I'll be appearing in a largely Mandarin forum (my slides will have English text) tonight to discuss the above topic. My counterpart is Dr Ho Kee Peng, an entertaining and well-known analyst in political and economic issues in the forum circuit.
Date: July 5th, 2007This forum is organised by Oriental Daily.
Venue: Selangor Chinese Assembly Hall
An excerpt on the Asian Financial Crisis taken form Wikipedia:
Until 1997, Asia attracted almost half of total capital inflow to developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result the region's economies received a large inflow of hot money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, the Philippines, Singapore, and South Korea experienced high growth rates, 8-12% GDP, in the late 1980s and early 1990s. This achievement was broadly acclaimed by economic institutions including the IMF and World Bank, and was known as part of the Asian economic miracle.
Whatever the disputed causes, the Asian crisis started in mid-1997 and affected currencies, stock markets, and other asset prices of several Southeast Asian economies. Triggered by events in Latin America, particularly after the Mexican peso crisis of 1994, Western investors lost confidence in securities in East Asia and began to pull money out, creating a domino effect.See you there! ;)