Throughout the 1980′s and the 1990′s Asia′s economic growth astonished the world. The region′s stock markets soared to new heights unprecedented economic growth rates were recorded and an acquisitive new middle class emerged. Then overnight, it all fell apart. The question now being asked is: Who brought the party to an end? In this penetrating and thoughtful account, Philippe Delhaise points the finger squarely at Asia′s antiquated banking and financial systems. Everything else – the currency panics, the social and political shocks – is simply a stream of consequences flowing from the main source. What is exceptional about the crisis is not that it happened, but the manner in which it came about, inflicting indiscriminate devastation to all.
The story of the Asian Crisis is a tale of greed and sorrow, of intelligent people making unforgivable mistakes and of a collective misunderstanding about the management of economic expanison. Asia will undoubtedly recover, but the speed and strength of its re–emergence will depend on how well it has learned it′s lessons. The concluding chapter of the book outlines the many issues that need to be addressed and provides a template for the future development of the region′s finance industry.
