| Publication |
2010.
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| Summary/Abstract |
LIKE THE CURRENT GLOBAL CRISIS, the Asian financial and economic crisis of 1997 and 1998 was not just a cyclic event. As a general rule, events of this kind end up in a search for mechanisms that forestall or cushion a future crisis somehow. At the turn of the centuries waves of trouble tend to rise, in the first place, in financial sphere. Hence, it is natural to see attempts to mend it in a new way at both global and regional levels. In East Asia, the Chiang Mai Initiative (CMI) is a striking example of regional financial cooperation.
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