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date: 19 July 2019

Abstract and Keywords

This chapter analyzes and draws lessons from the Asian financial crisis of 1997-1998. It discusses the underlying factors that led to the crises, the differences from the previous balance of payments crises, and the policies that were adopted to control the crises. These policy responses included changes in exchange rate policies, financial sector reforms and, in several cases, external support from multilateral agencies. This article highlights the benefits of adequate foreign exchange reserves and the dangers of overleveraging.

Keywords: Asian financial crisis, policy responses, exchange rate policies, financial sector reforms, multilateral agencies, foreign exchange reserves, overleveraging

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