Indonesia was the country hardest hit by the late 1990s Asian financial crisis.

Reforms have permitted sustained economic growth since 1993, except for a slump after the 1997 Asian financial crisis.

In a little more than a year, the Asian financial crisis became a global financial crisis, with the crash of Russia s ruble and Brazil s real.

In the intervening years, particularly after the Asian Financial Crisis, the pro market, anti intervention Washington Consensus fell out of favor.

Indeed, what the West calls the Asian financial crisis is known in Asia as the IMF crisis.

The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market.

The Asian Crisis Ten Years After

But the evolution of the Greek crisis is different from the Asian crisis.

The Asian financial crisis persuaded China s leaders to shelve plans, launched in 1994, to liberalize the capital account.

This pattern was evident in the 1997 1998 Asian financial crisis, the 2008 global financial crisis, and the eurozone crisis that erupted in 2010.

As a result, when the Asian financial crisis struck in 1997, China was insulated from the volatility that ravaged its fragile neighbors.

During the Asian financial crisis in November 1997 he returned to be Deputy Prime Minister and also became Minister of Commerce.

NEW HAVEN Asian authorities were understandably smug in the aftermath of the financial crisis of 2008 2009.

After all, during the Asian financial crisis in 1998, we did not come to their aid ten years later, they saved us.

During the Asian financial crisis of 1997 1998, Chinese officials did not engage in competitive devaluation of the renminbi.

But every major international crisis since then has chipped away at its authority. The 1997 1998 Asian financial crisis undermined its legitimacy in Asia, as many governments in the region believed that the crisis was being exploited by the United States and US financial institutions.

Sixteen years ago, the Asian financial crisis erupted, following the Thai government s decision to float the baht in the face of speculative attacks.

Capital controls enabled China to emerge from the Asian financial crisis of 1997 1998 largely unscathed, even though its financial system was at least as fragile as those of the affected countries. The Asian financial crisis persuaded China s leaders to shelve plans, launched in 1994, to liberalize the capital account.

For example, despite losing faith in the International Monetary Fund after the region s financial crisis in 1997, they agreed to contribute billions to the IMF after the recent global financial meltdown.

The fallback in bond prices does not yet portend a repeat of the Latin American debt crisis of the 1980 s or the Asian financial crisis of the late 1990 s.

Ten years ago, as the Asian financial crisis savaged Indonesia s economy, many experts predicted that the country would become unstable, if not splinter.

Coming on the tenth year anniversary of the Asian financial crisis, the caldron in which today s ultra liquid capital markets were forged, conspiracy theories abound.

In 1998, during the Asian financial crisis, instead of engaging in beggar thy neighbor devaluations and financial protectionism, countries found common ground to guard against future crises.

The Other Financial Crisis

Anatomy of a Financial Meltdown

Financial Crisis and War

He pointed to how the Asian financial crisis in the late 1990 s caused the region s voracious investment demand to collapse, while simultaneously inducing Asian governments to stockpile liquid assets as a hedge against another crisis.

Indeed, it has been shown that countries that used such regulations were hit less severely by the recent global financial crisis, and many economists argue that this was also true of the 1997 1998 Asian financial crisis.

The 2008 global financial crisis revealed fundamental flaws in the international monetary system, as the failure to ensure sufficient liquidity weighed heavily on emerging Asian economies.

Systemic weaknesses, such as those which created the Asian financial crisis, and initiatives taken in the region to correct them, such as the Chiang Mai Initiative, also received special focus.

Furthermore, economic policy changes and structural reforms that were enacted in the wake of the 1997 1998 Asian financial crisis significantly reduced the region s vulnerability to financial shocks over the past decade.

The Road to Fiscal Crisis

The Roots of America s Financial Crisis

It was the worst global crisis since the Great Depression.

Following the Asian financial crisis of the late 1990 s, emerging economies began to accumulate massive foreign exchange reserves to protect themselves against the risks of external over indebtedness.

In the aftermath of the Asian financial crisis of the late 1990 s, China amassed some 3.2 trillion in foreign exchange reserves in order to insulate its system from external shocks.

Inspired by the region's economic boom, Mandela sought greater economic relations with East Asia, in particular with Malaysia, although this was scuppered by the 1997 Asian financial crisis.

The Asian financial crisis illustrated how easily a crisis can spread from country to country as economies and markets become more integrated by trade and investment links.

Investment flows have recovered, reaching the annual average for the years prior to the Asian crisis.

The Financial Crisis One Year After

Financial Regulation Asian countries need to take more leadership in regulating financial markets.

When, during the 1997 98 Asian financial crisis, global investment professionals turned their attention from Thailand and Korea to Hong Kong, they quickly spotted structural weaknesses in the way the currency was managed.

John Gerzema The post crisis consumer

The Fallen Heroes of the Financial Crisis

After the financial crisis, we have become wiser.