The first 10 years of FinanceAsia.com have been topped and tailed by two very different financial crises that share a common underlying theme -- misallocation of credit on a grand scale. When Financeasia.com was launched in June 2000, Asia was still grappling with the fallout of a spectacular regional lending boom that had gone bust. It was a crisis magnified by currency mismatches that crippled companies, which had borrowed heavily in US dollars only to find they could no longer repay debts, which spiralled after foreign investors fled and their country's currency pegs collapsed.
Asia's determination not to be caught in the same trap twice had a number of consequences - one...
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