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The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the contrast between Asia's performance during the more recent crisis with its performance during its own crisis and the gap between what the US and EU leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabilization policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.

Contributors: William R. Cline, Joseph E. Gagnon, Stephan Haggard, Simon Johnson, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Changyong Rhee, Kwanho Shin, Lea Sumulong, Edwin M. Truman, and Shahin Vallee

Selected chapters and sections are provided for preview only.

Preface

1. Introduction
Adam S. Posen and Changyong Rhee

2. Banking Crises and "Japanization": Origins and Implications
Masahiro Kawai and Peter Morgan

3. Responses of Central Banks in Advanced Economies to the Global Financial Crisis
Joseph E. Gagnon and Marc Hinterschweiger

4. Why Did Asian Countries Fare Better during the Global Financial Crisis than during the Asian Financial Crisis?
Donghyun Park, Arief Ramayandi, and Kwanho Shin

5. Policy Advice and Actions during the Asian and Global Financial Crises
Simon Johnson and James Kwak

6. Evolution of the Asian and European Financial Crises: Role of the International Monetary Fund
Edwin M. Truman

7. Global and Regional Financial Safety Nets: Lessons from Europe and Asia
Changyong Rhee, Lea Sumulong, and Shahin Vallée

8. Regional Responses to Financial Crises: The Americas, East Asia, and Europe
Stephan Haggard

9. Sovereign Debt and Asia: International Lessons and Emerging Issues
William R. Cline

About the Contributors

Index