The credit rating agency is confident that the majority of policy makers have learned the hard lessons of the Asian financial crisis, and that economies around the region have improved their banking systems, reigned in fiscal deficits, reduced external debts, enhanced foreign exchange reserves, and balanced their current accounts.
However, the search for higher yields by foreign investors and the resulting capital inflows has created difficulties for some central banks, while current marker volatility has caused uncertainties for investors, borrowers and policy makers.
In addition, the bull-run in credit in the period...
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