The Asian Crisis Ten Years After

There is little likelihood of a repeat of the 1997 global financial crisis. But there is nonetheless reason to be worried about the future of global financial stability and prosperity, because the most important lessons of the meltdown ten years ago have yet to be absorbed.

This July marks the tenth anniversary of East Asia’s financial crisis. In July 1997, the Thai Baht plummeted. Soon after, financial panic spread to Indonesia and Korea, then to Malaysia. In a little more than a year, the Asian financial crisis became a global financial crisis, with the crash of Russia’s ruble and Brazil’s real.