It has been a privilege to witness and contribute to the evolution of Asia's financial markets during the past decade. From their emergence in the wake of the Asian financial crisis to their resilience in the face of the most severe shock to the financial system since the Great Depression, the region's financial markets have matured remarkably since 2000.
To appreciate the progress made during the past decade, it is worth reflecting on the lessons from the Asian financial crisis and their relevance to the recent global financial crisis. While no two crises are the same, these two share one common factor both resulted in credit becoming dangerously scarce or non-existent. While...
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