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 macro policies were important in particular
instances. However, as our results show, these variables did not have simple or direct effects in
determining the extent of crisis across emerging market countries in 1997-98