The economic crisis in the latter half of 1990s most seriously affected Indonesia, Thailand, Malaysia and South Korea. The cause of the crisis was

(a)

mismanagement of the financial resources and financial sector, in general

(b)

the prolonged over-valuation of local currencies vis-a-vis the western currencies

(c)

the downswing and recession in the western economies which earlier provided export market to these export- oriented countries

(d)

None of the above