Perng Fai-nan on how Taiwan has eluded crisis for 20 years

Perng Fai-nan
Kao Kuoen

What do you view as the main causes of the global financial crisis? How was the Taiwanese financial and monetary system directly affected?

Unfettered financial innovation in the US led to excessive credit expansion. Subprime mortgages were securitised to create complex structured financial products that were then sold at home and to the rest of the world. The US interest rate-hike cycle beginning in 2004 and the subsequent slump in housing prices led to widespread defaults in mortgage loans. As

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