ASIA IS NOT IMMUNE TO THE FINANCIAL MALADY OF THE WEST
Bill Emmott
The Guardian, April 11, 2008
Wobbles this week in Shanghai and Mumbai show their markets face familiar problems. Chief among them is inflation
It is so nice when a consensus forms among the economic commentators. There is going to be a recession in America, the pack says, and probably in Britain too, for we have both sinned with our debt, our deficits and our soaring house prices. But the world as a whole won't suffer, as the great emerging economies of Asia - ie China and India - will carry on booming regardless. News that China's gross domestic product expanded by an extraordinary 11.4% last year - its fastest rate for 13 years - only strengthens this view.
When a consensus is so clear, it is always time to wonder whether it might be wrong. That contrarian instinct was reinforced this week by the way that Asian stockmarkets, including those in Mumbai, Shanghai and Hong Kong, reacted to markets in America and Europe by going through wild gyrations of their own. A widely followed measure of such shares, the MCSI Emerging Asia index, was down 25% at one point this week from its October high.
(…) [artículo aquí]
Bill Emmott
The Guardian, April 11, 2008
Wobbles this week in Shanghai and Mumbai show their markets face familiar problems. Chief among them is inflation
It is so nice when a consensus forms among the economic commentators. There is going to be a recession in America, the pack says, and probably in Britain too, for we have both sinned with our debt, our deficits and our soaring house prices. But the world as a whole won't suffer, as the great emerging economies of Asia - ie China and India - will carry on booming regardless. News that China's gross domestic product expanded by an extraordinary 11.4% last year - its fastest rate for 13 years - only strengthens this view.
When a consensus is so clear, it is always time to wonder whether it might be wrong. That contrarian instinct was reinforced this week by the way that Asian stockmarkets, including those in Mumbai, Shanghai and Hong Kong, reacted to markets in America and Europe by going through wild gyrations of their own. A widely followed measure of such shares, the MCSI Emerging Asia index, was down 25% at one point this week from its October high.
(…) [artículo aquí]
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