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(★)(A day after President Clinton committed the U.S. to forgive a significant portion of the debt of impoverished countries eligible for a new $27 billion debt relief initiative by the International Monetary Fund and World Bank, Professor Michel Camdessus, chief of the IMF, warned in his closing address to the 1999 IMF-World Bank meeting that another round of global financial crises can be avoided only if governments are determined to avoid the institutional paralysis, bureaucratic complacency, and indulgence in crony capitalism that has so long characterized them : ´We will be making a grave error if we let the return of relative calm in financial markets and the improvement in world growth prospects lead us to believe that further reforms are not necessary.´ ／´´The Asian Storm : Asia´s Economic Crisis Examined´ is a fascinating account of how the booming industrial ´tigers´ of Asia fell from grace, beginning with the collapse of Japan´s pace-setting economy, which if far from a house of cards, was certainly a house of over-leveraged credit cards. Internationally esteemed French economics and finance journalist Philippe Ries carefully examines and explains the causes of the recent Asian financial crisis and the responses of not only the individual countries immediately affected but of the U.S. and other major countries, world financial bodies, multinational mega-corporations and financial houses, and the various political players --the blunderers and the astute, the noble and the corrupt, the lucky and the ill-starred. In addition to keen analysis, both by the author and by the many key figures interviewed for this book, ´The Asian Storm´ offers detailed prescriptions to remedy the economic and political ills that brought on the crisis --and that retain the weight still to plunge Asia and the world into another round of frantic maneuvering-- as well as a guide to the many pitfalls that line the way. ／Originally published in 1998 in France (Cette crise qui vient d´Asie), this edition has been extensively updated by the author during the process of translation to reflect the quick-paced changes in the Asian economic situation. ◆Philippe Ries, the economic and political correspondent for Agence France-Presse, is currently stationed in Tokyo, where he covers the economies and related issues of Japan and neighboring Asian countries. He was previously stationed in Hong Kong.) |
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