Yes these countries had large CA deficits but they had positive reserve
positions.
> ----------
> Reply To: [EMAIL PROTECTED]
> Sent: Sunday, January 18, 1998 7:37 AM
> Subject: Re: The Hong Kong peg?
>
>
> On Sat, 17 Jan 1998, Rosser Jr, John Barkley wrote:
> > 3) If China does not devalue, one can expect
> > eventually even the pathetic Indonesian rupiah to bounce
> > and go up. After all, these countries were almost all
> > running current account surpluses (well, not ROK), prior to
> > the crashes. Their currencies are all now way undervalued
>
> The above is not true. Thailand, Malaysia, Indonesia, and South Korea
> were all running large and growing Current Account deficits. The
> deficits
> were especially large as a percentage of GDP in Malaysia and Thailand,
> about 6-8%.
>
> Marty Hart-Landsberg
>
