Part 10/10:
- Collaboration among Nations: The value of international support and cooperation became clear, leading to the establishment of frameworks like the Chiang Mai Initiative to manage short-term liquidity among Asian nations.
Conclusion
The 1997 Asian Financial Crisis was not merely a financial debacle; it was a governance crisis that exposed fundamental flaws in the economic architecture of its time. The fallout served as a critical learning opportunity for nations globally, emphasizing the necessity of sound economic policies, robust regulatory frameworks, and international collaboration in safeguarding against future crises. As nations continue to navigate the complexities of the global economy, the lessons of the Asian Financial Crisis remain profoundly relevant.