The Asian economic Crisis was

Question

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The Asian economic crisis was rooted in structural deficiencies of the fast growing Asian economies. These included overinvestment, corruption, cronyism, and poor financial regulation, which eventually led to unsustainable levels of debt and weakened the banking systems of these economies. While factors such as hedge fund speculation and capital controls played a role, they were not the direct cause of the crisis. The crisis was also not a typical transition of net importer to net exporter countries, as it was largely driven by internal factors rather than external shifts in trade balances.

The Asian Economic Crisis Was