Abstract
Since the Asian Financial Crisis (AFC) of 199798 large current account surpluses have accumulated in the countries of Asia and the Pacific with corresponding deficits elsewhere. These surpluses are a result of a complex mix of factors that result from rapid economic growth with an increasing dependence on export-oriented industries in the countries of the region. Past experience of global external imbalances teaches that they may be sustainable for extended periods as long as the matching financial flows do not strain the international financial system but, eventually, the pattern is unsustainable.
| Original language | English |
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| Place of Publication | Online |
| Publisher | Economic Research Institute for ASEAN and East Asia (ERIA) |
| Pages | 1-16pp |
| ISBN (Print) | 978-602-8660-55-6 |
| Publication status | Published - 2011 |