The travel and tourism industry has been growing in importance for several developing countries. It has not only generated considerable foreign exchange revenues but has also contributed to the overall output and socio-economic development of these countries. Within the Asia and Pacific region,...

By examining Singapore’s successful experience, this paper identifies policies and factors that can avoid or mitigate the borrowing dilemma of double mismatches of currency and maturity. The authors conclude that there are common core principles that could be adopted by other emerging...