THE ASIAN FINANCIAL CRISIS: LESSONS LEARNED AND UNLEARNED

Year 2017, Volume: 6 Issue: 2, 1 - 11, 01.05.2017

Yılmaz Akyüz

Abstract

Much of what has recently been written about the Asian crisis on the occasion of its 20th anniversary praises the lessons drawn from the crisis and the measures implemented thereupon. But they often fail to appreciate that while these might have been effective in preventing the crisis in 1997, they may be inadequate and even counter-productive today because they entail deeper integration into global finance.

Keywords

Financial crisis, Asian economies, .

References

• Chief economist, the South Centre. Former director, Division on Globalization and Development Strategies, UNCTAD, Geneva.
• Paper prepared for the forthcoming issue No. 321 of Third World Resurgence. It draws on various writings of the author including a recent book, Playing With Fire: Deepened Financial Integration and Changing Vulnerabilities of the Global South, Oxford University Press, 2017;
• The Management of Capital Flows and Financial Vulnerability in Asia, TWN Global Economy Series No. 17, 2009, Penang; and Causes and Sources of the Asian Financial Crisis, paper presented at the Host Country Event: Symposium on Economic and Financial Recovery in Asia, at the tenth session of the United Nations Conference on Trade and Development, Bangkok, 17 February 2000; printed in TWN Series on the Global Economy, No. 1, 2000, Penang. This paper was originally published as Policy Brief No. 42 of South Center, July 2017.