Lessons from the asian financial crisis

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It taught us that economic dislocations can emanate from the private sector rather than the government budget. Many of the most wildly successful economies in Asia tumbled into a crisis in July They had to be bailed out by the International Monetary Fund on terms that led to a lot of political angst.

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This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several lessons from this crisis. First, there is a strong rationale for an international lender of last resort.

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The meltdown pushed companies down the reform path, but more must be done. The former high-flying stock investor had lost everything when his project to build luxury condos went belly-up. At a loss for how to support his family, Sirivat's wife suggested he sell sandwiches.

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This post is also available in: Chinese Simplified. The same currency speculators pounced, further exacerbating declines. As an investor init was a very difficult time.

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Published daily by the Lowy Institute. The common view was that the Asian countries, like Icarus, had flown too close to the sun in their hubris-fueled growth and had crashed back to earth. Twenty years ago next weekend, the Thai authorities abandoned their costly defence of a fixed exchange rate, allowing the baht to float.

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Asset and currency markets of all emerging economies with strong international reserves and investment positions, including China, have been hit on several occasions in the past ten years. Office buildings at night, Hong Kong - Credit: Bigstock. Governments draw lessons from financial crises to adopt measures to prevent their recurrence.

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This August marks the 20th year anniversary of the Asian crisis. Given the current high volatility context, it is especially important to commemorate this historical event in order to draw important lessons it can offer. The root cause of this event can be simply summarized as countries with significant current account deficits falling prey to currency speculation.

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Governments in both mature and emerging economies no doubt draw lessons from financial crises in order to adopt measures to prevent their recurrence. However, it is often the case that such measures are designed to address the root causes of the last crisis but not the next one. More importantly, they can actually become new sources of instability and crisis.

It forces one to reflect on the last major financial crisis to afflict the global economy, and to consider whether there are any similarities, and whether there are any lessons from that crisis that we can apply to the current one. Written by a distinguished group of individuals from government, the private sector, international organizations, and academia, this book provides an overview of developments in the main affected countries during the Asian Financial Crisis, as well as the lessons learned and corrective measures taken at the country, regional, and international levels. Importantly, attention is also paid to the areas where substantial improvements are needed. The current crisis heightens the relevance of these lessons.

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