Asian Financial Crisis Act II?

By Lim Kim-Hwa

September 2013 UTTER ECONOMICS
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There are some eerie parallels between the mid-1990s and today in the macroeconomic sphere in Asia. However, a crisis similar to the one in 1997 is not probable.In the mid-1990s, the Renminbi and Yen devalued while rising US interest rates led to a strong US dollar. These, together with the withdrawal of capital from Asia, the erosion of export competitiveness (since Asian currencies were pegged to the US dollar) and “crony capitalism” aided by foreign currency borrowings, culminated in the...

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Lim Kim-Hwa

is Chief Executive Officer of Penang Institute

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