West failed to learn lessons from Asian Financial Crisis
Western policy-makers failed to take sufficient action to reform financial regulations following the Asian Financial Crisis and the near-collapse of Long-Term Capital Management in 1997 and 1998, according to senior policy-makers attending the Asian Financial Forum in Hong Kong in January. This Western stance of doing very little post-1998 contrasted with the tough measures introduced in many Asian economies more than a decade ago.
Malaysia’s minister of finance II, Ahmad Husni Hanadzlah, summed
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