Asia 1997 Retrospective: Repeat Of 1997 Crisis Unlikely, But High Leverage A Worry

Standard PoorÆs Ratings Services believes that a crisis similar to the financial crisis in 1997 is unlikely to recur in Asia. Key factors enabling the 1997 crisis are no longer as prevalent now as they were in 1997. Ten years ago, high foreign currency indebtedness by companies and external liquidity vulnerability of sovereigns, in part due to current account deficits, provided the backdrop to the crisis.

Today, companies have reduced their foreign currency debt exposure or adopted hedging policies against...

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