Trauma to Triumph: Rising from The Ashes of The Asian Financial Crisis

This book is edited by Hoe Ee Khor, Diwa C. Guinigundo, and Masahiro Kawai. A number of authors participated to write thirty chapters that constitute five parts. Part I is an introduction and overview written by the editors. This part explains the purpose and methodology of this volume. They argue that while “the Asian financial crisis (AFC) is considered one of the most significant and devastating economic and financial crises in recent history,” the region recovered strongly and the success in surmounting the crisis and implementing reforms made the region more resilient. The title of Part II is “What Happened During the Asian Financial Crisis and the Global Financial Crisis.” It consists of 12 chapters. Chapter 1 is an introduction. The other chapters are based on 32 interviews involving interviewees from nine countries in Asia and from the International Monetary Fund (IMF). The interviewees were from pivotal organizations engaged in responding to the AFC that included the relevant ministries, central banks, international organizations, and investment firms. Nine chapters from Chapter 2 to Chapter 10 cover Thailand, Indonesia, Korea, Malaysia, Philippines, Hong Kong, Singapore, Japan and China. Chapter 11 is on the IMF and Chapter 12 is personal takeaways from the Asian Financial Crisis. Among the nine economies, this book grouped Thailand, Indonesia and Korea because they have in common that they were most severely affected by the crisis. This