History
Asian economies suffered badly from the East Asian financial crisis in 1997 and subsequently academic research has identified the over-reliance on short term bank financing as a major cause of economic failure. Governments and central banks are keen to encourage the expansion of the Asian bond markets in order to reduce the reliance on short term bank loans and so avoid the economic catastrophe that occurred in 1997/1998.
Read more about this topic: Bond Markets In Asia
Famous quotes containing the word history:
“The history of all hitherto existing society is the history of class struggles.”
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“The history of mankind interests us only as it exhibits a steady gain of truth and right, in the incessant conflict which it records between the material and the moral nature.”
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