This does not mean that macroeconomic explanations are not important in the Asian crisis. While there is no agreement among economists about the relative importance of the current account, reserves, foreign debt, monetary policy, and fiscal policy for emerging markets in 1997-98, there is widespread agreement that macroeconomic policies are important in particular instances. However, as our results show, these variables do not have simple or direct effects in determining the extent of the crisis across emerging market countries in 1997-98.