January 30, 1998

New study data provide first concrete evidence of how powerful and mercurial flow of international money both propped up and then helped unravel Asian countries now in crisis; most economists believe crisis had its origins in irresponsible borrowing by Asian countries themselves, but study provides graphic picture of how eager foreign banks were to lend more money year after year and how surprised they seemed to be when currencies and stock markets collapsed; data collected by central banks as well as information from individual banks make clear that heaviest lenders to Asia have been in Japan, France and Germany, followed by American banks like Citibank and Chase Manhattan; graphs (M)

New York Rangers and Ottawa Senators play to 2-2 tie, Ottawa; Ranger coach Colin Campbell threatens shakeup on team; photo (M)

Alan Greenspan, Federal Reserve chairman, says Asia's financial crisis will soon cause slowdown in economic growth in United States, thus reducing any remaining risk of inflation derailing nation's seven-year expansion; Greenspan calls economy exceptionally healthy, with inflation so far remaining dormant despite strong growth, low unemployment and solid income gains; leaves analysts with impression that central bank will hold interest rates steady at its meeting next week and for months to come; Greenspan supports Pres Clinton's call to dedicate any budget surpluses first to shoring up ailing Social Security system, and Administration's request for $18 billion in new financing for International Monetary Fund; Charlene Barshefsky, United States trade representative, goes public after months of goading Japanese diplomats in private about need for Japan to do more to deregulate industry, open up its economy to trade and spur domestic demand; says Japan must play more active role in helping to bring Asia out of its current economic crisis (M)

Milwaukee Bucks defeat New York Knicks, 115-112, Madison Square Garden; photo (M)

Dame Kiri Te Kanawa sings last performances of season at Metropolitan Opera and declines to sign contracts for future, prompting wide speculation about retirement; diva, now 53, discusses her singing, but says she is 'too frightened to look that far ahead' and needs to get on with her life while she is still fit, interview; photos; her passion for sports, sense of privacy and love of time in her native New Zealand noted (M)