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Most Asian economies have recovered with remarkable vigour from the devastating financial crisis of 1997. The rebound looks set to continue this year in spite of the slowing US economy and faltering regional stock markets. But longer-term investment prospects are clouded by the difficulties of establishing an effective credit culture. Given the continuing problems with the debt-laden banking sector, the speed and strength of the recovery could well be determined by how quickly Asia's economies develop their capital markets as an alternative source of finance.
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