Debtors and Creditors

Doug Henwood dhenwood at
Fri Apr 9 09:54:17 PDT 1999

Henry C.K. Liu wrote:

>Asian solution will come from creating Asian institutions to supplant
>the unresponsive global institutions within which Asian economies are
>increasingly put at a competitive disadvantage. Grass root resistance to
>American demands for trade liberalization will force Asian leaders to
>seek Asian regional solutions, perhaps a yen based currency regime with
>an Asian Monetary Fund.

I've been reading stuff lately, mostly in the FT, suggesting that the Asian crisis countries have been showing signs of economic recovery and, not coincidentally, disobeying the IMF. Malaysia, of course, was the star rebel, but the FT reported the other day that Thailand has pretty much torn up the IMF agreement and has loosened monetary & fiscal policy substantially. South Korea has been less overtly rebellious, but it too hasn't been following the letter of the Fund's law. Anyone know any more?


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