Re-Booting Emerging Europe
After the 1997-1998 financial crisis, policymakers in Asia’s major emerging markets, vowing “never again” to be humiliated by international capital markets, set out to address the structural weaknesses that had brought their systems down. Policymakers in post-crisis Eastern Europe need to undergo a similar bout of introspection.
LONDON – After the 1997-1998 financial crisis, policymakers in Asia’s major emerging markets – South Korea, Thailand, Malaysia, and even Indonesia – vowed “never again” to be humiliated by international capital markets. They set out to address the structural weaknesses that had brought their systems down.