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The Importance of the Balance Sheet
It was the composition of capital flows that so much of it was short term. The tenor of the debt became very important, and people didn't pick up just how short-term they were. I would say it was the thing that made me think this is the time was a deterioration in the balance sheet. And one other thing was the dollar exchange rate. If you link your currency to a strong currency, you tend to get tighter monetary policy. But if this is going to continue, all these structural issues that Asia has will unveil them.