Policy Response to the Asian Financial Crisis: An Overview of the Debate and the Next Steps

Publication | May 1999

This briefing note shows as the regions's economies began to stabilize during 1998, the full impact of the crisis on corporate and banking sectors became apparent.


  • Foreword
  • An Overview of the Debate
    • Did Tight Monetary Policy and High Interest Rates Exacerbate the Crisis?
    • Did the IMF Force Unnecessary Fiscal Adjustment?
    • Did the Closure of Insolvent Banks Precipitate Runs on Solvent Banks?
    • Was the IMF too Intrusive?
    • Did IMF Bailouts Increase Global Moral Hazard
  • The Next Steps
  • References