Part 8/10:
Fiscal Responsibility: Greater fiscal discipline was emphasized, particularly in budget management, tax systems, and reducing unnecessary expenditures.
Corporate Governance Reforms: New frameworks were instituted to enhance transparency and accountability within the business sector, improving practices around disclosures and auditing.
International Cooperation: The role of institutions like the IMF became apparent as they provided crucial financial assistance and policy guidance, emphasizing the significance of international support in crisis recovery.
Lessons Learned
The 1997 Asian Financial Crisis imparted valuable lessons not only for the nations directly affected but for economies worldwide: