The Asian financial crisis of 1997-98 shook the foundations of the
global economy and what began as a localised currency crisis soon
engulfed the entire Asian region. What went wrong and how did the
Asian economies long considered 'miracles' respond? How did the
United States, Japan and other G-7 countries respond to the crisis?
What role did the IMF play?. Why did China, which suffers many of
the same structural problems responsible for the crisis remain
conspicuously insulated from the turmoil raging in its midst?. What
explains the remarkable recovery now underway in Asia? In what
fundamental ways did the Asian crisis serve as a catalyst to the
current thinking about the "new international financial
architecture"?. This book provides answers to all the above
questions and more, and gives a comprehensive account of how the
international economic order operates, examines its strengths and
weaknesses, and what needs to be done to fix it. -- .
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