output growing faster than domestic demand, profit rates must fall. This is consistent with the Under-Consumption theory that will be discussed later. Webber (2001) argues that many of the East Asian currencies were pegged to the US dollar and as the value of the dollar began to rise in relation to the yen, countries lost competitiveness and their current account deficits rose. Once doubts about the solvency of the borrowers arose, investors began
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