That was then. This is now....MORE
Big chart, lots of detail, from Nomura:
[you have to go look, we seem to have a problem embedding]More in the usual place, including some important points not in that chart. For example, the simple reality that we have better data these days: “in 1996-97 FX reserves were released with long lags, while many countries lacked comprehensive external debt data which, along with credit rating downgrades, probably contributed to many investors assuming the worst.”
Nomura are not the first out with Asian Financial Crisis notes, of course. There was Albert Edwards of SocGen on Thursday attempting to look forward through a perennial gloom:...
Société Générale's Albert Edwards: "Something Smells Different This Time"