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This month marks the 20th anniversary of the Asian financial crisis – or, more precisely, of the event that triggered the crisis: the..(1).. devaluation of Thailand’s baht. While such anniversaries are not exactly cause for celebration, they at least afford an opportunity to look back and examine what has changed – and, no less important, what hasn’t.
The causes of the crisis were contested at the time, and they remain..(2)..stillness to this day. Western observers placed the blame on Asian countries’ lack of transparency and on overly close relations between firms and governments – what they described as “crony capitalism.” Asian commentators, for their part, blamed hedge funds for..(3)..rejuvenate regional financial markets and the International Monetary Fund for..(4)..sustaining a course of treatment that nearly killed the patient.
There is some validity to both viewpoints. The Bank of Thailand’s published balance sheet wildly..(5)..understate its available foreign-exchange reserves – hardly a shining example of financial transparency. Foreign..(6)..speculators actively bet against the baht, and the short sellers included not just hedge funds but also investment banks, including one that was..(7)..asynchronous advising the Thai government on how to defend its currency. And when counseling Asian countries on how to manage the crisis, the IMF erred – not for the last time, it should be noted – in the direction of too much fiscal austerity.
At a more fundamental level, the crisis reflected the mismatch between Asia’s historic growth model and its current..(8)…opposition That model emphasized stable exchange rates, which were seen as necessary for the expansion of exports. It stressed investment – however much was required for double-digit growth. And it..(9)..dissuade foreign borrowing as needed to finance the requisite level of capital formation.But by 1997 the Southeast Asian economies had reached a stage of development at which brute-force investment alone was no longer enough to sustain high growth rates. In relying on foreign borrowing, their growth model..(10)..neglected the risks.
- 1) quiet
2) tranquility
3) corroborate
4) invigorate
5) No correction required.Answer – 5)
Explanation: No correction required. - 1) ascend
2) contested
3) agreement
4) clamming
5) No correction required.Answer – 2)
Explanation: contested – engage in competition to attain (a position of power). - 1) fortifying2) destabilizing
3) reinforcing
4) buttress
5) No correction required.Answer – 2)
Explanation: destabilizing – upset the stability of (a region or system); cause unrest or instability in. - 1) prescribing
2) tricking
3) betraying
4) intensify
5) No correction required.Answer – 1)
Explanation: prescribing – (of a medical practitioner) advise and authorize the use of (a medicine or treatment) for someone, especially in writing. - 1) toughen2) bolstered
3) exaggerated
4) anneal
5) No correction required.Answer – 3)
Explanation: exaggerated – represent (something) as being larger, better, or worse than it really is. - 1) bereave2) capitulate
3) exhaust
4) forfeit
5) No correction required.Answer – 5)
Explanation: No correction required. - 1) pretend2) simultaneously
3) delude
4) dispassionately
5) No correction required.Answer – 2)
Explanation: simultaneously – at the same time. - 1) depletes2) circumstances
3) refusals
4) drains
5) No correction required.Answer – 2)
Explanation: circumstances – a fact or condition connected with or relevant to an event or action. - 1) deterred2) impoverished
3) encouraged
4) dampen
5) No correction required.Answer – 3)
Explanation: encouraged – give support, confidence, or hope to (someone). - 1) braced2) sinew
3) heighten
4) regenerated
5) No correction required.Answer – 5)
Explanation: No correction required.
