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One of the puzzling phenomena in the emerging financial market was that financial crises often took place in middle-income countries rather than in low-income countries. This study empirically studies the financial crises between 1993 and 2003 and finds that the over-reliance on foreign debt,...
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, namely Indonesia, Thailand, Vietnam and the Philippines. The World Bank provided the data for this study. The variables … relationship with the gross domestic product (GDP) of ASEAN member countries, especially Indonesia, Thailand, Vietnam and the … Philippines. Therefore, it is recommended that the governments of ASEAN member countries jointly determine foreign investment …
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