Unpegged
FOR the governments of South-East Asia, many of which prize stability above all other virtues, these are troubling times on the economic as well as the diplomatic front. Markets in their currencies have been in turmoil. It was the failure of the Thai authorities' long battle to protect their currency, the baht, that started the rot. The question is whether Thailand, which is still to get through its financial crisis, is suffering an economic malaise typical of the region as a whole.
This article appeared in the Asia section of the print edition under the headline “Unpegged”
From the July 19th 1997 edition
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