Seated in an office in western-veneered Hong Kong or Singapore, it's easy to be glib about progress in Asia. Over the past 15 years, how much has Asia really changed? There has been one constant over the years: whether it is Hong Kong real estate, dotcom bombs, red chips or Indonesian junk bonds, Asia is a bubble junkie and its markets are correspondingly flaky and volatile. Its headlong pursuit from rags to riches created the bubble of all bubbles--the 1997 financial crisis--the single most significant financial event of the last 15 years in the region.
October 01, 2004