What weakness in the economic structures of Asian countries contributed to the severe financial crisis that Asian economies experienced in 1997?

Question

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The legal framework in Asian countries was inadequate in dealing with companies in financial trouble. This led to a lack of transparency in financial reporting and allowed companies to accumulate large amounts of debt without consequences. Additionally, bankruptcy laws were weak, which made it difficult for companies to restructure and recover from financial difficulties. These weaknesses, combined with other factors such as excessive borrowing and currency issues, contributed to the severe financial crisis in 1997.

What Weakness in the Economic Structures of Asian Countries Contributed