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Title: Global lessons of the economic crisis in Asia 
Author: Montes, Manuel F.
Date: 1998
Publisher: Honolulu: East-West Center
Abstract: The economic crisis in Asia is not an "Asian" crisis. The conditions that precipitated it are by no means unique to the region. They have their roots in badly managed government liberalization of the financial sector, excessive borrowing and lending by private industry, and the inability and unwillingness of key players including governments to accurately assess risk. The resulting collapse of domestic asset values (real estate, stock market prices) and currencies is a phenomenon already seen in the 1990s in Europe, Latin America, and now Asia. With the cost of bailout packages ballooning, everyone has a stake in improving crisis prevention and response. Governments, international organizations, and domestic banks must coordinate efforts that should include: easier access to information in the financial industry, increased government oversight of private financial institutions, more flexibility in exchange rates, greater control by public authorities over the short-term flow of capital among countries. Finally, private companies that take excessive risk in financial markets should be forced to bear the costs of their own actions.
Series/Report No.: AsiaPacific issues ; no. 35
Description: For more about the East-West Center, see http://www.eastwestcenter.org/
Pages/Duration: 8 pages
ISSN: 1522-0960
URI: http://hdl.handle.net/10125/3836
LC Subject Headings: Asia - Economic conditions
Asia - Economic policy
Financial crises - Asia

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  • AsiaPacific Issues [112]
    Papers in the AsiaPacific Issues series address topics of broad interest and significant impact relevant to current and emerging policy debates. These eight-page, peer-reviewed papers are accessible to readers outside the author's discipline.

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