| The Asian Crisis |
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| Financial Mechanisms | |
Debt Devaluation
of Asian
Banking
Sector
IMF
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Asia has been the world’s economic miracle for the last thirty years. First South Korea, Hong Kong, Taiwan and Singapore, then Malaysia, Thailand, Indonesia and the Philippines have achieved remarkable rates of growth, building high-quality manufacturing industries in everything from clothes to computers.
Thailand, Indonesia and now South Korea, the world’s 11th largest economy, have had to ask the IMF for emergency loans. Even Japan, the world’s second largest economy after the United States, looks vulnerable. Why are these economic tigers now struggling with collapsing currencies and plunging stock markets? One of the answers is debt.
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