The combination of the investment boom and fixed exchange rates led to over-investment
in some sectors, and a moderate decline in investment quality. One indicator of eroding
investment quality is the fact that incremental capital-output ratios rose across the region,
although it is worth noting that they rose by an amount not much greater than in several non-crisis
emerging markets. In each country, an increasing share of bank loans went towards construction,
real estate, finance, and other services.
The combination of the investment boom and fixed exchange rates led to over-investmentin some sectors, and a moderate decline in investment quality. One indicator of erodinginvestment quality is the fact that incremental capital-output ratios rose across the region,although it is worth noting that they rose by an amount not much greater than in several non-crisisemerging markets. In each country, an increasing share of bank loans went towards construction,real estate, finance, and other services.
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