Asia: The causes of the crises
The Trade and Development Report 1998 argues that the East
Asian crisis is only the latest one in a string of financial
crises rocking the global economy in the post-Bretton Woods
era. The root of these crises can be traced to imprudent
financial liberalization and the subsequent failure to
adequately manage and control the resultant capital surges.
Moreover, conditions in the East Asian economies were
exacerbated by the international community's orthodox policy
responses to the crisis.