Word: globalization
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Dates: during 2000-2009
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...TIME's Global Adviser for exotic, beautiful and interesting getaways...
...with surprising speed, fear in Asia has swung back to greed as the region shows signs of recovery - and some economists are warning that asset-price bubbles that had been popped by the global recession may be reinflating. Property and stock prices are soaring in many parts of Asia: Shanghai's main stock-market index has surged about 90% this year, while Indonesian stocks are up 70%. By comparison, the S&P 500 is up 11%. (See the World Economic Forum...
...incipient bubble is being created by government policy. In response to the global credit crunch of 2008, policymakers in Asia slashed interest rates and flooded financial sectors with cash in frantic attempts to keep loans flowing and economies growing. These steps were logical for central bankers striving to reverse a deepening economic crisis. But there's evidence that too much money is now sloshing around. It's winding up in stocks and real estate, pushing prices up too far and too fast for the underlying economic fundamentals. "We're not in a full-blown bubble yet," says David Cui, China...
...many economists believe that policymakers will not aggressively rein in monetary policy and stimulus measures, out of fear of squashing Asia's fragile recovery while the global economy remains weak. "There is close to a zero possibility that the Chinese government will do anything this year that constitutes tightening," says Andy Rothman, a Shanghai-based economist for the brokerage CLSA. "The recovery is only in its early stages." And without a major shift in thinking, the easy-money conditions will stay in place - so even if there's no bubble now, there's a good chance one may be forming...
...pictures of the global financial crisis...