Asia's economic crisis and the IMF

Shalendra D. Sharma*

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)peer-review

12 Citations (Scopus)


In summer 1997, the high-performing East and South-east Asian economies faced a financial crisis of unprecedented proportions. In a matter of weeks, once-vibrant economies and their strong currencies witnessed a meltdown, forcing them to turn to that lender of last resort, the International Monetary Fund (IMF), for assistance. A careful examination of the long-term as well as the immediate causes of the crisis refutes the widely held view that no one predicted the crisis. The crisis could have been avoided if the over-exuberant Asian governments had heeded the IMF's early warning. The IMF's policy prescriptions are not only working, but those states in the region that follow them will do best.
Original languageEnglish
Pages (from-to)27-52
Number of pages26
Issue number2
Publication statusPublished - 1 Jan 1998
Externally publishedYes


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