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Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead

shift their economic strategies along the lines of his own “look East” policy – with Japan as the economic focal point. While the EAEG proposal received lukewarm support from Asian countries (including Japan), it was vigorously opposed by the United States, Australia and New Zealand, because they felt that the EAEG would undermine the incipient Asia–Pacific Economic Cooperation (APEC) forum.11 However, the organization that actually expanded (with strong American backing) was the broad-based APEC (Asia-Pacific Economic Co-operation). However, in the aftermath of the

in The Asian financial crisis
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pre-announced its first loss since going public on 9 June 2008. Yet the on-site monitor, Kirsten Harlow stated in her email to several officials that there was ‘no adverse information on liquidity, novations, terminations or ability to fund either secured or unsecured balances has been reported’. She also reported that Lehman had taken steps to improve liquidity, increasing its liquidity pool to $45bn. 30 Two days later, she reported that there were trading issues with four financial institutions, including Santander, Westpac and the Commonwealth Bank of Australia

in Lehman Brothers
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Crisis, reform and recovery

discussions), the Indonesian government negotiated a financial bailout package totaling some US$43 billion in international assistance with the IMF and bilateral donors. The package consisted of US$23 billion of the so-called “first line of funds” negotiated with the IMF and a “second line of funds” negotiated with bilateral donors. These included Japan (US$5 billion), Singapore (US$5 billion), United States ($3 billion), Malaysia (US$1 billion), Australia (US$1 billion), Brunei (US$1.2 billion) and China and Hong Kong SAR.17 Of the US$10 billion from the IMF, US$3 billion

in The Asian financial crisis
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The evolving international financial architecture

factors, the trend toward greater exchangerate flexibility has been associated with more open and outward-oriented policies on trade and investment, and increased emphasis on marketdetermined exchange and interest rates. At the latest count (Autumn 2001), the IMF member countries have distributed themselves rather evenly along the spectrum from free floats to the irrevocably fixed rates of a currency union. At the flexible end, 50 countries, including many economically or geographically large nations like the United States, Japan, Australia and India, allow their currencies

in The Asian financial crisis