IMF update

 

AMRO's Hoe Ee Khor reflects on the Asian crisis 25 years on and the region’s current challenges

Dear maria, July 1997 marked the beginning of the Asian financial crisis, when a combination of economic, financial and corporate problems triggered a sharp loss of confidence and capital outflows from the region’s emerging market economies. In 2000, the Association of Southeast Asian Nations plus China, Japan, and South Korea (ASEAN+3) created a network of bilateral currency swaps intended to provide short-term liquidity in a future crisis. A macroeconomic research office, known as AMRO, conducts regional surveillance and supports the swap initiative. In an interview with F&D Magazine, Hoe Ee Khor, AMRO’s chief economist and an editor of the newly published book Trauma to Triumph: Rising from the Ashes of the Asian Financial Crisis, reflects on the lessons from that crisis, how Asian economies fared in the pandemic, the effect of the Ukraine war on the region, and why he does not believe the world economy is headed toward a period of deglobalization. Read the full article F&D March Issue "Rethinking Fiscal" In our March 2022 issue of F&D Magazine, we focus on “Rethinking Fiscal: Public Finance and Fairness in a Changed World”. The pandemic underscored the importance of fiscal policy in saving lives and livelihoods. Now, governments face the tricky task of returning debts to sustainable levels, even as the war in Ukraine riles world markets. In this issue, a lineup of accomplished authors provide insight and analysis on some of the biggest issues policymakers face when it comes to fiscal policy, ranging from debt to institutional frameworks to taxation. In addition, we have complementary podcasts, videos, and other multimedia elements to stimulate your thinking. Want to get a print copy delivered to your home or office? Click here to subscribe.   Have Your Say What do you think of this article? Please write to us directly and let us know your thoughts. We would love to hear from you. Nick Owen Senior Editor F&D Magazine nowen@IMF.org