Some economists believe that the Asian crisis in 1997

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Many economists believe that the Asian crisis could have been avoided if stronger action had been taken by major countries and international agencies. For example, some countries had unsustainable current account deficits and were borrowing heavily in foreign currencies, making them vulnerable to rapid changes in market sentiment. If the IMF and other international organizations had intervened earlier with stronger measures, such as fiscal and monetary policy reforms, the crisis may have been less severe or avoided altogether.

Some Economists Believe That the Asian Crisis in 1997