly balanced treatment of the controversy presenting both the criticisms and the IMF's defense plus a measured assessment. Clear and well organized.

The 1997 Asian Financial Crisis began in Thailand and spread across East and Southeast Asia, exposing deep financial weaknesses in economies that had previously been celebrated for rapid growth. Its c...
openai/gpt-5.4-mini · 2026-06-10
GPT-5.5OpenAI
high10.0

Judge: Covers Thailand, South Korea and Indonesia with country-specific causes and consequences and discusses the IMF role and controversy (both constraints met). IMF package sizes are accurate and the controversy is presented in balanced fashion (austerity/high-rate criticism plus the Fund's rationale). Historically accurate and clearly structured.

The 1997 Asian Financial Crisis was triggered by a sudden loss of investor confidence in several fast-growing Asian economies, beginning in Thailand and spreading to Indonesia, South Korea, Malaysia, ...
openai/gpt-5.5 · 2026-06-10
DeepSeek V4DeepSeek
high10.0

Judge: Thorough country-specific coverage with accurate detail (GDP contractions, finance-company closures, KAMCO/IBRA/TAMC, Chiang Mai Initiative) and a nuanced, balanced IMF analysis including the bank-closure sequencing error and Malaysia's capital-controls counterexample. Both hard constraints met. Historically precise and well-organized.

The 1997 Asian Financial Crisis was a watershed event that exposed deep structural vulnerabilities in the “Asian tiger” economies, brought down currencies and banking systems, and provoked a controver...
deepseek/deepseek-v4-pro · 2026-06-10
Claude FableAnthropic
high10.0

Judge: Historically precise: correct baht float date (July 2, 1997), accurate rupiah collapse magnitude, correct package sizes ($17B/$40B+/$58B), the 16-bank closure, the clove monopoly example, Chiang Mai Initiative, and Korea's early repayment. All three countries get country-specific detail and the IMF controversy is genuinely two-sided, including the defenders' case and Malaysia counterexample. Clear structure and well-calibrated long-term consequences.

The 1997 Asian Financial Crisis Background and Primary Causes The crisis erupted in July 1997 after a decade in which East Asian economies were celebrated as "miracle" economies. Several interlockin...
anthropic/claude-fable-5 · 2026-06-11
GPT-5.4OpenAI
high9.8

Judge: Historically accurate (baht float July 2 1997, Suharto's fall, Korea's chaebol/short-term debt liquidity crisis, Chiang Mai Initiative) with substantive country-specific detail for Thailand, Indonesia, and South Korea. The IMF section covers the programs, the specific conditions, five distinct criticisms with examples, and the counterarguments in the IMF's defense, achieving genuine balance. Very long but well-structured; both hard constraints are fully met.

The 1997 Asian Financial Crisis began in Thailand and quickly spread across East and Southeast Asia, especially to Indonesia and South Korea. It was caused by a mix of financial vulnerabilities, polic...
openai/gpt-5.4 · 2026-06-11
DeepSeek R1DeepSeek
high9.4

Judge: Historically precise coverage of all three countries with country-specific detail -- Thailand's baht peg collapse, South Korea's chaebol-driven debt crisis, Indonesia's political/social dimension with Suharto's fall. IMF analysis is balanced, presenting both the rationale (structural reform, confidence restoration) and valid criticisms (Stiglitz's austerity critique, inappropriate structural conditions, moral hazard for lenders). Mentions the Chiang Mai Initiative as a lasting consequence. Comprehensive and nuanced.

Primary Causes of the 1997 Asian Financial Crisis The crisis was not caused by a single factor, but by a combination of interconnected vulnerabilities that made several Asian economies susceptible to...
deepseek/deepseek-reasoner · 2026-03-02
o4-miniOpenAI
high9.0

Judge: Thorough coverage of all three required countries with specific GDP contraction figures, country-specific causes, and lasting consequences. IMF role is well-covered including both the rationale for conditionality and the five specific criticisms. Balanced analysis -- neither demonizes nor whitewashes the IMF. Historically accurate on timeline and key events.

Primary Causes 1. Excessive Short-Term Foreign Borrowing • Throughout the early ’90s, Thailand, South Korea and Indonesia rode a wave of capital inflows attracted by high local interest rates a...
openai/o4-mini · 2026-03-02
high8.2
Run 1 of 2

Judge: Comprehensive coverage of Thailand, South Korea, and Indonesia with accurate historical detail. Discusses causes (fixed exchange rates, capital account liberalization, crony capitalism) and the IMF's controversial response (austerity conditions, structural reforms). Covers lasting consequences including institutional reforms. Well-structured and balanced.

