Word: bankses
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Dates: during 1990-1999
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"One of the major reasons why Korea encountered the foreign exchange crisis at the end of 1997 and sought assistance from the IMF was troubled banks," Cho said. "Under the new government, banks will have to close if their performances turn out to be poor."
The economists agreed, however, that finally, the outlook for Japan is up. From a 3% contraction of the economy in 1998, Japan is likely to claw back to zero in 1999, on the way to real growth in 2000. "After being pessimistic about Japan for four or five years," says...
Thailand, Korea and Indonesia have stopped reforming their banks and other instruments of "crony capitalism," says Courtis, but are still managing to claw back toward growth by a simple strategy: "You crush domestic demand, you crush your currency, so imports collapse and everything goes to the export sector." A year...
Last summer Russia's collapse had the peculiar result of spurring foreign banks and money managers to run screaming from Brazil--and Brazil's tumble cascaded through Latin America. "So we are living in this funny interconnected world," says Naim, "where a country that does not trade with Latin America...
Financing was another roadblock. "We went to 20 banks that wouldn't make a loan because the plan was too unconventional," says Corbett. "Everything was untried and unproven." But he and his wife were dauntless. "We never considered giving up," Judy says. "We weren't developers, we were missionaries."