Publication

This paper examines the origins of the Asian financial crisis of 1997-99. The author discusses the reactions of the International Monetary Fund (IMF) and the governments affected by the crisis, and presents the various lessons learned: that countries need to be cautious in their choice of exchange rate regime, and that financial crises invariably have both an economic dimension, such as poorly-regulated financial sectors, and a political one in the shape of poor or misguided government intentions and capabilities.