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Technology Stocks : Dell Technologies Inc.
DELL 133.78-0.1%Nov 14 3:59 PM EST
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To: BGR who wrote (81117)11/18/1998 2:20:00 PM
From: Mohan Marette  Read Replies (2) of 176387
 
<--OT-->You mean blame Soros?

Apratim:

I don't know what The Economist is saying but I think I know what they are driving at-blame the 'foreigners'.

I don't agree with their assumptions that the S.E.Asian economies were doing just fine and there weren't any problems with their systems. I believe there was something structurally lacking in their economies,such as non-transparency in the financial system and lax (corrupt) lending practices of their financial institutions.On top of that their complete and full adoption of Western style capitalism without making adequate changes in the financial system made the situation even worse.For one thing when you allow complete access to your financial system by foreign institutional investors there tend to be a massive inflow of funds which creates some sort of a temporary nirvana and complacency but the trouble starts when the funds leave the country at the first sign of a problem.In the absence of a thriving domestic economy such massive outflow of funds could create havoc in the economy as evidenced by the recent fiasco.Unabated borrowing practices of the government and private entities won't help any under these circumstances either as it makes the situation even worse.

Of course I could be wrong but this is what I am thinking.
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