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Before the Asian crisis, many investors attempted to capitalize on the high interest rates prevailing in the Southeast Asian countries although the level of interest

Before the Asian crisis, many investors attempted to capitalize on the high interest rates prevailing in the Southeast Asian countries although the level of interest rates primarily reflected expectation of inflation. Why does the IFE suggest that the Southeast Asian countries would not have attracted foreign investment before the Asian crisis despite the higher interest rates prevailing in those countries?

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