Shock therapy

As the tenth anniversary of the Asian financial crisis approaches, S&P's head of Asia Pacific says it is a timely moment to consider whether such a shock could recur.

By Thomas Schiller, Executive Managing Director and Head of Standard PoorÆs in Asia

The question seems moot in the current climate. The Asian economic boom shows no sign of abating, current accounts are mostly in substantial surplus, and the majority of governments have bolstered their external positions with unprecedented reserves. At the same time, Asian companies have reduced their foreign currency debt exposures or hedged against exchange risk, and many banking systems have regained the economic role they played before...

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