No longer in your debt

The relationship between Asia’s G3 and domestic currency bond markets has been as radically transformed during the past decade as Asia’s relationship with the West.

The first 10 years of have been topped and tailed by two very different financial crises that share a common underlying theme -- misallocation of credit on a grand scale. When was launched in June 2000, Asia was still grappling with the fallout of a spectacular regional lending boom that had gone bust. It was a crisis magnified by currency mismatches that crippled companies, which had borrowed heavily in US dollars only to find they could no...

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