A period of strong economic expansion known as the “Asian Miracle” ensued, characterized by a “flying geese” pattern of development. This began in the 1960s, with high growth in Japan followed by take-off of the “Four Tigers,” Hong Kong, Korea, Singapore, and Taiwan. In the early 1980s, Malaysia and Thailand joined these five to enjoy the high growth path.
Thank you for your attention. References Altunbas, Y., Gambacorta, L. and Marqués, D. (2007), “Securitisation and monetary policy”, forthcoming ECB Working Paper. Angeloni, I., Kashyap, A.N., Mojon, B., eds. (2003), Monetary Policy Transmission in the Euro Area, Cambridge University Press. Berger, A.N. and Udell, G.F. (1992), “Some evidence on the empirical significance of credit rationing”, The Journal of Political Economy, Vol.