Asia must guard against repeat of 1997 financial crisis: Philippine central bank chief
The pre-crash boom of the 1990s ‘wasn’t really a miracle’, Eli Remolona says, urging Asean to prepare for fresh shocks
“Investment poured into Asia and then you had the crisis because it wasn’t really a miracle. I think we have to remind ourselves about that. We have to guard against that kind of crisis,” he said. “We have not really been making a lot of effort looking at that kind of crisis.”
Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, pushed back against the view, arguing in the panel discussion that the IMF had made progress assessing financial vulnerabilities and potential spillovers among each economy.
