Two races

Article Abstract:

Two achievements are needed to tackle the Asian financial crisis, reform of the banking system, and repairs in time to prevent a devaluation of the Chinese and Hong Kong currencies, argues Goldman Sachs. Reform could bring increased confidence in currencies and reductions in interest rates, which would allow the financial system to recover. A devaluation in China and Hong Kong would affect the currencies of neighboring countries. Currencies may offer better short-term investment opportunities than stocks due to the high exchange rates they offer and the possibility of a rise in their value.

Administration of General Economic Programs, Currency Stabilization Programs, Currency stabilization

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Into the quagmire

Article Abstract:

There are risks that Pacific Rim countries could suffer financial problems. Kleinwort Benson is concerned that a rise in US interest rates could lead to problems for UK investors with interests in the Pacific Rim, which accounts for 5% of the assets of UK pension funds. The Philippines has a large current account deficit while Indonesia has high levels of foreign debt. There is also concern over the political succession in China and the impact of this on financial markets.

Economic aspects, East Asia

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Why Asia's financial crisis matters

Article Abstract:

The crisis in Asian financial markets could affect western economies in a number of ways. A reduction in exports to Asia is unlikely to have much impact because exports to Asia are a small proportion of total exports. Bond sales by Japanese banks are also unlikely to lead to world deflation because of the relatively small holdings of foreign bonds. There could be problems from a drop in lending by Asian banks, which could lead to a drop in international lending levels.

Financial Services, Finance and Insurance

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