Looking ahead to the future, much more need to be implemented to bring
about a sustainable recovery. Apart from domestic measures to strengthen macroeconomic
management, financial sector supervision and regulation, governance, competitiveness, and
social safety nets, discussions are occurring on strengthening the international financial
architecture.20 Concrete measures and guidelines need to be developed. From the Thai
experience, some internationally accepted guidelines on the management of short-term capital
inflow are needed. Many people have stressed the necessity for this as part of the normal
rules of the game, e.g. Stiglitz (1998), UNCTAD (1998). Some have even suggested the need
for capital control as an instrument of adjustment during a currency crisis (Krugman 1998c).
The experience of Malaysia will need careful study, and there may be less radical forms of
management that would be more effective than what Malaysia has done.