The 1997 Asian Financial Crisis, often dubbed the "Asian Contagion," was a period of severe financial turmoil that began in Thailand in July 1997 and rapidly spread to other East Asian economies. It m...
gemini/gemini-2.5-flash · 2026-03-02avg: 8.8
Claude OpusAnthropic
medium8.0
Run 1 of 2

Judge: Covers Thailand, South Korea, and Indonesia with country-specific detail (baht float date, chaebol collapses, rupiah depreciation). Causes section is accurate (capital account liberalization, fixed exchange rates, crony capitalism, current account deficits). Response truncated before completing Indonesia and the IMF section, but the visible content is historically accurate and well-organized. The IMF controversy discussion is likely cut off.

The 1997 Asian Financial Crisis: Causes, Consequences, and Controversy The 1997 Asian Financial Crisis was a devastating economic collapse that began in Thailand and rapidly spread throughout East an...
anthropic/claude-opus-4-20250514 · 2026-03-01avg: 8.1
Claude SonnetAnthropic
medium7.0
Run 1 of 2

Judge: Covers Thailand, South Korea, and Indonesia with country-specific detail (GDP contractions, currency depreciations, unemployment). Causes are accurately identified (short-term foreign borrowing, currency mismatches, crony capitalism). Response is truncated before completing Indonesia's section and likely before the IMF analysis, but the structure and accuracy of what's visible is strong. The specific numbers cited are approximately correct.

The 1997 Asian Financial Crisis: Causes, Consequences, and the IMF Response Primary Causes The Asian Financial Crisis emerged from a combination of structural vulnerabilities and external factors: ...
anthropic/claude-sonnet-4-20250514 · 2026-03-01avg: 8.5
Claude HaikuAnthropic
medium6.4
Run 1 of 2

Judge: Covers Thailand and South Korea with good detail (currency collapses, chaebol restructuring, recovery timelines). Indonesia section is truncated. Structural causes are well-identified (hot money, currency pegs, crony capitalism). IMF section appears to be cut off, so the controversy analysis is incomplete. What's present is historically accurate.

The 1997 Asian Financial Crisis: Causes, Consequences, and Controversies Primary Causes Structural Vulnerabilities The crisis emerged from several interconnected weaknesses across Asian economies: ...
anthropic/claude-haiku-4-5-20251001 · 2026-03-01avg: 7.7
Phi-4Microsoft
medium6.2
Run 1 of 2

Judge: Covers Thailand, South Korea, and Indonesia with country-specific details (baht collapse, chaebol reforms, Suharto's fall). The causes are accurately presented (short-term debt, fixed exchange rates, weak financial systems, contagion). The IMF section is truncated before discussing the controversy in detail, which weakens the response significantly on that required dimension. What's present is mostly accurate.

The 1997 Asian Financial Crisis was a significant event that impacted several economies in Asia, with severe repercussions for countries like Thailand, South Korea, and Indonesia. Here’s an overview o...
ollama/phi4 · 2026-03-01avg: 7.3
GPT-4oOpenAI
medium5.9

Judge: Good country-specific coverage of Thailand (currency peg), South Korea (chaebol debt), and Indonesia (political instability). Historically accurate on causes and consequences. However, the IMF controversy section is truncated, limiting evaluation of nuance and balance on that critical topic.

The 1997 Asian Financial Crisis was a significant economic event that affected many Asian countries, with Thailand, South Korea, and Indonesia being among the hardest hit. The crisis had several prima...
openai/gpt-4o · 2026-03-01
medium5.6
Run 1 of 2

Judge: Covers all three countries and the IMF's role. Accurate on key events (Thai baht devaluation, South Korean GDP contraction, Indonesia's severe impact). IMF controversy is addressed with specific points (austerity measures, interest rate hikes, capital account liberalization). However, the coverage is somewhat one-sided against the IMF without presenting their rationale. Response is truncated at the end.

The 1997 Asian Financial Crisis was a significant economic event that occurred in East Asia, particularly affecting Thailand, South Korea, and Indonesia. The primary causes of the crisis were: 1. Ov...
ollama/llama3.1:8b · 2026-03-01avg: 5.5