By Usha C. V. Haley, Frank-Jürgen Richter
A decade in the past, a author from Fortune journal wrote within the preface to Kim Woo Chong's publication, each road is Paved with Gold, that Kim, the Daewoo empire's founder, "personifies the force and mind's eye that makes East Asia a dynamic middle of monetary growth." Kim fled South Korea in overdue 1999, almost immediately after his empire crashed. From his preliminary exile submit in Frankfurt, he submitted his resignation from the entire Daewoo group's businesses. He has left no clue approximately his whereabouts in view that then.Kim Woo Chong's meteoric upward push as one among Asia's strongest tycoons, and his both wonderful fall, represent the Asian miracle and the lengthy hindrance that threatended to break it in 1997 and that also hangs over the industrial panorama. The system's flaws grew to become obvious in mid-1999, while Kim stated that his businesses, which had bought an international succeed in in a debt-fueled enlargement binge, couldn't pay their collectors. by the point the banks that took over the Daewoo staff had calculated $80 billion in liabilities, Kim used to be altering addresses in Europe. For Asia, classes from the problem point out that conventional tools of operation via debt financing and over-investing will fail. This lesson and others are explored in Asian Post-Crisis Management.Contributers: Usha C.V. Haley • Masaaki Kotabe & Shruti Gupta • Yasuhiro Arikawa & Hideaki Miyajima • George T. Haley • Brij N. Kumar, Yunshi Mao & Susanne Birgit Ensslinger • Nancy E. Landrum & David M. Boje • Xue Li, John Kidd, & Frank-J?rgen Richter • Malcolm Cooper • Yi Feng & Baizhu Chen • Howard V. Perlmutter • Sek Hong Ng & Malcolm Warner • Thomas Clarke • Keun Lee • Caroline Benton & Yoshiya Teramoto • Fred Robins • Michael A. Santoro & Chang-su Kim • Beverly Kitching • Hock-Beng Cheah & Melanie Cheah
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Additional info for Asian Post-Crisis Management: Corporate and Governmental Strategies for Sustainable Competitive Advantage
Now instead of losing sales, Oxy boosted its market share to 94 per cent at the expense of its rivals. Increase local procurement Many foreign companies operating in Asian countries tend to procure certain crucial components and equipment from their parent companies. Now that Asian currencies depreciated precipitously, those foreign companies are faced with those imported components and equipment whose prices have gone up enormously in local currencies. Companies that have localized procurement do not have to be affected easily by fluctuating exchange rates.
1998) ‘America the boastful’, Foreign Affairs, 77(May/June): 32–45. Mallari, R. (2000) ‘A game of chance’, Asian Business, 36(8): 40–2. Martin, J. (1998) ‘If not Asia, where’? Management Review, 87(8): 16–20. Nikkei Weekly (1998) ‘Manufacturers reshape Asian strategies’, 12 January, pp. 1, 5. Tripathi, S. (1998) ‘Asia’s sinking middle class’, Far Eastern Economic Review, 9 April, p. 12. Wall Street Journal (1999) ‘Markets, not architects, will solve economic crisis’, A22, 20 July. Young, Ian (1999) ‘Bayer shrugs off the Asian crisis’, Chemical Week, 17 March.
The Malaysian ringgit lost some 40 per cent of its value in the same period. The Korean won was similarly hit toward the end of 1997 and depreciated 50 per cent against the US dollar in less than two months. The worst case was Indonesia whose rupiah lost a whopping 80 per cent of its value in the last quarter of 1997. In a way, it amounts to a US dollar bill becoming worth only 20 cents in three months! How could this unconscionable incident happen? Southeast-Asian countries’ currency depreciation took on a whole new meaning for many countries around the world.