asia financial crisis traders Romeo Gacad/AFP/Getty Images

The Secret to Emerging-Economy Immunity

Just as a virus can afflict the healthiest of people, a crisis can sweep up even a well-prepared economy. That is why countries must look beyond preventive measures and strengthen their ability to support a speedy recovery.

BEIJING – Next month, policymakers and experts will gather in Bali Nusa Dua, Indonesia, for the Annual Meetings of the International Monetary Fund and World Bank Group. The location is fitting: Indonesia was at the epicenter of the Asian financial crisis that erupted just over 20 years ago. That crisis carries important lessons for the current turmoil in emerging markets like Argentina and Turkey.