Financial Crisis: Lessons from Asia

An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.

"The crisis had profound effects on the overall monetary environment and on policymakers' ability to use policies to steer the economy." - Financial Sector Crisis and Restructuring, By Carl-Johan Lindgren