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Item Description Montes, Manuel F. en_US 2008-11-19T19:19:47Z 2008-11-19T19:19:47Z 1998 en_US
dc.identifier.issn 1522-0960 en_US
dc.description For more about the East-West Center, see <a href=""></a> en_US
dc.description.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. en_US
dc.format.extent 8 pages en_US
dc.language.iso en-US en_US
dc.publisher Honolulu: East-West Center en_US
dc.relation.ispartofseries AsiaPacific issues ; no. 35 en_US
dc.subject.lcsh Asia - Economic conditions en_US
dc.subject.lcsh Asia - Economic policy en_US
dc.subject.lcsh Financial crises - Asia en_US
dc.title Global lessons of the economic crisis in Asia en_US
dc.type.dcmi Text en_US

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  • AsiaPacific Issues [120]
    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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