About this ebook
The
Asian financial crisis of 1997–98 was devastating for the region, but
policymakers at least believed that they gained a great deal of knowledge on
how to prevent, mitigate, and resolve crises in the future. Fifteen years
later, the Asian developing countries escaped the worst effects of the global
crisis of 2008–10, in part because they had learned the right lessons from
their own experience. In this important study, the Asian Development Bank and
Peterson Institute for International Economics join forces to illuminate the
con¬trast between Asia’s performance during the more recent crisis with its
performance during its own crisis and the gap between what the United States
and European Union leaders recommended to Asia then and what they have
practiced on themselves since then. The overriding lessons emerging from the
essays in this volume are that countries need to prepare for crises as if they
cannot be prevented, make room for stabili¬zation policies and deploy them
rapidly when crises hit, and address the need for self-insurance globally if
they can, or regionally if they must.
Contributors include Simon
Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai,
Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman,
Shahin Vallee, Changyong Rhee, and Lea Sumulong
