Asia: A Perspective on the Subprime Crisis

The authors, from the Monetary Authority of Singapore, examines the current crisis through the lens of the financial crisis that hit Asia in 1997. They discuss lessons that industrial countries can take from the Asian crisis and lessons Asian countries can learn from the subprime crisis. They also examine the reasons for Asia's resilience, so far, to the financial crisis.A comparison of the causes of Asian financial crisis and the subprime crisis and their lessons