Asia and the art of war chests

Asian policymakers have built up protective foreign exchange reserves to ensure history doesnÆt repeat itself.

Policymakers throughout Asia have had an overriding objective over the past decade. They have been determined to avoid a repeat of the crisis unleashed in 1997-1998, that exploded the myth of the ôAsian miracleö, sending their economies into deep and protracted recessions. They would also rather avoid having to borrow from the International Monetary Fund again and be forced to impose a raft of measures demanded by the agencyÆs functionaries û measures which 10 years ago induced poverty and social...

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