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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (7333)	11/7/1997 1:28:00 PM
From: Joseph G.	Respond to of 18056

Tom, basically yes. I focused on recent events, not what was before that. Before recent crises, they inflated their supplies, aided by inflows of foreign hot capital (otherwise they could not maintain the high exchange rates as long as they did). So, there was an additional effect of (temporary and not huge) drain of hard currencies out of countries of origin, which was to some dergee deflationary for that time interval. Etc. But, perhaps more important than the currency movements between countries, which is to a large degree temporary, a more secular effect is that the depressing effect of their financial crises on SEA real economies is overall deflationary for the future. Particularly if you throw in large countries, like Japan, PRC. Joe