Since 2007 there have been no transactions of substance between the major banks in the London market, and therefore no short term London interbank interest rate. It is strange that economists and bankers the world over fail to acknowledge this fact. Notice I did not say that Libor had ceased to exist.
Thus, for selected products, exports became competitive with those of the market economies, engendering rapid overall economic growth. There was, however, an inevitable limit to how far this specialized Asian economic regime could develop.