Financial globalization began to gain momentum following the debt crisis of the 1980. In South East Asia, financial globalization took shape in particular ways. The region was less affected by the debt crisis than Latin America as South East Asian Countries did not borrow international capital as heavily in the 1970s and thus were not as vulnerable as the latter. Nonetheless, the mid-1980s in Southeast Asia saw three devaluations in Indonesia, a single devaluation in Thailand in 1994, and a depreciation of the Malaysian ringgit after the Plaza Accord of September 1985. These devaluations were accompanied by other elements of domestic and international financial liberalization.