"Asia Is Trapped in the Tornado"

Business Week, October 8, 2001

Synopsis:
This article discusses the possibility that the current economic slowdown in the U.S., coupled with the recent terrorist attacks, may lead to another Asian crisis. The Asian meltdown that began during the fall of 1997 was home-grown. This time, the problem began in the U.S.; most of Asian countries' U.S.-bound shipments have been slammed by the weak demand in the U.S., which may in turn lead to higher unemployment rates and greater burden on banks, among others, in those Asian countries. This article also explains how Asian governments and central banks are working together to avoid the worst-case scenario.

Full-text Article:
http://www.businessweek.com:/print/magazine/content/01_41/b3752724.htm?mainwindow

Text connection: Chapter 10 "The International Monetary System" (pp.329-333).