Crisis and Contagion in East Asia: Nine Lessons

Abstract

The recent crises originating in Mexico (1994), Thailand (1997), and Russia (1998) were all transmitted across countries. The shocks affected both neighboring and remote countries, and both emerging and developed markets through contagion effects. In this paper, we discuss the policy lessons from the East Asian crisis. The lessons are related to crisis prevention, management and resolution, and building a new international financial architecture that would include a regional focus. Progress in these areas would have helped prevent, or at least minimize, both the East Asian crisis and more recent crises like those in Turkey and Argentina.

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