Word: mid-1990s
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...almost double that of shares listed in Argentina, even though Argentina's economy is far more developed and twice the size of Nigeria's.) Worldwide, the total value of shares from 25 countries tracked on the MSCI Emerging Market Index is now at its highest level since the mid-1990s, a time considered by many to have been a bubble (one that was popped by the 1997 Asian crisis and Russia's credit default). Yet investors are still piling in - inflows into emerging-market funds have been about $24 billion so far this year, exceeding $22.4 billion...
...North's lilliputian economy contracted, with new construction plummeting 11.5%. Torrential rains in August, meanwhile, destroyed an estimated 11% of the country's rice and corn crops, again raising the specter of a mass famine like the one that killed as many as a million people in the mid-1990s...
...haven't these countries' currencies been gaining on the dollar? Because their governments won't let them. China's dollar peg, established in the mid-1990s, is often portrayed in the U.S. as a mercantilist attempt to sell more stuff here (if the Chinese yuan is cheap relative to the dollar, imports from China are cheaper too). But there's much more to it than that: by reining in the often pointless fluctuations of currency markets, countries can bring stability and encourage trade...
...most senior Khmer Rouge leader still surviving in Cambodia has had years to prepare for his eventual arrest. He surrendered to the government in 1998 but had been allowed to live in quiet retirement with his wife in a region that was a communist stronghold until the mid-1990s. After being arrested and fingerprinted, Nuon Chea was helped into a helicopter as local villagers raised their arms to bid their former leader goodbye and to wish him good luck in his trial...
...Here in Chaoyang, an impoverished northeastern Chinese city surrounded by cornfields where farmers still use horse-drawn plows, prehistoric bones have jump-started the economy in a way no free-trade zone or joint venture could have done. The region shot to fame in the mid-1990s when paleontologists began discovering feathered dinosaurs and other well-preserved fossils. They eventually logged at least 500 new species in the area. Good news for scientists, but even better news for an entire generation of farmers, dealers, shop owners, and even local officials who profit from a flourishing underground trade in priceless fossils...