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:
“Those who weep for the happy periods which they encounter in history acknowledge what they want; not the alleviation but the silencing of misery.”
—Albert Camus (1913–1960)
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