Mutable values: Asian households binge on debt

Nov 02, 2017
Print section Print Rubric:  Asian consumers shed their prudence and buy on credit Print Headline:  Mutable values Print Fly Title:  Household debt in Asia UK Only Article:  standard article Issue:  Do social media threaten democracy? Fly Title:  Mutable values Main image:  20171104_FNP502.jpg ONE of the more persistent beliefs about the global economy is that Asians are more frugal than others. Explanations have drawn on culture (the self-discipline of Confucianism), history (memories of privation) and public policy (flimsy social safety-nets forcing people to save). For Lee Kuan Yew, the founding father of Singapore, and other theorists of “Asian values”, thrift was one of them. Whatever the true reason, data long supported the basic claim that Asian households were indeed careful with their cash. But over the past few years consumers across the region have ...

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