Word: asia
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Dates: during 1990-1999
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...come credible reports that the Chinese government, facing unprecedented deflation in the rest of Asia, is preparing to renege on its year-long pledge not to devalue the renminbi. China has earned credit overseas for holding its currency steady, providing some stability in the region. But as its export growth and foreign investment slow under competitive pressures, Beijing seems to be nearing its pain threshold. According to an economist with access to China's leaders, they are contemplating an early 1999 devaluation that could reach 30%, depending on how far the Japanese yen drops. With the rest of Asia struggling...
...this is happening. Is it part of the usual economic cycle? Is it because the economic system and practices of all the affected countries are wrong? Is it because of corruption, of crony capitalism and nepotism? Everyone must concede that before the turmoil, the countries of East Asia were among the most dynamic and prosperous in the whole world. Their progress and prosperity were real. Employment rates were high; per capita income increased steadily. From poor agricultural countries, they had become highly industrialized nations, producing quality high-tech goods for markets worldwide. They were set to grow and grow...
...accident. The environment must be conducive to growth. For this, the government must play a role. All governments are corrupt to one degree or another. But what is certain is that if a country does well, the government cannot be totally corrupt and incompetent. The governments of East Asia are far from perfect, but no one can say they did not bring prosperity as well as real, tangible and personally felt benefits to their people. Such was the progress and potential that investors came in droves to get a share of that prosperity. And they all profited hugely from their...
...EXPOSURE IN ASIA...
Your item "Should Investors Tee Off?" [PERSONAL TIME: YOUR MONEY, Aug. 31], about a new golf investment fund, incorrectly said, "Asia's woes have been a drag on...Family Golf Centers." Family Golf has no Asian exposure. We operate more than 100 stand-alone golf driving ranges, exclusively in the U.S. and Canada. Perhaps the fact that the firm was founded by two highly successful Asian Americans--Dominic Chang and Krishnan Thampi--somehow confused you. Family Golf's recent share-price slide has more to do with the overall weakness in the small-capitalization market than the economic Asian...