Following the Severe Contraction Following the East Asian Financial Crisis

Following the severe contraction following the East Asian financial crisis in the late 1990s, many emerging market economies began to:

A) cut unnecessary investment projects.
B) "save" foreign currency export earnings by investing them in developed market assets and holding higher levels of foreign currency reserves.
C) borrow more when interest rates were lower, and repay when they are higher.
D) make sure their foreign currency earnings were used to build capital in their own economies.