| Abstract | Half a year after East Asia's currency turmoil began in 1997, it shows no signs of abating, although the International Monetary Fund (IMF) has expended over US$100 billion in trying to bail out the three countries most deeply affected: Thailand, South Korea, and Indonesia. Already fears are being expressed that the East Asian turmoil could spread to Japan, Latin America and Central and Eastern Europe -- and from there to Western Europe and North America, eventually triggering off a global recession. China so far seems to have benefited the most from East Asia's currency turmoil. The article examines the effect of the crisis on China and discusses the measures by the Southeast Asian countries to cope with the currency crisis. |
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