La crise financière en Asie

The Financial Crisis in Asia
Starting in Thailand during the summer 1997, a major monetary and financial crisis spread to the rapidly developing countries of southeast Asia, with the notable exception of China. It was immediately followed by:
– fear that a major international crash would ensue if the crisis spreads to Japan – the primary creditor in the international financial system – and then to the United States.
– a brutal change of opinion about Asia as the star economic performer.
In the text of their article, written on January 10, 1998, the authors describe the amplitude of the crisis, which entrained a drop of 30% to 50% in regional stock exchanges, underlining the risk of a global financial crash.
At the same time, they point out that although the newly industrialized nation of Asia have doubtless entered a period of instability, one should not underestimate their potential for adjustment. They still have important assets which should allow them to rebound. They could enter a new phase of dynamic growth within three years, provided that they demonstrate a collective determination to manage wisely.
In the meantime this dangerous crisis provides bargains for the United States (and potentially for Europe) as their influence in the region continues to grow.