January 5, 1998 |
East Asian currencies and stock markets opened the first full week of the new year on a bearish note today, with many key currencies falling to new lows and stocks following. The Malaysian ringgit, Indonesian rupiah and Thai baht all plunged to record lows--a clear sign that the Asian economic and financial crisis has not yet bottomed. The ringgit slumped to 4.01 to the dollar, a new low, from 3.97 on Friday. The rupiah dove to 6,350 to the dollar, also a new low, from 5,925 on Friday.
December 17, 1997 |
Shock waves from the economic explosions in East Asia won't roil the recovering commercial real estate market in Southern California any time soon, industry watchers say, even though some properties with Asian owners will probably end up on the market. Much of the buying in recent years has been done by Chinese, Hong Kong and Taiwanese investors whose stock market and currency have been left virtually untouched in the recent financial debacle.
November 30, 1997 |
Just a few months ago, the 21st century still seemed certain to be the Asian Century--an era in which Western dominance of the global economy would be surpassed by Asia's mighty industrial engine and burgeoning wealth. Today, devastated by collapsed currencies and stock markets, their banking systems emasculated and their people's confidence deeply shaken, the eve of the 21st century finds the nations of East Asia facing perhaps their greatest challenge of the post-World War II era.
November 30, 1997
A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.
November 15, 1993 |
As leaders from around the Pacific Rim gather here this week, the Clinton Administration will seek to focus the attention of U.S. industry on the potential bounty from increased ties to the rapidly growing economies across the ocean.
September 27, 1993 |
Report Seeks Ways to Copy East Asian Miracle: The dramatic growth posted by East Asian economies over the past three decades could be repeated by other developing countries if they adopt similar policies, World Bank researchers said in a new report. The report focused on the eight fastest growing economies: Hong Kong, Indonesia, Japan, Malaysia, Korea, Singapore, Taiwan and Thailand.